North America Cannabis Market Key Players and Forecast by 2027

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)

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