According to a research report titled ‘Global cannabis market Size study, by Product Type (Flowers, Concentrates, Other), by Application (Medical, Recreational), by Compound (Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant, Balanced THC & CBD), and Regional Forecasts 2021-2027’, available with Market Study Report, global cannabis market was valued at USD 20.6 billion in 2020 and is projected to expand at 28.5% CAGR, amassing USD 118.9 billion during 2021-2027.
 

Research findings state that increasing legalization of cannabis, and advancements in genetic growth and intellectual property are stimulating worldwide cannabis industry expansion.
 

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For the record, the Australian government allowed the export of locally grown medical cannabis and its products in 2018. Many countries, such as Canada, Australia, Germany, Chile, Colombia, Greece, Israel, Italy, Uruguay, the Netherlands, Peru, Portugal, Poland, and others, have legalized cannabis for medicinal purposes. In addition, Cannabis Europa reported that European countries such as France might catch up with the United Kingdom and Germany in the legalization of medical cannabis.
 

Notably, cannabis is a tall flowering plant that is used for medicinal purposes and is legalized for medicinal use with a stiff upright stem. Cannabis comes in several product types, such as concentrates, flowers and others, while having both medicinal and recreational applications.
 

Despite the favorable business scenario, varying regulatory requirements for the use of cannabis across several countries are likely to slow down the global cannabis market development in the forthcoming years.
 

Considering the regional outlook, the research literature covers key growth hubs, namely, Asia Pacific (Japan, India, China, South Korea, Australia, and RoAPAC), Europe (U.K, France, Spain, Germany, Italy and ROE), North America (U.S., and Canada) and Latin America (Mexico and Brazil).
 

North America emerged as a leading contributor to global cannabis market remuneration and is expected to showcase strong growth trends over the forecast period. This can be credited to growing legalization of the product for recreational as well as medicinal applications and the rising awareness about benefits of CBD among the populace.
 

Major contenders in the global cannabis market space are Harvest Health & Recreation Inc., Ecofibre Ltd., Wayland Group Corp. (formerly Maricann Group Inc.), Organigrams Holding Inc., Medical Marijuana Inc., Cronos Group Inc., Vivo Cannabis Inc., Terra Tech Corp., Aurora Cannabis Inc., and Canopy Growth Corp.