According to Publisher, the Global Cannabis Market is accounted for $10.39 billion in 2017 and is expected to reach $154.82 billion by 2026 growing at a CAGR of 35.0% during the forecast period. Some of the key factors propelling the market growth are medicinal properties of cannabis, increasing legalization of cannabis and increasing advances in genetic development and intellectual property of cannabis. However, illegal product in various countries, higher stress on water and sustainable agriculture, strict regulations against usage of cannabis and strong competition with conventional treatment and traditional drugs is hampering the market growth.
Cannabis is a genus of flowering plants in the family Cannabaceae. The number of species within the genus is disputed. Three species may be recognized: Cannabis sativa, Cannabis indica, and Cannabis ruderalis; C. ruderalis may be included within C. sativa; or all three may be treated as subspecies of a single species, C. sativa. The genus is widely accepted as being indigenous to and originating from Central Asia, with some researchers also including upper South Asia in its origin.
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Some of the key players in cannabis market include Scotts Miracle-Gro Co, Canopy Growth Corp, GW Pharmaceuticals PLC, Aurora Cannabis Inc, Aphria Inc, MedReLeaf Corp,Sprott Inc, Insys Therapeutics Inc, CanniMed Therapeutics Inc and Cara Therapeutics Inc.
The plant is also known as hemp, although this term is often used to refer only to varieties of Cannabis cultivated for non-drug use. Cannabis has long been used for hemp fibre, for hemp oils, for medicinal purposes, and as a recreational drug. Industrial hemp products are made from cannabis plants selected to produce an abundance of fiber. To satisfy the UN Narcotics Convention, some cannabis strains have been bred to produce minimal levels of tetrahydrocannabinol (THC), the principal psychoactive constituent. Some strains have been selectively bred to produce a maximum of THC (a cannabinoid), the strength of which is enhanced by curing the flowers. Various compounds, including hashish and hash oil, are extracted from the plant.
Depending on the Crop Variety, Cannabis Indica segment is estimated to be the significant growing segment Cannabis indica, formally known as Cannabis sativa forma indica, is an annual plant in the Cannabaceae family. It is a putative species of the genus Cannabis. Whether it and Cannabis sativa are truly separate species is a matter of debate. Many uses come from Cannabis indica, such as extraction, cultivation, cloth from the fibers, medical uses, and a plant. Cannabis indica produces large amounts of tetrahydrocannabinol (THC). The large amounts of THC makes it most commonly used as a drug, whether it be for recreational or medical purposes.
By geography, Peru provides potential growth opportunities to the forecast market. Peru was the most recent addition to the list of countries which have legalized the usage of Cannabis for medical purposes. Vermont was the latest addition to the list of US states where cannabis is legal for medicinal usage. Canada is expected to follow the steps of Uruguay and attain complete legalization of cannabis, so that it can be used for both medical, as well as recreational purpose. Countries, like Spain, Netherlands, and Italy are also expected to legalize the usage of cannabis for medical purposes, in the near future.
Crop Varieties Covered:
– Cannabis Indica
– Cannabis Sativa
– Other Crop Varieties
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