Global Cannabis Cultivation market, By Product Type(Marijuana, Hemp, CBD Oil and Others (Gummies, Beverages, and Topicals)), By Method of Cultivation (Indoor, Greenhouse and Outdoor (Canopy Growth and OrganiGram)), By Medical Application (Pain Management, Mental Disorders, Neurological Disorders and Others (Epilepsy, Cancer and Alzheimer's disease)) and By End Use, (Medical, Recreational and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 42.9 Billion in 2023 and is expected to exhibit a CAGR of 17.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as research and development (R&D) acitivities which will drive the global cannabis cultivation market. For instance, in May 2021, the Drug Enforcement Administration (DEA) took a significant step toward expanding medical and scientific research options. The DEA is nearly finished reviewing certain marijuana grower applications, allowing it to soon register additional businesses which are permitted to generate marijuana for research reasons. The National Center for the Development of Natural Products at the University of Mississippi is the sole authorized provider of marijuana for research purposes in the U.S., with all production going to the National Institute on Drug Abuse. The DEA issued new regulations regarding to applications by companies wanting to get registered with the DEA to cultivate marijuana as bulk manufacturers for research purposes on December 18, 2020. Under these and other applicable regulations, applicants must demonstrate that they have met various requirements, such as having appropriate state authority, thereby documenting that their customers are licensed to conduct research, and employing adequate safeguards to prevent diversion.
Global Cannabis Cultivation Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) has termed the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) illness, which first appeared in Wuhan (province of Hubei, China), in the late months of 2019, "coronavirus disease 2019" or COVID-19. The quick spread and catastrophic impacts of this virus gravely affected the economies, social conventions, and healthcare systems of every nation on the earth.
COVID-19 influenced the economy in three ways: directly by affecting supply and demand, indirectly by disrupting distribution networks, and economically by affecting businesses and financial markets. Various nations, including Brazil, China, India, and others, encountered problems with transportation of the commodities, from one point to another as a result of the shutdown.
The COVID-19 pandemic has had a significant impact on the global cannabis cultivation market. According to article published by BDSA, a cannabis sales data platform in 2020, legal cannabis sales in the U.S. hit a record US$17.5 billion in 2020, a 46 percent increase as compared to the previous year. The pandemic led to an increase in online ordering, with many cannabis sellers offering delivery and curbside pickup. According to a report survey, the pandemic has led to a boom in domestic cannabis cultivation around the world, with 16% of participants, became involved in cannabis growing since the pandemic. However, the pandemic has also led to supply chain disruptions and labor shortages, which have affected the industry.
Global Cannabis Cultivation market: Key Developments
In July 2022, Governor of Illinois. U.S., Mr. JB Pritzker announced that the total tax on adult-use cannabis in the state increased by 50%, from US$297.7 million in fiscal year 2021 to US$445.3 million in fiscal year 2022.
In December 2022, the City of Chicago, the State of Illinois, and Discovery Partners Institute (DPI) announced the creation of the Cannabis Research Institute (CRI), a first-of-its-kind center in the Midwest of U.S. that will further strengthen Illinois' global position as a science center.The CRI will be a joint state-city initiative within DPI, part of the University of Illinois system, to provide a robust collection of research and data to advance public knowledge on the scientific and socioeconomic impacts of cannabis, that is use to expand and improve production.
In October 2021, California Attorney General Mr. Rob Bonta announced the destruction of nearly 1.2 million illegally grown marijuana plants and the seizure of more than 180,000 pounds of illegally processed marijuana as part of the California Department of Justice's annual Campaign Against Marijuana Planting (CAMP) program. Attorney General Mr. Rob Bonta also directed the California Department of Justice to initiate a six-month review of the CAMP program in light of legislative changes made since the program's inception, with the goal of building on existing efforts to address the environmental, labor and economic impacts of illegal cultivation
Browse 44 Market Data Tables and 38 Figures spread through 180 Pages and in-depth TOC on “Global Cannabis Cultivation Market”- Forecast to 2030, Global Cannabis Cultivation market, By Product Type(Marijuana, Hemp, CBD Oil and Others (Gummies, Beverages, Topicals)), By Method of Cultivation (Indoor, Greenhouse and Outdoor (Canopy Growth and OrganiGram)), By Medical Application (Pain Management, Mental Disorders, Neurological Disorders and Others (Epilepsy, Cancer and Alzheimer's disease)) and By End Use, (Medical, Recreational and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cannabis-cultivation-market-4346
Key Takeaways of the Global Cannabis Cultivation Market:
- Global cannabis cultivation market is expected to exhibit a CAGR of 17.9% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global cannabis cultivation market.
- Among product type, the marijuana segment is expected to hold a dominant position in the global cannabis cultivation market during the forecast period due to the legalization of marijuana. For instance, on may 12, 2023, Mr. Chris Sununu, Hampshire Governor issued the statement on the future of marijuana legalization in New Hampshire, U.S.
- Among region, North America is expected to be the dominant region in the global cannabis cultivation market, dueto increasing research and development activities. For instance, on May 14, 2021, the Drug Enforcement Administration took an important step to increase opportunities for medical and scientific research. The DEA which was at the end of its review of certain applications from marijuana growers registered additional companies that are licensed to produce marijuana for research purposes. The National Center for the Development of Natural Products at the University of Mississippi is the only licensed supplier of marijuana for research purposes in the U.S., and production was exclusively for the National Institute on Drug Abuse.
- Major players operating in the global cannabis cultivation market are Pacific Cannabis Growers, Inc., Atlas Global Brands, Canntrust Holdings, Inc., The Hydropothecary Corporation, Better Holdings, Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Tilray, Organigram Holdings Inc., The Cronos Group, Maricann Group, Inc., ABcann Medicinals, Inc. and GW Pharmaceuticals plc.
