North America Cannabis Market Overview:
The North America cannabis market is getting substantial backing from several countries, which will help the market to record a rise of 23% CAGR during the forecast period of 2022 to 2030. Market Research Future (MRFR), while trying to understand the growth process, revealed several factors that can boost the regional market. These factors are rising approval from various state governments, relaxation in laws, increasing funding for cannabis research, contributions made by pharmaceutical companies, and others.
However, lack of approval from the FDA and the federal government may hold back the market notably.
The North American cannabis market size is expected to benefit from the strategic tweaks made by companies like Tweed Marijuana Inc, Affinor Growers., Canadian Cannabis Corporation, Plandai Biotechnology., Cannavest, Privateer Holdings, Inc, Cannabis Sativa Inc, Omnicanna Health Solutions., Canna Brands Inc, And Arena Pharmaceuticals, Inc. Strategic changes include mergers, acquisitions, rising investment in the research and innovation sector, better handling of product launching, improved marketing strategies, and others as major supporting factors for the market. MRFR’s latest profiling of these players in their report describing various details of the North America cannabis market has all the latest changes to facilitate the better reading of the market growth.
MRFR’s study of the North America cannabis market focuses on segments like derivatives and applications. This segmentation reveals several growth pockets by closely analyzing details regarding dynamics and factors.
By derivatives, the details found in the report on the North America cannabis market includes marijuana/flowers and industrial hemp, and others. The ‘others’ segment includes concentrates/products covering hash, hash oil, kief, etc.
By application, the study on the North America cannabis market overview has been segmented into marijuana and hemp. The marijuana segment includes medicinal applications, recreational applications, and others. The hemp segment includes food baby care, clothing textile, and others. Medicinal applications are expected to fetch in more revenues due to the rising use of it by various pharmaceutical companies. Its recreational applications are also getting a boost as states are becoming lenient in considering this as a crime.
Canada was one of the first countries to legalize marijuana to explore its fullest potential in the field of medicinal researches. The country is contributing much since then in the field of research and development. Several drug companies are using these benefits to get a firm stand in the market. In the US, the process took time. Several states have now legalized it or decriminalized it to ensure better percolation of it across various pharmaceutical companies. The state-wise market has not got the approval of the federal government, owing to which there are still some crises in the regional North America cannabis market. The FDA is also a bit reluctant to approve medicines from cannabis, which is making the percolation process a bit difficult. However, new researches advocating in favor of its use is impacting the decision-making process of the FDA. This may help the North America cannabis market in the coming years.
In April 2020, the Governor of Virginia approved a bill that decriminalizes marijuana. This will boost the production and inclusion of cannabis in the state. The Governor also asked for technical changes to make sure that everything goes as per the plan when the law gets launched from July 2020. The procedure is only a reflection of the popular mentality. Virginian people were opposing the criminal tag associated with marijuana possession for long, which the state has now approved.
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