Global Cannabis Market: Standardization of Cultivation Process Creating Opportunities for Market Consolidation

Global Cannabis Market

Cannabis, commonly known amongst consumers as marijuana is extracted from “cannabis” plant types such as “cannabis indica” and “cannabis sativa”. It is a drug that is utilized in various medicinal and recreational applications. In recreational uses, it has various psychoactive and psychological effects on the consumer. Whereas, for medicinal purposes it is a known ailment for nausea, pains, asthma, glaucoma and vomiting among various other disorders. This extract is consumed in various forms such as smoking, vaping, food ingredient, liquid extract and various other types.

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The main factors boosting the market are:

  • Legalization of medical and recreational use of cannabis: With the legalization approvals of cannabis for recreational purposes as well as medical uses in various regions of North America, Asia-Pacific and even Europe, manufacturers of cannabis have had a significant surge of demand for their product range. This trend has enhanced the share of these market players and helped them in consolidating their presence for a longer period of time. It has also resulted in development of various product categories involving cannabis or having cannabis infused in their production process
  • High adaptation of cannabis for recreational purposes: With the approval of cannabis for recreational purposes many of the regions wherein cannabis was illegal have witnessed heavy demands for the product as the consumers of these regions can partake in its consumption without worrying about the legal repercussions. Initially, consumers of cannabis had to acquire cannabis through illegal modes and methods which was significantly risky and the quality of the product was not assured. This method of sale through appropriate sales channel has had a positive impact as consumers can be supplied high quality products which can be utilized in various applicable markets

The market is segmented on the basis of product type as buds, oils, tinctures, others; usage as medical, recreational; crop type as cannabis indica, cannabis sativa, others; distribution channel as physical, digital, others.

Some of the recent market developments are as follows:

  • In September 2019, Plus Products Inc. announced the launch of latest product range of their cannabis-infused gummies by launching three new flavors. The flavors include “cucumber lime”, “tangerine” and “concord grape”. This product range has been developed to meet the growing demands for gummies from the various retail partners and consumers of the company
  • In February 2019, Canopy Growth Corporation announced that they had agreed with Martha Stewart for her endorsement for the company’s CBD-based products while also advising the company on the development of their product range. This partnership will enable Canopy Growth Corporation to consolidate their share in the market as legalization in the U.S. and Canada region has significantly impacted the demands for cannabis and associated products

“According to Data Bridge Market Research, global cannabis market is expected to be growing at a healthy CAGR of 34.7% during the forecast period of 2019 to 2026”

Some of the major players operating in the market are O.penVAPE Shop., The Cronos Group, Tilray, Marley Natural, Aurora Cannabis, Cara Therapeutics, ARUMA LABS HOLDINGS PTY LIMITED, Medcan Australia, Sundial Growers Inc., Canopy Growth Corporation, INSYS THERAPEUTICS, INC., GW Pharmaceuticals plc, The Scotts Company LLC, Aphria Inc., VIVO Cannabis Inc., Cannatrek and others.

With wide-scale acceptance and legalization of cannabis and associated products from the various regions, intervention of governments and authorities have been enhanced, as they are focusing on provision of better products quality to worldwide consumers. This has resulted in availability of various standards and methods for cultivation of cannabis plants. This trend has presented market players of cannabis to focus on their marketing and product pricing strategies by boasting their cultivation process as per the standards set by different authorities helping them in providing their consumers with better quality of products.