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)
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, Compound -Dominant, and Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North American Cannabis Market– By Product Type
1.3.2 North American Cannabis Market– By Application
1.3.3 North American Cannabis Market – By Compound
1.3.4 North American Cannabis Market– By Region
2. Cannabis Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Cannabis – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.3 Expert Opinion
5. North America Cannabis Market – Industry Dynamics
5.1 Key Drivers
5.1.1 Growing Approvals for Cannabis-based Products
5.1.2 Growing Sales and Inventory for Cannabis
5.2 Key Market Restraints
5.2.1 Stringent Regulatory Framework for Cannabis
5.3 Key Market Opportunities
5.3.1 Rising Market Consolidations
5.4 Future Trends
5.4.1 Growing Acceptance of Cannabis Products
5.5 Impact Analysis
6. Cannabis Market – Regional Analysis
6.1 North America Cannabis Market Revenue Forecast And Analysis
6.2 Market Positioning of Key Players
7. Cannabis Market Analysis – By Product Type
7.1 Overview
7.2 Cannabis Market Revenue Share, by Product Type, 2019 and 2027 (%)
7.2.1 North America Cannabis Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
7.3 Flowers Market
7.3.1 Overview
7.3.2 Flowers Market Revenue and Forecast to 2027 (US$ Mn)
7.4 Concentrates Market
7.4.1 Overview
7.4.2 Concentrates Market Revenue and Forecast to 2027 (US$ Mn)
7.5 Others Market
7.5.1 Overview
7.5.2 Others Market Revenue and Forecast to 2027 (US$ Mn)
8. Cannabis Market – By Application
8.1 Overview
8.2 Cannabis Market, by Application, 2019 and 2027 (%)
8.2.1 North America Cannabis Market, by Application – Revenue and Forecast to 2027 (USD Million)
8.3 Medical Market
8.3.1 Overview
8.3.2 Medical Market Revenue and Forecast to 2027 (US$ Mn)
8.3.3 Pain Management
8.3.3.1 Overview
8.3.3.2 Pain Management Market Revenue and Forecast to 2027 (US$ Mn)
8.3.4 Neurological Health Management
8.3.4.1 Overview
8.3.4.2 Neurological Health Management Market Revenue and Forecast to 2027 (US$ Mn)
8.3.5 Mental Health Management
8.3.5.1 Overview
8.3.5.2 Mental Health Management Market Revenue and Forecast to 2027 (US$ Mn)
8.3.6 Others
8.3.6.1 Overview
8.3.6.2 Others Market Revenue and Forecast to 2027 (US$ Mn)
8.4 Recreational Market
8.4.1 Overview
8.4.2 Recreational Market Revenue and Forecast to 2027 (US$ Mn)
9. Cannabis Market – By Compound
9.1 Overview
9.2 Cannabis Market, by Compound, 2019 and 2027 (%)
9.2.1 North America Cannabis Market, by Compound – Revenue and Forecast to 2027 (USD Million)
9.3 Tetrahydrocannabinol (THC)-Dominant Market
9.3.1 Overview
9.3.2 Tetrahydrocannabinol (THC)-Dominant Market Revenue and Forecast to 2027 (US$ Mn)
9.4 Cannabidiol (CBD)-Dominant Market
9.4.1 Overview
9.4.2 Cannabidiol (CBD)-Dominant Market Revenue and Forecast to 2027 (US$ Mn)
9.5 Balanced THC and CBD Market
9.5.1 Overview
9.5.2 Balanced THC and CBD Market Revenue and Forecast to 2027 (US$ Mn)
10. Cannabis Market– Regional Analysis
10.1 North America: Cannabis Market
10.2 Overview
10.3 North America Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.4 North America Cannabis Market Revenue and Forecasts, by Product Type(US$ Mn)
10.5 North America Cannabis Market Revenue and Forecasts, By Application (US$ Mn)
10.5.1.1 North America Medical Market Revenue and Forecasts, By Type (US$ Mn)
10.6 North America Cannabis Market Revenue and Forecasts, by Compound (US$ Mn)
10.7 North America Cannabis Market Revenue and Forecasts to 2027, By Country (%)
10.8 US Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.8.1 US Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.8.2 US Cannabis Market Revenue and Forecasts, by Product Type(US$ Mn)
10.8.3 US Cannabis Market Revenue and Forecasts, by Application (US$ Mn)
10.8.3.1 US Medical Market Revenue and Forecasts, By Type (US$ Mn)
10.8.3.2 US Cannabis Market Revenue and Forecasts, by Compound (US$ Mn)
10.9 Canada Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.9.1 Canada Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.9.2 Canada Cannabis Market Revenue and Forecasts, by Product Type(US$ Mn)
10.9.3 Canada Cannabis Market Revenue and Forecasts, by Application (US$ Mn)
10.9.3.1 Canada Medical Market Revenue and Forecasts, By Type (US$ Mn)
10.9.4 Canada Cannabis Market Revenue and Forecasts, by Compound (US$ Mn)
10.10 Mexico Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.10.1 Mexico Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.10.2 Mexico Cannabis Market Revenue and Forecasts, by Product Type(US$ Mn)
10.10.3 Mexico Cannabis Market Revenue and Forecasts, by Application (US$ Mn)
10.10.3.1 Mexico Medical Market Revenue and Forecasts, By Type (US$ Mn)
10.10.4 Mexico Cannabis Market Revenue and Forecasts, by Compound (US$ Mn)
11. Impact of COVID-19 Pandemic on North America Cannabis Market
11.1 North America: Impact Assessment of COVID-19 Pandemic
12. Cannabis Market–Key Company Profiles
12.1 Aphria, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Financial Overview
12.1.4 Product Portfolio
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Aurora Cannabis
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Financial Overview
12.2.4 Product Portfolio
12.2.5 SWOT Analysis
12.2.6 Key Developments0
12.3 Cannabis Science, INC.1
12.3.1 Key Facts1
12.3.2 Business Description1
12.3.3 Financial Overview2
12.3.4 Product Portfolio2
12.3.5 Swot Analysis3
12.3.6 Key Developments3
12.4 Canopy Growth Corporation4
12.4.1 Key Facts4
12.4.2 Business Description4
12.4.3 Financial Overview5
12.4.4 Product Portfolio5
12.4.5 SWOT Analysis6
12.4.6 Key Developments7
12.5 Medical Marijuana, Inc.9
12.5.1 Key Facts9
12.5.2 Business Description9
12.5.3 Financial Overview9
12.5.4 Product portfolio0
12.5.5 SWOT Analysis1
12.5.6 Key Developments2
12.6 VIVO Cannabis Inc.5
12.6.1 Key Facts5
12.6.2 Business Description5
12.6.3 Financial Overview6
12.6.4 Product Portfolio6
12.6.5 SWOT Analysis7
12.6.6 Key Developments8
12.7 Tikun Olam9
12.7.1 Key Facts9
12.7.2 Business Description9
12.7.3 Financial Overview0
12.7.4 Product Portfolio0
12.7.5 SWOT Analysis1
12.7.6 Key Developments1
12.8 Terra Tech Corp.3
12.8.1 Key Facts3
12.8.2 Business Description3
12.8.3 Financial Overview4
12.8.4 Product Portfolio4
12.8.5 Swot Analysis6
12.8.6 Key Developments6
12.9 Tilray8
12.9.1 Key Facts8
12.9.2 Business Description8
12.9.3 Financial Overview9
12.9.4 Product Portfolio0
12.9.5 SWOT Analysis0
12.9.6 Key Developments1
12.10 The Cronos Group3
12.10.1 Key Facts3
12.10.2 Business Description3
12.10.3 Financial Overview4
12.10.4 Product portfolio5
12.10.5 SWOT Analysis6
12.10.6 Key Developments7
13. Appendix0
13.1 About The Insight Partners0
13.2 Glossary of Terms0
LIST OF TABLES
Table 1. North America Cannabis Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
Table 2. North America Cannabis Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 3. North America Cannabis Market, by Compound – Revenue and Forecast to 2027 (USD Million)
Table 4. North America Cannabis Market Revenue and Forecasts to 2027, By Product Type(US$ Mn)
Table 5. North America Cannabis Market Revenue And Forecasts to 2027, By Application (US$ Mn)
Table 6. North America Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 7. North America Cannabis Market Revenue And Forecasts to 2027, By Compound (US$ Mn)
Table 8. US Cannabis market Revenue And Forecasts to 2027, By Product Type(US$ Mn)
Table 9. US Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 10. US Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 11. US Cannabis Market Revenue And Forecasts to 2027, By Compound (US$ Mn)
Table 12. Canada Cannabis Market Revenue and Forecasts to 2027, By Product Type(US$ Mn)
Table 13. Canada Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 14. Canada Medical Market Revenue and Forecasts to 2027, By type (US$ Mn)
Table 15. Canada Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
Table 16. Mexico Cannabis Market Revenue and Forecasts to 2027, By Product Type(US$ Mn)
Table 17. Mexico Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 18. Mexico Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 19. Mexico Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
Table 20. Glossary of Terms, Cannabis Market0
LIST OF FIGURES
Figure 1. Cannabis Market Segmentation
Figure 2. Cannabis Market Segmentation – By Region
Figure 3. North America Cannabis Market Overview
Figure 4. Flowers Segment Held Largest Share Of Product Type Segment In The Cannabis Market
Figure 5. US Is Expected to Show Remarkable Growth During the Forecast Period
Figure 6. North America: PEST Analysis
Figure 7. North America Cannabis Market – Revenue Forecast And Analysis – 2019- 2027
Figure 8. Market Positioning Of Key Players In Cannabis Market
Figure 9. Cannabis Market Revenue Share, by Product Type, 2019 and 2027 (%)
Figure 10. Flowers Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 11. Concentrates Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 12. Others Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 13. Cannabis Market, by Application 2019 and 2027 (%)
Figure 14. Medical Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 15. Pain Management Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 16. Neurological Health Management Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 17. Mental Health Management Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 18. Others Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 19. Recreational Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 20. Cannabis Market, by Compound, 2019 and 2027 (%)
Figure 21. Tetrahydrocannabinol (THC)-Dominant Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 22. Cannabidiol (CBD)-Dominant Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 23. Balanced THC and CBD Market Revenue And Forecasts To 2027 (US$ Mn)
Figure 24. North America Cannabis Market Revenue, By Country, 2019 (US$ MN)
Figure 25. North America Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 26. North America Cannabis Market Revenue and Forecasts To 2027, By Country (%)
Figure 27. US Cannabis Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 28. Canada Cannabis Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 29. Mexico Cannabis Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 30. Impact of COVID-19 Pandemic on Cannabis Market in North American Countries
The List of Companies - North America Cannabis Market
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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