North America Cannabis Market is expected to reach US$ 65,161.4 Mn by 2027

Flowers Segment to Lead Market Growth during Forecast Period

According to The Insight Partners market research study of “North America Cannabis Market Forecast to 2027 – COVID-19 Impact and Analysis – by Product Type, Application, and Compound,” the North America cannabis market is projected to reach US$ 65,161.4 million by 2027 from US$ 6,036.9 million in 2019. The market is estimated to grow at CAGR of 29.9% from 2020 to 2027. The report highlights trends prevailing in the North America cannabis market and the factors driving market along with those that act as hindrances.

Based on product type, the North America cannabis market is further segmented into flower, concentrates, and others. The flower segment held the largest share of the market in 2019. The flowers are known as buds and are found in mature plants. The buds contain high level of cannabinoids that makes them a popular choice for harvesting. The cannabinoids present in the cannabis flower affect the nervous system including brain and nerves. Cannabis contains specific chemicals that work by binding to action sites in the brain as well as the nerves. The flowers hold a major share in the cannabis market as highest levels of cannabinoids are found in leaves and flowers of cannabis.

The North America cannabis market is expected to grow owing to factors such as increasing approvals for cannabis-based products and growing sales and inventory for cannabis. However, stringent regulatory framework for cannabis is likely to restrain the market growth during the forecast period.

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 North America cannabis market.  

North America Cannabis Market, by Country, 2019 (%)

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North America Cannabis Market to Grow at a CAGR of 29.9% to reach US$ 65,161.4 Million from 2020 to 2027

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North America Cannabis Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type (Flower, Concentrates, and Others); Application (Medical, and Recreational); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD), and Country

The report segments North America cannabis market as follows:

By Product Type

• Flowers
• Concentrates
• Others

By Application

• Medical
  • Pain Management
  • Neurological Health Management
  • Mental Health Management
  • Others
• Recreational

By Compound

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

By Country

• US
• Canada
• Mexico

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