US Cannabis Market to Grow at an Impressive CAGR During Forecast Period
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.
Browse market data Tables and Figures spread through 70 Pages and an in-depth TOC on "United
States Cannabis Market"
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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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