The cannabis extract market has experienced significant growth in recent years due to the increasing legalization of cannabis for medical and recreational purposes. This growth is expected to continue as more countries and states legalize cannabis. The market is driven by the demand for cannabis extracts such as oils, tinctures, capsules, and concentrates, which are used for various purposes such as pain relief, relaxation, and recreation. The market is also influenced by the development of new extraction technologies and the increasing acceptance of cannabis extracts as a legitimate form of medicine. However, the market faces challenges such as the lack of standardized regulations, the high cost of extraction, and the presence of illegal and unregulated products. Overall, the cannabis extract market is expected to continue its growth trajectory, but will likely face continued challenges and regulatory scrutiny.
The Global Cannabis Extract Market is estimated to be valued at US$ 9,125.8 million in 2022 and is expected to exhibit a CAGR of 17.3 % over the forecast period (2022-20230).
Market Players in the Cannabis Extract Industry:
1. Canopy Growth Corporation
Canopy Growth Corporation is a Canadian cannabis company founded in 2013. Its headquarters is located in Smiths Falls, Ontario, Canada. The company operates in 15 countries across five continents, including Canada, the United States, Germany, and Australia. Canopy Growth Corporation is known for producing and distributing a wide range of cannabis products, including dried flower, oils, and softgel capsules.
2. Aurora Cannabis Inc.
Aurora Cannabis Inc. is a Canadian-based cannabis company founded in 2006. Its headquarters is located in Edmonton, Alberta, Canada. Aurora Cannabis operates in 25 countries around the world, including Canada, Germany, and Australia. The company is known for its production and distribution of medical and recreational cannabis products, including dried flower, oils, and edibles. In April, 2023 Aurora Cannabis Inc. the Canadian company opening the world to cannabis, and MedReleaf Australia announced the launch of IndiMed Tempo 26, a range of new higher THC dried cannabis products for qualified patients under the MedReleaf Concession Scheme (MCS).
3. Tikun Olam
Tikun Olam is an Israeli-based cannabis company founded in 2005. Its headquarters is located in Tel Aviv, Israel. The company operates in 10 countries, including Israel, Canada, and Australia. Tikun Olam is known for its research and development of medical cannabis strains that are tailored to specific medical conditions, such as chronic pain and PTSD.
4. Cannabis Science Inc.
Cannabis Science Inc. is a US-based cannabis company founded in 2009. Its headquarters is located in Irvine, California, USA. The company operates in the United States and Canada. Cannabis Science is known for its research and development of cannabis-based pharmaceuticals for the treatment of various medical conditions, including cancer and HIV. In August, 2019 Cannabis Science Partners With CDN Firm NHS Industries to Launch the CBIS CDN Economic Development Plan.
5. Aphria Inc.
Aphria Inc. is a Canadian cannabis company founded in 2013. Its headquarters is located in Leamington, Ontario, Canada. Aphria operates in over 10 countries, including Canada, Germany, and Australia. The company produces and distributes a wide range of cannabis products, including dried flower, oils, and vape cartridges.
6. Maricann Group Inc.
Maricann Group Inc. is a Canadian cannabis company founded in 2013. Its headquarters is located in Burlington, Ontario, Canada. The company operates in Germany and Canada, and is known for its production and distribution of medical and recreational cannabis products, including dried flower and oils.
7. Tilray Inc.
Tilray Inc. is a Canadian-based cannabis company founded in 2013. Its headquarters is located in Nanaimo, British Columbia, Canada. Tilray operates in over 10 countries, including Canada, the United States, and Germany. The company produces and distributes a wide range of cannabis products, including dried flower, oils, and capsules. In March, 2023 Tilray Brands, Inc. announced that its medical cannabis division, Tilray Medical, has expanded its European footprint across the Czech Republic through a new export and distribution partnership with Cansativa Group.
8. VIVO Cannabis Inc.
VIVO Cannabis Inc. is a Canadian cannabis company founded in 2014. Its headquarters is located in Napanee, Ontario, Canada. VIVO Cannabis operates in Canada and Australia, and is known for its production and distribution of medical and recreational cannabis products, including dried flower, oils, and edibles.
9. Medical Marijuana, Inc.
Medical Marijuana, Inc. is a US-based cannabis company founded in 2009. Its headquarters is located in San Diego, California, USA. The company operates in the United States, Canada, and Europe, and is known for its production and distribution of hemp-based CBD products. In October, 2022 NewMediaWire – Medical Marijuana, Inc. the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced today that it has entered into an Asset Purchase Agreement with MFINITY Global LLC, a direct-selling organization focused on promoting natural health and a rewarding sales model.
10. STENOCARE
STENOCARE is a Danish-based cannabis company founded in 2017. Its headquarters is located in Hvidovre, Denmark. The company operates in Denmark and is known for its production and distribution of medical cannabis products, including dried flower, oils, and capsules.
*Definition- Cannabis extract refers to concentrated products made from cannabis plant material, using various extraction methods. They contain high levels of cannabinoids such as THC and CBD, and are used for medicinal and recreational purposes.
