According to the current analysis of Reports and Data, the global Cannabis market was valued at USD 25.85 Billion in 2021 and expected to reach USD 216.8 Billion by the year 2030, at a CAGR of 26.7%. Cannabis is mostly consumed for its relaxing and calming effects. In some U.S states, it’s also suggested to help with a range of medical conditions, including chronic pain, glaucoma, and poor appetite. The primary ingredient of cannabis, which is CBD, a non-psychoactive cannabinoid, and often used to help reduce inflammation and ease the pain. It also helps to cure nausea, migraines, seizures, and anxiety. But even after legalization of these products in Canada, the sales were adversely affected in Canada as the licensing process is time-consuming and tedious in nature, as to acquire a marijuana cultivation permit, the producers are required to produce two full crops, get them tested, receive a sale audit which takes another year of the producer.
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.
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Top 10 Profiled in the Global Cannabis Market Report: Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tikun Olam (Israel), Cannabis Science Inc. (US), Aphria Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), VIVO Cannabis Inc. (Canada), Medical Marijuana, Inc. (US), STENOCARE (Denmark), Cronos Group Inc. (Canada), Terra Tech Corp. (US), and MedMen (US).
Further key findings from the report suggest
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Key Takeaways of the Global Cannabis Market Report:
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