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Cannabis Cultivation Market |
Cannabis has a monopolistic market structure in states that have legalized recreational use, while it has an oligopolistic market structure in states that have not.
From 2020 to 2027, the worldwide cannabis cultivation market is predicted to increase at a compound annual growth rate (CAGR) of 14.3 percent.
The market's expansion is being fueled by rising legalization and the use of cannabis for the treatment of chronic ailments.
Furthermore, the liberalization of cannabis growing legislation, particularly for hemp cultivation, by several countries due to its low THC concentration, is accelerating its acceptance.
Furthermore, the legalization of marijuana in several countries, as well as its increasing use for medical purposes, are pushing the cannabis cultivation industry.
Although commercial cannabis growing is prohibited in many countries, several regulatory agencies are working to build avenues for the approval of cannabis, cannabis products, and derivatives.
Cannabis is used in a variety of industries, including personal care and cosmetics, nutraceuticals, food and beverage, and healthcare, which includes pharmaceuticals.
The global cannabis cultivation market is predicted to develop in response to the legalization of cannabis in several nations.
During the projected period, the legalization of cannabis in several countries is likely to enhance the market growth.
According to a November 2020 article released by the United States Substance Enforcement Agency (DEA), 35 states and the District of Columbia have legalized marijuana for medical use, with 15 allowing adults to legally consume the drug for recreational purposes.
North American product approvals are projected to promote market growth.
Because of the increasing number of product approvals in this region, North America is likely to keep a dominating position in the global cannabis production market.
For example, the United States Food and Drug Administration approved Syndros (dronabinol), a liquid form of cannabis solution, by Insys Development Company, Inc. in January 2016.
Key Players
Major players operating in the global cannabis cultivation market are Pacific Cannabis Growers, Inc., Atlas Growers, Canntrust Holdings, Inc.,
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