Cannabis belongs to the cannabaceae family. Cannabis is also known with other names such as grass, pot, hash, weed, reefer, dope, herb, mull, buddha, ganja, joint, stick, buckets, cones, skunk, hydro, yarndi, smoke and hooch. Cannabis has long been used as vegetables and as juice, medicinal purposes and as a recreational drug. Cannabis is basically a drug that is obtained from Indian hemp plants named cannabis indica and cannabis sativa. There are different forms of cannabis available such as marijuana, hashish and Hash oil. Some species of cannabis are used to produce hemp fiber for use in paper, textiles and clothing. Cannabis is used for medical purposes for many years. Recent studies show that cannabis may be useful to help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy and asthma.
Aphria, Inc Canopy Growth Corporation, and Medical Marijuana, Inc – Considerable Market Players in Cannabis Market
The most notable market participants are Aphria, Inc., Aurora Cannabis, Cannabis Science, INC , Canopy Growth Corporation , Medical Marijuana, Inc , VIVO Cannabis Inc., Tikun Olam, Terra Tech Corp., Tilray, and The Cronos Group are among the leading companies operating in the Cannabis market.
These strategies are helping major players to strengthen their market positions along with widening their geographic footprints. Few of the important key developments from the industry are mentioned below:
|Aug-19||The Company’s wholly-owned subsidiary, ABcann Medicinals Inc., has been granted a Standard Cultivation licence from Health Canada for its Kimmetts facility in Napanee, Ontario|
|Aug-19||Medical Marijuana, Inc., launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain, announced that its subsidiary Dixie Botanicals has released new watermelon-flavored cannabidiol (CBD) gummies in response to a growing market demand for edible CBD products.|
|Jun-19||Canopy Growth Corporation announced that it has received a new licence from Health Canada permitting it to grow cannabis at an outdoor site in northern Saskatchewan. The new licence expands Canopy Growth’s diversified Canadian footprint and complements its existing indoor and greenhouse facilities to provide a leading balance of facilities to produce low cost input materials for value-add products, while ensuring more sophisticated growing operations for in-demand flower products.|
|Jun-19||Medical Marijuana, Inc.’s subsidiary HempMeds has added new products to its Personal Care Line of all-natural cannabidiol (CBD)-infused bath and beauty products|
|Jun-19||Tikun Olam, the global pioneer in cannabis science and medicine, announces the launch of Tikun Hemp, its first hemp-based product line, available exclusively in the United States. Tikun Hemp offerings include broad-spectrum CBD tinctures, topicals and softgel capsules|
The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as product launches, and expansion. Whereas, the inorganic strategies such as partnership, and collaborations, were widely seen in the Cannabis market. Majority of the market leaders are involved in organic activities such as expansion and product launch in order to improve their performance and consolidate market position.