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The global cannabis market size is anticipated to grow significantly by reaching USD 197.74 billion by 2028. Fortune Business Insights™ in its report titled “Cannabis/Marijuana Market Size, Share and COVID-19 Impact Analysis, By Type (Flowers/Buds and Concentrates), By Application (Medical, Recreational (Edibles and Topicals), and Industrial Hemp), and Regional Forecast, 2021 – 2028” observes that the market size stood at USD 20.47 billion in 2020 and is projected to exhibit a CAGR of 32.04% during 2021 and 2028. Rising awareness regarding the product’s therapeutic and medicinal benefits, enabling policies, and relaxation regulations are likely to foster the growth of the market.
Tokyo Smoke Opens Planned 9 Brick-and mortar Retail Franchised Cannabis Across Ontario for Market Expansion
Tokyo smoke, a Canopy Growth Corporation’s retail brand, announced its opening of 9 brick-and-mortar retail franchise cannabis locations across Ontario in January 2021. The opening of new stores shall help increase consumer demand and offer convenient and safe access to high-quality and legal marijuana. It will offer the local communities safe and high-quality products. The store adheres to COVID-19 safety measures and offers consumers the convenience of getting high-quality marijuana products. This strategy may help the company to expand its market and boost its consumer base.
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Rising Adoption from Medical Sectors and Availability of Marijuana Incorporated Edibles to Boost Market Growth
It is used extensively in the medical sector to manufacture anti-depressant drugs, cancer medicines, and other medicines. The rising awareness regarding its benefits is expected to boost its sales. The availability of a wide variety of flavors and edibles is expected to boost the product’s adoption. The product's availability in candies, chocolates, and beverages is expected to boost its popularity and enable users to enjoy the substance for an hour or two. Furthermore, marijuana’s demand is increasing rapidly from the medical sector because of relaxation policies. Several countries have placed favorable policies legalizing marijuana’s adoption in medicines. It is used to treat AIDS, cancer, and other disorders, which, in turn, is expected to boost its demand. In addition, its adoption by mainstream medical professionals is increasing because of its ability to treat arthritis, anorexia, and other disorders. These factors are likely to drive the cannabis market growth.
Companies Acquire Crucial Players to Expand their Product Portfolio
The prominent companies operating in the market devise acquisition strategies to expand their product portfolio. For example, Supreme Cannabis Company, Inc. and the Canopy Growth Corporation entered an agreement to acquire Supreme Cannabis by Canopy Company, Inc. in April 2021. This acquisition shall help Canopy Growth Corporation expand its product portfolio, attract consumers, and improve its brand position globally. Further, the launch of innovative products may enable manufacturers to satisfy consumer demand and enhance their brand image.
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Value (USD Billion)