Legal cannabis market predicted to grow at a CAGR of 26.5 percent between now and 2030

Just a few years ago, many people would have rolled their eyes and laughed if someone had told them that cannabis could create a globally dominant industry. However, the sheer money-making potential of cannabis is becoming all the more apparent, as recently examined in this research report. Commissioned and carried out by Quince Market Insights – a leading provider of market intelligence based in India – the study pinned the price of the global legal cannabis market at USD $50,251 million in 2021.  Stimulated largely by the fact that the plant can be administered in myriad ways, the market’s projected value is set to inflate at a compound annual growth rate (CAGR) of 26.5 percent during the forecast period.  How was the report segmented? To paint a clearer picture of the most prominent growth factors, the legal cannabis market report from Quince Market Insights was subdivided into different categories. Let’s take a look at the most impactful areas of the industry, as reported by the researchers: Route of Administration Inhalation, oral, rectal, sublingual and topical are the main routes of administration by which consumers can experience cannabis’ effects. Orally consumable products account for the largest market share. Compound THC-dominant, CBD-dominant and balanced CBD/THC products are the three main areas of the compound segment. In particular, this area of the legal cannabis market is being steered by THC which, analysts say, is likely due to the psychoactive cannabinoid’s ability to relieve nausea, insomnia and appetite loss.  Product Of all the different product types that make up the cannabis market, such as capsules, creams, roll-on topical solutions, transdermal patches, tablets/supplements, tinctures, suppositories, isolates and vape oils, the oils segment constitutes the most market share. Analysts say that the rising rate of cannabis consumption in Canada, Colombia, the United States and Uruguay is…

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Source : Legal cannabis market predicted to grow at a CAGR of 26.5 percent between now and 2030

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