Cannabis Market Size Worth USD 48.29 Billion By 2027

The growing legalization of cannabis across the globe and the demand for medical marijuana in managing various neurological and mental disorders are projected to propel the growth of the market during the forecast period.

Cannabis Market Size – USD 8.26 Billion in 2019, Growth - CAGR of 24.6%, Trends – Infusion of cannabis in both alcoholic and non-alcoholic beverages, tremendous demand from the therapeutic market.

Vancouver, B.C., September 14, 2020 - The Global Cannabis Market is projected to reach USD 48.29 billion in 2027. The market is being predominantly driven by the growing usage of cannabis for many medicinal and recreational usage and increasing legalization in many countries with proliferating portfolio of end-use products. Rising proven studies suggests supporting the medicinal properties to treat many medical conditions including chronic pain, glaucoma, and poor appetite, nausea, migraines, seizures, and anxiety, among many others have been helping grow its usage amongst the end-users.

There has been a lot of advancement happening in the industry by various key market players to increase market penetration, such as, In May 2018, Aurora Cannabis acquired MedReleaf. The agreement brings together two of Canada’s premier marijuana companies with fully-aligned strategic visions. The company will come together and create a powerful platform for accelerated growth on a global scale. Aurora and MedReleaf teams consider the acquisition to be a vital successful deal in the marijuana industry; low production costs and industry-leading yields can be expected out of this agreement as Aurora’s programmed greenhouses are anticipated to provide industry-leading efficiency and low production costs, delivering sustainably robust margins. MedReleaf’s high-yield cultivation is expected to enhance productivity further and reduce costs across the combined entity’s facilities and widespread distribution channels in Canada and internationally will help the two companies have established distribution agreements in Canada. Additionally, the organizations have a rapidly growing international footprint through a chain of in-country sales and distribution capabilities and supply and licensing contracts in five continents, including countries such as Germany, Italy, Brazil, and Australia. Both companies are actively involved in initiatives to develop their international activities further.

To identify the key trends in the industry, click on the link below: https://www.emergenresearch.com/industry-report/cannabis-market

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