Adoption of cannabis as a pharmaceutical product and increasing legalisation of cannabis are the major factor propelling the growth of United States Cannabis market
According to TechSci Research report, “United States Cannabis Market By Product Type, By Compound, By Application, By Company, Competition, Forecast & Opportunities, 2024”, the United States cannabis market is projected to register a CAGR of close to 15% during the forecast period on the account of its applications in the treatment of pain, anxiety, sleep disorders, and other medical conditions such as fibrotic problems and neuropathic pain. In addition, the use of cannabis across the wellness and beauty sector is also growing. For instance, CBD oil is attracting a lot of attention as it can offer relief from pain, anxiety, and depression. Its anti-inflammatory and anti-acne properties are making it a popular choice among the consumers, thus aiding the market growth.
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The United States cannabis market is segmented based on product type, compound, application, region and company. In terms of application, the market can be categorized into Medical and Recreational. The medical segment accounted for the largest revenue share until 2018 and is expected to maintain its leading position over the forecast years as well owing to its growing acceptance for treatment of chronic diseases. Additionally, one major reason for dominance of the medical segment in the US is several states legalizing medical use of cannabis compared to the few that have only legalized it for recreational use. Because the Government of the country is regulating the medical cannabis distribution, the suppliers are needed to maintain its quality standards. On the other hand, few states in US have legalized the use of recreational marijuana for recreational purposes and is also being used as a psychoactive drug which is available to consumers without a prescription.
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Green Man Cannabis, Los Sueños Farms LLC, Copperstate Farms, LLC, Harvest Health & Recreation, Inc., GrowHealthy Holdings, LLC., Vireo Health of New York, LivWell Enlightened Health LLC, Curaleaf Holding Inc, Isodiol International Inc., Medical Marijuana Inc. and others are some of the leading players operating in United States cannabis market. “The cannabis market is one of the most dynamic and fastest growing markets during the forecast period owing to growing support of the US federal and local governments for the application of cannabis in medical treatment. California held the largest share in the US market until 2018 and is anticipated to grow at a significant rate in the coming years, which can be attributed to growing number of cannabis businesses. The number of people using marijuana is expected to increase owing to less limitations, lower prices, and ease of access that is expected to spur the growth of the market through 2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Cannabis Market By Product Type, By Compound, By Application, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of United States cannabis market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in United States cannabis market.
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