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According to MarketsandMarkets, the global cannabis market size is estimated to be valued at USD 20.5 billion in 2020 and is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0% in terms of value. The growth of cannabis market can be attributed to the increasing legalization of cannabis across various regions. Along with that, growing medicinal applications of cannabis will further contribute to the growth of cannabis market in the forecasted period. North America region dominated the cannabis market.
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Cannabis is a drug derived from the Cannabis sativa, Cannabis indica, and hybrid strains. Cannabis is composed of different cannabinoids, the two main cannabinoids that are considered to be the most active compounds are tetrahydrocannabinol (THC), the psychoactive compound, and cannabidiol (CBD), the non-psychoactive compound. It used for various medical and recreational purpose.
North America dominated the global cannabis market. It is largely driven by the increasing legalization of cannabis for both medical and recreational purposes all over the region. Also, the consumers are now more aware about the health benefits of cannabis. The market is further fueled by the presence of major cannabis giants, such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical Marijuana Inc. These companies are playing a major role in developing new innovative products to fulfill consumer demand.
Among various product types of cannabis, flower segment accounted for the major market share in the overall cannabis market. The dominance of this segment is largely attributable to its wider availability. Also, its method of delivery as smoking or vaping the cannabis flower has a quicker effect, which is why is it preferred by medical and recreational cannabis consumers for fast-acting relief.
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Based on application, the recreational segment is projected to be the fastest-growing during the forecast period. The growth is mainly associated with the high consumption and demand levels for recreational cannabis. Also, the demand for recreational cannabis is projected to surpass the demand for medical cannabis. Therefore, the legalization of recreational cannabis across various regions could translate into a larger market share.
Among various compounds, the THC-dominant segment accounted for the major market share in the overall cannabis market. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products. The THC-dominant products also offer important medical benefits, which are considered effective in relieving nausea, appetite loss, and insomnia.
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Global Public Safety Market To Be Driven By The Rapid Technological Advancements In The Forecast Period Of 2021-2026
The new report by Expert Market Research titled, ‘Global Public Safety Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global public safety market, assessing the market based on its segments like component, deployment mode and major regions. Read More :
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The Event Management Software (EMS) Market is expected to reach USD 17.67 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the choice of customized information in several forms coupled with options for templates, and increasing technological advancement, which are expected to further accelerate the market growth globally.
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The Business Rules Management System (BRMS) Market is expected to reach USD 2.49 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the increasing technological advancement and emergence of improved process efficiency which are expected to further accelerate the market growth globally.
Read More @ https://www.reportsanddata.com..../report-detail/busin
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