This “North America Legal Cannabis Market Size, Share & Trends Analysis Report, By Source (Cannabis, Hemp), By Derivatives (CBD, THC), By End Use (Medical, Recreational) And Segment Forecasts, 2022-2028” report added to ResearchAndMarkets.com’s supply.
The North American legal cannabis market size is expected to reach $38.2 billion by 2028, growing at a CAGR of 16.6% from 2022 to 2028. Increasing legalization and medical use of cannabis is expected to drive market growth.
Additionally, as countries in the region aggressively relax cannabis-related laws, the market is likely to see an increase in demand for cannabis products and their derivatives. The cannabis segment will dominate the market in 2021. The higher efficiency of hemp-derived CBD is one of the key factors indicating a larger market share in this segment.
This segment is expected to grow at the fastest CAGR during the forecast period. The CBD segment will dominate the market in 2021 owing to the growing awareness of the positive effects of CBD in the treatment of various diseases such as chronic pain, cancer, and multiple sclerosis. In 2021, the entertainment segment will dominate the market.
The legalization of marijuana for adult use drives the demand for the product in recreational use applications. In countries such as Canada and the United States, where recreational marijuana has been legalized, the market has witnessed a dynamic shift in patients from traditional methods or medicine to choosing to use marijuana for medical and other purposes.
This can be attributed to easy availability and low prices. In addition, increasing preference in the country for cannabidiol (CBD)-based products such as food and beverages, cosmetics, and wellness products supports market growth. Canada is expected to witness the fastest growth rate over the forecast period.
Rising cannabis cultivation, emergence of local players, favorable government initiatives, and increasing adoption of cannabis-based products are some of the key factors supporting the market growth in the country. The COVID-19 pandemic has had a significant impact on the market.
Supply chain disruptions and disruptions…