North America Cannabis Market Key Players and Forecast by 2027

Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027

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

Report Date : Aug 2020
Report Code : TIPRE00013903

Category : Life Sciences
Status : Published

Available Report Formats :
No. of Pages : 142

Page Updated: Dec 2020

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

The North America cannabis market is expected to reach US$ 65,161.4 million by 2027 from US$ 6,036.9 million in 2019. The market is estimated to grow at a CAGR of 29.9% from 2020 to 2027.

The growth of the market in the region is driven by the factors, such as increasing approvals for cannabis-based products and growing sales and inventory for cannabis. Similarly, the ongoing COVID-19 pandemic is likely to drive the demand for medical cannabis products to treat symptoms such headache, vomiting and pain caused due to corona virus infection, which is expected to serve wider growth opportunities for the market. However, the stringent regulatory framework for cannabis is likely to restrain the cannabis market growth during the forecast period.

There has been a significant growth in the use of cannabis for medical treatment in the North American region. Since the legalization of cannabis, research and product developments have increased in countries such as the US and Canada. The FDA has recognized the potential of cannabis and contributed well to the growth of the cannabis market. As of March 2020, it has supported through approval of various innovative products, which include three synthetic cannabis-related drug products, such as Marinol (dronabinol), Syndros (dronabinol), and Cesamet (nabilone). However, all the products are available through a prescription given by a healthcare professional.

Similarly, in July 2020, FDA has approved Epidiolex (cannabidiol), an oral solution to treat seizures related to tuberous sclerosis complex (TSC) in one-year-old and older patients. It is the only drug that contains purified drug elements derived from cannabis. TSC is a rare genetic disease that is responsible for non-cancerous tumors. The tumors grow in the brain and other parts of the body, such as eyes, heart, kidneys, lungs, and skin. Epidiolex efficiently helps in reducing the frequency of seizures during the treatment. It has showed positive results compared to the patients who did not receive treatment.

In addition, various Canadian companies are applying for approval of cannabis-based products. For instance, in February 2020, CanaQuest Medical Corp announced that it had applied for approval to Health Canada to produce and commercialize Mentabinol. The approval was applied under the Cannabis Act as Mentabinol is a THC-based product. Thus, growing approvals in the region are expected to drive the market's growth during the forecast period.

North America Cannabis Market Revenue and Forecast to 2027 (US$ Million)

This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

North America Cannabis – Market Segmentation

North America Cannabis Market– by Product Type

Flowers
Concentrates
Others

North America Cannabis Market– by Application

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

North America Cannabis Market– by Compound

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

Company Profiles

Aphria, Inc.
Aurora Cannabis
Cannabis Science, Inc.
Canopy Growth Corporation
Medical Marijuana, Inc.
VIVO Cannabis Inc.
Tikun Olam
Terra Tech Corp.
Tilray
The Cronos Group

North America Cannabis Report Scope

Report Attribute	Details
Market size in 2019	US$ 6,036.9 Million
Market Size by 2027	US$ 65,161.4 Million
CAGR (2020 - 2027)	29.9%
Historical Data	2017-2018
Forecast period	2020-2027
Segments Covered	By Product Type Flower Concentrates By Application Medical Recreational By Compound Tetrahydrocannabinol-Dominant Cannabidiol-Dominant Balanced THC and CBD
Regions and Countries Covered	North America US Canada Mexico
Market leaders and key company profiles	Aphria, Inc. Aurora Cannabis Cannabis Science, Inc. Canopy Growth Corporation Medical Marijuana, Inc. VIVO Cannabis Inc. Tikun Olam Terra Tech Corp. Tilray

Research Manager

Mrinal Kerhalkar

Manager,
Market Research & Consulting

Mrinal is a seasoned research analyst with over 8 years of experience in Life Sciences Market Intelligence and Consulting. With a strategic mindset and unwavering commitment to excellence, she has built deep expertise in pharmaceutical forecasting, market opportunity assessment, and developing industry benchmarks. Her work is anchored in delivering actionable insights that empower clients to make informed strategic decisions.

Mrinal’s core strength lies in translating complex quantitative datasets into meaningful business intelligence. Her analytical acumen is instrumental in shaping go-to-market (GTM) strategies and uncovering growth opportunities across the pharmaceutical and medical device sectors. As a trusted consultant, she consistently focuses on streamlining workflow processes and establishing best practices, thereby driving innovation and operational efficiency for her clients.

What are the North America Cannabis Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Regional, Country
Industry and Competitive Landscape
Excel Dataset

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