The cannabis industry is in a constant state of evolution and volatility, and major players need to invest in time, technology, and licenses to stay ahead of the competition. The industry’s lack of market data is another factor that makes it difficult to determine its value. Transactions in the cannabis industry are relatively limited and the industry is still in its early stages.
Medical cannabis market growth
Medical cannabis is an increasingly popular way to alleviate the symptoms of chronic illness. This is the reason why many individuals are buying high yield autoflower seeds in the USA and growing them at home. It is used as a treatment for conditions such as pain, nausea, insomnia, anxiety, and other mental health problems. This plant is becoming increasingly popular in countries such as Germany, where more than 35 percent of patients reported using it for medical reasons.
This report provides detailed information on the global medical cannabis market, including current market trends and future market estimations. It also identifies the factors that directly impact the Market and identifies opportunities for stakeholders. Geographically, North America dominates the medical cannabis market due to its high-income population and high adoption of new medical technologies. However, Asia-Pacific is expected to experience the fastest growth during the forecast period (2022-2029) due to its rapidly growing health awareness and need for advanced medical technology.
Growth of non-combustible cannabis products
In the cannabis industry, new consumers are becoming increasingly interested in non-combustible products. Although flower remains the most common form of consumption, more consumers are interested in trying new formats. For example, edibles are currently accounting for 40% of all new consumer purchases.
The industry is expected to continue to advance and expand in the future, especially with support for legalization growing in the U.S. It is estimated that by 2021, legal cannabis sales will generate $US92 billion in the United States. With this potential, Canadian companies are aggressively pursuing entry into the U.S. market, including investing in hemp production and the legal CBD industry.
Despite its increasing popularity, the cannabis industry isn’t without its environmental impacts. Growing cannabis requires large amounts of energy and water and generates waste. Unfortunately, federal prohibition prevents researchers from examining these environmental impacts and developing solutions to minimize them. Although there is an increasing number of companies and state regulators addressing these issues, more research is needed to quantify the full scope of the cannabis industry’s environmental footprint.
Growth of recreational cannabis market in Asia-Pacific
The growth of the recreational cannabis market in Asia-Pacific is expected to be the fastest in the coming years, thanks to the legalization of cannabis in various nations. For example, Thailand plans to remove marijuana from its list of prohibited substances by 2020, opening up a huge market for hemp products in the country.
As cannabis consumption grows around the world, it is also being used for medicinal purposes. This growing market is related to increasing awareness among practitioners and patients. Moreover, the Asia-Pacific region is expected to grow at the fastest pace due to the growing number of cancer patients and geriatric population.
Despite these positives, the legal cannabis industry remains dynamic and fiercely competitive. Many expansions and collaborations are currently underway. Younger consumers are expected to adopt more sophisticated patterns of consumption and take greater risks when it comes to experimenting with product variants. As a result, the legal cannabis market is undergoing a transformation from flower/bud to more processed forms.
Impact of artificial intelligence on the cannabis industry
The use of AI in the cannabis industry is a very exciting prospect. With the demand for quality cannabis soaring across the country, and the medicinal uses of cannabis being explored, it makes sense to use intuitive technology to make the growing process easier and more efficient. Here are a few ways AI can help the cannabis industry.
While AI is still in its infancy, it is already being used in many industries. For example, many ecommerce platforms are implementing AI to speed up their processes, and this saves time and money for retailers. AI is also being used to predict sales figures and demand. It can also help with customer service.
Market data
The cannabis industry has experienced rapid growth, bringing with it a number of new opportunities for investment. According to the CEO of Vangst, a cannabis industry-focused job recruiting website, the cannabis industry is expected to create 321,000 full-time jobs by 2020. In 2017, the industry created a total of 234,700 jobs. The company estimates that this number will increase to 324,700 jobs in 2019.
The legalization of cannabis has boosted demand for marijuana-derived products. These products have been increasingly used for treating chronic illnesses. As a result, marijuana companies have focused on expanding their product offerings, entering new markets, and attracting new consumers. The industry is expected to continue to grow quickly as a number of countries legalize medical marijuana. The first movers in the market are expected to benefit from this growth by increasing their regional presence and gaining market share. However, the industry is currently impacted by numerous regulatory norms.
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