By : Kirtika
Cannabis legalization is gaining recognition owing to its medical and other therapeutic benefits. It is being widely cultivated, consumed, and trafficked worldwide. More and more people are now adopting the consumption of cannabis or weed, as it is often prescribed by doctors for curing a few rare ailments. There are several platforms that sell genuine cannabis products online. This includes edible flowers, colours, vaping items, and concentrates.
Cannabis and its consumption have several benefits as claimed by the doctors. Physicians these days are suggesting their patients with top-notch CBD medical drugs or asking their patients to consume weed with various eatable products. Cannabis is beneficial for health and is known for reducing the effect of chronic diseases like inflammation, pain management, neurological disorders or mental disorders, sleep management, and so on. Cannabis has a relaxing effect on one's brain and mind because of which it is preferred and suggested by the doctors. That is the reason why the legalization of cannabis has led to the opening up of various offline dispensaries as well.
Some of the other related products that can be used for consumption include chocolates, beverages, gummies, capsules, and a range of skincare products. The global cannabis market is expected to reach a valuation of USD 90.4 billion by the end of the year 2026. It is estimated to grow at a CAGR of 28.0 % in terms of its significant growth and growing legalization.
Key market trends of cannabis or weed market
One of the recent trends of the cannabis market is the legalization of cannabis in various countries like Canada, Australia, Colombia, Chile, Greece, Germany, the Netherlands, Italy, Poland, Peru, Uruguay, and Portugal for various medicinal purposes. Also, as per reports, there are several other countries that are catching up with the legalization process of cannabis. However, it is also looking after the social harm that cannabis consumption can cause.
Apart from that, there is a growing number of competitors in the mainstream market with major players coming up with better products and an easy dispatching process.
The major geographical areas of the Global cannabis market include North America, Europe, Asia-pacific, South America, Middle East, and Africa. Amongst all these major countries, North America dominates the cannabis market with the major production of cannabis.
Is covid-19 hampering the growth of the cannabis market?
In some way, Covid-19 has made an impact on the cannabis market. Several online and offline dispensaries across the various operational countries have experienced a major downfall in their sales since the beginning of the outbreak. However, in most Nations, it has been noticed that the offline marijuana dispensaries have been declared as pharmacies and are kept open even during the lockdown. Also, people can now avail the perks of ordering cannabis online. The cannabis businesses are now making a judgment on their retail operations in order to combat the Covid-19 outbreak.