Since Uruguay became the first country to legalize Marijuana in 2013, many others like Canada have followed suit. Still others who haven’t yet legalized it, like Netherlands and Portugal, are moving to a much relaxed framework. Denmark for instance, has allowed limited sales of low-strength cannabis through cafes and in Poland, people can now buy it for medical purpose through few pharmacies. All this along with a growing demand for the product across age groups for either medical or recreational purposes is leading to a stellar CAGR (Compound Annual Growth Rate) for the global cannabis cultivation market over the forecast period of 2018 to 2028.
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There is also a growing celebrity endorsement, like that by Laganja Estranja that is boosting demand for cannabis further. Even influencers like Rachel Brathen, who have a 2.1 mn follower base, are not behind in promoting CBD oil and related products on social media, generating demand among followers.
Global Cannabis Cultivation Market: Notable Development
- This year, TruTrace Technologies Inc. partnered with Deloitte to launch ‘StrainSecure’, a product that can track cannabis from production to sale, providing consumers and retailers with accurate history of the product. In June, TruTrace also partnered with the Canadian Pharmacy, Shoppers Drug Mart, to track strains of medical cannabis. This would help physicians to write better prescriptions. The pilot is not yet done but with move, the company has expanded its presence beyond recreational, to medical use market.
- University of Guelph has created a study programme that teaches growing superior cannabis. It aims at both home growers and commercial cultivation. The course that starts in September 2019 is already booked full. Another course starts from January 2020. It explains how strong is the foothold of the cannabis cultivation market – its demand and the quality of effort that is going towards making the global cannabis cultivation market a success on the coming period. This is also a sign of increase in competition in the future
The market is fragmented and with an increase in new players joining in the landscape, it expected to be more fragmented.
Prominent players in the global Cannabis Cultivation Market are:
- Sativa, Inc.
- GW Pharmaceuticals plc.
- Maricann, Inc.
- Aurora Cannabis
- Aphria, Inc.
- Canopy Growth Corporation
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Global Cannabis Cultivation Market: Key trends and driver
The growth in global cannabis cultivation market is fuelled by a number of trends and drivers. Some of the key ones are elaborated below.
- Use of pot by people in diseases like cancer and major injuries is leading to growth in demand in the global cannabis cultivation market. The Food and Drug administration has approved it for treatment of two rare and severe forms of epilepsy – Dravet syndrome and Lennox-Gastaut syndrome. To add on, in a recent study – The Health Effects of Cannabis and Cannabinoids – by National Academics of Sciences, Engineering, and Medicine, researchers have found a positive correlation of cannabis with many conditions such as dementia. In another research – “In vivo Evidence for Therapeutic Properties of Cannabidiol for Alzheimer’s Disease,” by Georgia Watt and Tim Karl – a relation between the product and treatment of Alzheimer’s is established.
- As pot tourism is catching on with people, so is demand for high quality cannabis, leading to an upward growth in the Global Cannabis Cultivation Market. States such as Colorado and Washington are seeing rise in the trend by as much as 51% since 2014. In 2016 alone, Colorado registered four million visitors (approximately). Canada is also witnessing a steady increase in pot tourism.
Global Cannabis Cultivation Market: Regional Analysis
North America is set to demonstrate remarkable growth in the Global Cannabis Cultivation market owing to the presence of two of the largest legalized markets (Canada and United States of America). Another factor contributing here is presence of major businesses such as Canopy Growth Corporation. The Ontario-based business tripled cultivation in 2018 and is set to increase it to 5 mn sq. ft. by beginning of 2020.
Global Cannabis Cultivation Market is segmented based on:
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