Global Cannabis Cultivation Market: Overview
Countries across the globe are seeing a stir in demands for legalizing marijuana. In 2013, Uruguay had set the stone rolling and so far a couple more have been seen following suit. Canada has followed the trend while some other like Netherlands has relaxed regulations. For example, Denmark, is selling it (low strength marijuana) in cafes and some pharmacies.
So, it does not come as a surprise that demand for product is rising in almost every age group, owing to use in medical treatments and also recreational purposes. Thus, the cannabis cultivation market is set to see a stellar CAGR (Compound Annual Growth Rate) over the forecast period of 2019-2027.
Besides, the growth is also a result of celebrities taking it up in a big way. For instance, Laganja Estranja and Rachel Brathen, use it as art and promote CBD oil and related products respectively.
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Global Cannabis Cultivation Market: Notable Development
Certain developments happening in the market place are transforming the landscape. Some of these are outlined below.
- 2019, TruTrace Technologies Inc. collaborated with Deloitte to bring forth ‘StrainSecure’. The product can keep a track on cannabis from production to sale. That provides users and also sellers with precise track details of the cannabis. In June, TruTrace joined hands with Shoppers Drug Mart, Canadian Pharmacy, to keep tabs on strains of cannabis used for medical purposes. This largely assists doctors to write more impactful prescriptions. The preliminary study is yet to be done but with this step, the company has its footprints in more areas than one.
- 2019 – Universities like that of Guelph have launched a course that trains students on how to grow high quality cannabis. The course targets both home growers and commercial cultivators. The course commences in September 2019 and is witnessing full house as of now. To add on, there is another one in the pipeline that will start from January 2020. The fact that it is part of culriculum explains how serious is the cannabis cultivation market – both in terms of its demand and the quality demanded. The efforts put in demonstrate a sign of increase in competition in the future
The global cannabis cultivation market is fragmented and with entry of new players, the competitive landscape is predicted to be more fragmented. Key names in the global cannabis cultivation market are:
- Sativa, Inc.
- GW Pharmaceuticals plc.
- Maricann, Inc.
- Aurora Cannabis
- Aphria, Inc.
- Canopy Growth Corporation
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Global Cannabis Cultivation Market: Key trends and driver
The global cannabis cultivation market is on a upward trajectory owing to various trends and drivers.
·The use of cannabis in medicines as treatments is really fuelling the market. Food and Drug administration has approved use for epilepsy – the rare and severe strains of Dravet syndrome and Lennox-Gastaut syndrome. Besides, in a research done recently, The Health Effects of Cannabis and Cannabinoids, it has been found that there is a positive correlation of cannabis and treatment of conditions such as dementia.
- People are enthusiastic about pot tourism. Therefore, the demand for superior cannabis is on a rise, leading to more growth in the Global Cannabis Cultivation Market. There are states like Colorado and Washington that are witnessing the trend full throttle - 51% since 2014.
Global Cannabis Cultivation Market: Regional Analysis
The region that will demonstrate remarkable growth is North America owing to presence of key players and some of the most potent legalized markets like Canada and United States. Canopy Growth is a good example. It has tripled cultivation sin 2018 and is on an upward trajectory since.
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