North America Legal Cannabis Market Size, Share & Trends Analysis Report 2022 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “North America Legal Cannabis Market Size, Share & Trends Analysis Report by Sources (Marijuana, Hemp), by Derivatives (CBD, THC), by End Use (Medical, Recreational), and Segment Forecasts, 2022-2028” report has been added to ResearchAndMarkets.com’s offering. The North America legal cannabis market size is expected to reach USD 38.2 billion by 2028, registering a CAGR of 16.6% from 2022 to 2028. The rising legalization and growing use of marijuana for medical purposes are expected to propel market growth. In addition, as countries in the region are actively liberalizing laws related to marijuana, the market is likely to witness increased demand for cannabis-based products as well as their derivatives. The marijuana segment dominated the market in 2021. The higher efficiency of marijuana-derived CBD is one of the crucial factors signifying the larger share of this segment. The segment is also projected to grow at the fastest CAGR during the forecast period. The CBD segment dominated the market in 2021 due to the growing awareness about the positive effects of CBD for the treatment of various medical conditions, such as chronic pain, cancer & multiple sclerosis. In 2021, the recreational segment dominated the market. The legalization of marijuana for adult use has driven the product demand in the recreational use application segment. In countries, such as Canada and the U.S., where marijuana for recreational use has been legalized, the market has witnessed a dynamic shift of patients from traditional methods or medicine to opting to use marijuana for medical and other purposes. This can be attributed to the easy availability and low pricing. Moreover, an increase in the preference for Cannabidiol (CBD)-based products, such as food & beverages, cosmetics, and wellness products in the country supports market growth. Canada is anticipated to register the fastest growth rate during the forecast period.…

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Source : North America Legal Cannabis Market Size, Share & Trends Analysis Report 2022 – ResearchAndMarkets.com

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