U.S. Cannabis Market Size, Share, Growth and Forecast
Cannabis, widely referred to as marijuana, weed, or pot, is a psychoactive substance derived from the cannabis plant. It possesses a long-standing history of utilization, serving both medical and recreational purposes. For centuries, it has been part of various cultural, religious, and spiritual practices. The drug can be consumed in multiple forms, including smoking dried flowers, using extracts like hashish, or incorporating it into food and beverages. The legal status of cannabis shows considerable variation worldwide, with certain countries and regions permitting its use for recreational or medicinal purposes, while others uphold strict prohibitions.
According to SPER market research, ‘U.S. Cannabis Market Size- By Source, By Derivative, By Cultivation, By End-User – Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the U.S. Cannabis Market is predicted to reach 119.79 billion by 2034 with a CAGR of 11.77%.
Drivers:
The United States cannabis market is currently experiencing noteworthy growth, propelled by the increasing millennial population in significant markets and a rise in investment directed toward research and production of medical marijuana. This demographic transformation, alongside the heightened acceptance of cannabis for therapeutic applications, offers a substantial opportunity for market growth. Ranging from medicinal treatments to popular recreational products, cannabis is increasingly integrating into American society, reshaping healthcare, leisure activities, and local economies
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Restraints:
The cannabis market also encounters considerable limitations due to stringent regulatory frameworks and varying legal statuses across different regions. Although some nations and states have sanctioned medical or recreational cannabis, numerous others continue to enforce strict prohibitions. Additionally, even in areas where cannabis is legalized, challenges such as taxation policies, intricate licensing requirements, and compliance costs confront market players. These obstacles hinder market entry for smaller enterprises and impede the growth of cannabis-related products. The U.S. cannabis market has been predominantly led by the West, with pioneering states such as California, Colorado, and Oregon at the forefront of legalization and the establishment of mature, high-value markets. Notably, California is often considered the largest cannabis market globally. Some of the key market players are Medical Marijuana, Inc, NuLeaf Naturals, LLC, CV Sciences, Inc, CHARLOTTE’S WEB, The Cronos Group, Organigram Holding, Inc, Irwin Naturals, Tilray Brands, Canopy Growth Corporation, Aurora Cannabis and others.
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