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North America Cannabis Market: Focus on Product Type, Medical Application, Distribution Channel, Countries Data (U.S. and Canada) and Competitive Landscape - Analysis and Forecast, 2019-2025

  • ID: 4774241
  • Report
  • Region: North America, Canada, United States
  • 187 pages
  • BIS Research
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North America Cannabis Market to Reach $36.7 billion by 2025

FEATURED COMPANIES

  • Aphria, Inc.
  • Aurora Cannabis Inc.
  • CannTrust Holdings Inc.
  • Canopy Growth Corporation
  • Cresco Labs, Inc.
  • Cronos Group Inc.
  • MORE

The North America cannabis industry analysis highlights that the market was valued at $13.21 billion in 2018 and is expected to reach $36.7 billion in 2025. The market is expected to witness significant growth during the forecast period from 2019 to 2025.

The legalization of cannabis in both the U.S. and Canada for medical and recreational purposes has been the most prominent driving force toward the growth of the cannabis market in North America. The rising demand for cannabis products among consumers in both countries further boosts the adoption rate of cannabis products in North America.

In addition, increasing investment from both private and public sectors for research and the development of safer forms of cannabis products are also acting as a stimulant for the growth of the North America cannabis market. However, factors such as the risk of adverse side-effects, stringent regulatory and approval process, and complex distribution channel are some of the challenges that the market is currently facing.

Expert Quote on the North America Cannabis Market

“Recreational cannabis contributed to the highest market share of the North America cannabis market in 2018 and is also expected to grow at higher CAGR as compared to that of medical cannabis. Stringent regulation controlling the production and distribution of medical cannabis and the risk of negative side effects associated with the medical use of cannabis acted as major restraints limiting the growth of the medical cannabis market in North America. In contrast, upsurge in demand for recreational cannabis aided in the growth of the recreational cannabis market in both the U.S. and Canada.”

Scope of the North America Cannabis Market

The purpose of the study is to gain a holistic view of the North America cannabis market in terms of various factors influencing it such as recent trends and research advancements in the market. The scope of this report is centered upon conducting a detailed study of the products allied with the North America cannabis market.

This research report aims at answering various aspects of the North America cannabis market with the help of the key factors driving the market, restraints that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The report includes an in-depth examination of the key ecosystem players and key strategies and developments taking place in this market.

Market Segmentation

The North America cannabis market is segmented into four different parts i.e. by product type, by medical application, by distribution channel, and by region. The North America market value was estimated using these four different approaches which were validated with one another. These segments are further segmented into several sub-segments to ease market estimation.

The North America cannabis market is segmented by countries into the U.S. and Canada. In 2018, the U.S. accounted for almost 96% of the total market share of the North America cannabis market. This was mainly attributed to the increasing legalization of cannabis products for both medical and recreational use in different states of the U.S.  However, Canada is expected to witness higher growth rate during the forecast period between 2019 and 2025 as compared to the U.S.

Key Companies Operating in the North America Cannabis Market

The key players who have significant contributions to the North America cannabis market are Aphria, Inc., Aurora Cannabis Inc., Canopy Growth Corporation, CannTrust Holdings Inc., Cronos Group Inc., Curaleaf Holdings, Inc., Cresco Labs, Inc., Terra Tech Corp., Tilray, Inc., and Trulieve Cannabis Corp., among others.

Key Questions Answered in the Report:

  • How did the market for cannabis evolved in North America and what is its scope in the future?
  • What are the major market drivers, trends, challenges, and opportunities present in the North America cannabis market?
  • What are the regulations pertaining to the North America Cannabis market? When was medical and recreational use of cannabis legalized in the U.S. and Canada and under what conditions?
  • What are the initiatives implemented by different government bodies of different states of the U.S. and Canada to legalize the cultivation, production, possession, and distribution of cannabis?
  • How much revenue is expected to be generated by different segments, such as product, distribution channel, and country of the North America Cannabis Market?
  • What are the different medical applications of cannabis? Which medical application is expected to witness the highest growth rate and why?
  • What are the different distribution channels existing in the North America cannabis market? Which distribution channel dominated the market in 2018 in the U.S. and Canada and which distribution channel is expected to witness the highest growth rate during the forecast period between 2019 and 2025?
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Aphria, Inc.
  • Aurora Cannabis Inc.
  • CannTrust Holdings Inc.
  • Canopy Growth Corporation
  • Cresco Labs, Inc.
  • Cronos Group Inc.
  • MORE

Executive Summary

1 Market Overview
1.1 Introduction
1.2 Evolution
1.3 Legalization of Cannabis
1.4 Global Cannabis Market: Key Insights
1.5 North America Cannabis Market
1.5.1 Assumptions and Limitations

2 Market Dynamics
2.1 Overview
2.2 Impact Analysis
2.3 Market Drivers
2.3.1 Rising Demand and Increasing Legalization of Cannabis
2.3.2 Ease of Availability of Cannabis Plant
2.3.3 Wide Range of Benefits for both Medical and Recreational Use
2.4 Market Challenges
2.4.1 Stringent Regulation and Lengthy Approval Process
2.4.2 Side Effects Associated with Cannabis Consumption
2.4.3 High Cost and Complex Distribution Channel
2.5 Market Opportunities
2.5.1 Continuing Research for Development of Safer Forms of Cannabis
2.5.2 Shifting Trend of Cannabis Industry Toward Online Platform

3 Competitive Landscape
3.1 Overview
3.1.1 Collaborations, and Partnerships
3.1.2 Mergers and Acquisitions
3.1.3 Business Expansion
3.1.4 Product Launches
3.1.5 Awards and Recognitions

4 Industry Insights
4.1 Canada Legal Landscape
4.1.1 Cannabis Framework and Legislation by Provinces and Territories
4.1.1.1 Alberta
4.1.1.2 British Colombia
4.1.1.3 Manitoba
4.1.1.4 Newfoundland and Labrador
4.1.1.5 Northwest Territories
4.1.1.6 New Brunswick
4.1.1.7 Nova Scotia
4.1.1.8 Nunavut
4.1.1.9 Ontario
4.1.1.10 Québec
4.1.1.11 Saskatchewan
4.1.1.12 Prince Edward Island
4.1.1.13 Yukon
4.2 U.S. Legal Landscape
4.2.1 U.S. Federal Laws Impacting Cannabis Market
4.2.2 U.S. State Laws Impacting Cannabis Market
4.2.3 Medical Cannabis Laws
4.2.3.1 CBD/Limited Laws
4.2.3.2 Recreational Laws

5 North America Cannabis Market (by Product)
5.1 Overview
5.2 Recreational Cannabis
5.3 Medical Cannabis
5.3.1 Overview
5.3.2 Pain Management
5.3.3 Muscle Spasm
5.3.4 Headache
5.3.5 Anxiety
5.3.6 Nausea and Vomiting
5.3.7 Other Medical Applications

6 North America Cannabis Market (by Distribution Channel)
6.1 Overview

7 North America Cannabis Market (by Country)
7.1 Introduction
7.1.1 The U.S.
7.1.1.1 The U.S. Cannabis Market (by Product), 2018-2025
7.1.1.2 The U.S. Cannabis Market (by Medical Application), 2018-2025
7.1.1.3 The U.S. Cannabis Market (by Product Category), 2018-2025
7.1.1.4 The U.S. Cannabis Market (by Distribution Channel), 2018-2025
7.1.2 Canada
7.1.2.1 Canada Cannabis Market (by Product), 2018-2025
7.1.2.2 Canada Cannabis Market (by Medical Application), 2018-2025
7.1.2.3 Canada Cannabis Market (by Distribution Channel), 2018-2025

8 Company Profile
8.1 Competitive Dashboard
8.2 Aphria, Inc.
8.2.1 Company Overview
8.2.2 Company Description
8.2.3 Financials
8.2.4 SWOT Analysis
8.3 Aurora Cannabis Inc.
8.3.1 Company Overview
8.3.2 Company Description
8.3.3 Financials
8.3.4 SWOT Analysis
8.4 Canopy Growth Corporation
8.4.1 Company Overview
8.4.2 Company Description
8.4.3 Financials
8.4.4 SWOT Analysis
8.5 CannTrust Holdings Inc.
8.5.1 Company Overview
8.5.2 Company Description
8.5.3 Financials
8.5.4 SWOT Analysis
8.6 Cronos Group Inc.
8.6.1 Company Overview
8.6.2 Company Description
8.6.3 Financials
8.6.4 SWOT Analysis
8.7 Curaleaf Holdings, Inc.
8.7.1 Company Overview
8.7.2 Company Description
8.7.3 Financials
8.7.4 SWOT Analysis
8.8 Cresco Labs, Inc.
8.8.1 Company Overview
8.8.2 Company Description
8.8.3 Financials
8.8.4 SWOT Analysis
8.9 Terra Tech Corp.
8.9.1 Company Overview
8.9.2 Company Description
8.9.3 Financials
8.9.4 SWOT Analysis
8.10   Tilray, Inc.
8.10.1 Company Overview
8.10.2 Company Description
8.10.3 Financials
8.10.4 SWOT Analysis
8.11   Trulieve Cannabis Corp.
8.11.1 Company Overview
8.11.2 Company Description
8.11.3 Financials
8.11.4 SWOT Analysis

9 Research Scope and Methodology
9.1 Research Scope
9.2 North America Cannabis Market: Research Methodology

List of Tables
Table 2.1: Impact Analysis of Market Drivers
Table 2.2: Impact Analysis of Market Challenges
Table 2.3: Price of cannabis per gram and tax structure for countries of the U.S. and Canada
Table 4.1: Key Regulations, by Canadian Provinces and Territories
Table 4.2: List of States (U.S.) that have Legalized Cannabis for Medical Purposes
Table 4.3: Key Regulations, by U.S. States for Medical Cannabis
Table 8.1: Aphria, Inc.: Key Financials, 2016-2018
Table 8.2: Aphria, Inc.: Operating Expenses, 2016-2018
Table 8.3: Aphria, Inc.: Cost related to Inventory, 2016-2018
Table 8.4: Aurora Cannabis Inc.: Segmental Revenue, 2017-2018
Table 8.5: Aurora Cannabis Inc.: Key Financials, 2016-2018
Table 8.6: Aurora Cannabis Inc.: Operating Expenses, 2016-2018
Table 8.7: Aurora Cannabis Inc.: Cost related to Inventory, 2016-2018
Table 8.8: Canopy Growth Corporation: Key Financials, 2016-2018
Table 8.9: Canopy Growth Corporation: Operating Expenses, 2016-2018
Table 8.10: Canopy Growth Corporation: Cost related to Inventory, 2017-2018
Table 8.11: CannTrust Holdings Inc.: Segmental Revenue, 2017-2018
Table 8.12: CannTrust Holdings Inc.: Key Financials, 2016-2018
Table 8.13: CannTrust Holdings Inc.: Operating Expenses, 2016-2018
Table 8.14: CannTrust Holdings Inc.: Cost related to Inventory, 2017-2018
Table 8.15: Cronos Group Inc.: Segmental Revenue, 2017-2018
Table 8.16: Cronos Group Inc.: Key Financials, 2016-2018
Table 8.17: Cronos Group Inc.: Operating Expenses, 2016-2018
Table 8.18: Cronos Group Inc.: Cost related to Inventory, 2017-2018
Table 8.19: Curaleaf Holdings, Inc.: Segmental Revenue, 2017-2018
Table 8.20: Curaleaf Holdings, Inc.: Key Financials, 2017-2018
Table 8.21: Curaleaf Holdings, Inc.: Operating Expenses, 2017-2018
Table 8.22: Curaleaf Holdings, Inc.: Cost related to Inventory, 2017-2018
Table 8.23: Cresco Labs, Inc.: Key Financials, 2016-2018
Table 8.24: Cresco Labs, Inc.: Operating Expenses, 2017-2018
Table 8.25: Terra Tech Corp.: Segmental Revenue, 2016-2018
Table 8.26: Terra Tech Corp.: Key Financials, 2016-2018
Table 8.27: Terra Tech Corp.: Operating Expenses, 2017-2018
Table 8.28: Terra Tech Corp.: Cost related to Inventory, 2016-2018
Table 8.29: Tilray, Inc.: Segmental Revenue, 2016-2018
Table 8.30: Tilray, Inc.: Regional Revenue, 2016-2018
Table 8.31: Tilray, Inc.: Key Financials, 2016-2018
Table 8.32: Tilray, Inc.: Operating Expenses, 2016-2018
Table 8.33: Tilray, Inc.: Cost related to Inventory, 2017-2018
Table 8.34: Trulieve Cannabis Corp.: Key Financials, 2017-2018
Table 8.35: Trulieve Cannabis Corp.: Operating Expenses, 2017-2018
Table 8.36: Trulieve Cannabis Corp.: Cost related to Inventory, 2017-2018

List of Figures
Figure 1: North America Cannabis Market Scenario (by Country), 2018-2025
Figure 2: Impact of Market Dynamics, 2018
Figure 3: Share of Key Developments and Strategies, January 2015 to March 2019
Figure 4: North America Cannabis Market Share (by Product Type), 2018 and 2025
Figure 5: North America Cannabis Market Share (by Medical Application), 2018 and 2025
Figure 6: North America Cannabis Market Share (by Distribution Channel), 2018 and 2029
Figure 1.1: North America Cannabis Market, 2018-2025
Figure 2.1: Market Dynamics
Figure 3.1: Share of Key Developments and Strategies, January 2017-April 2019
Figure 3.2: Collaborations, and Partnerships (by Companies), January 2017-April 2019
Figure 3.3: Mergers and Acquisitions (by Companies), January 2017-April 2019
Figure 3.4: Business Expansion (by Companies), January 2017-April 2019
Figure 3.5: Product Launches (by Companies), January 2017-April 2019
Figure 3.6: Awards and Recognitions (by Companies), January 2017-April 2019
Figure 4.1: Timeline: Legalization of Cannabis in Canada
Figure 4.2: Timeline: Legalization of Cannabis in the U.S.
Figure 4.3: Federal Laws Impacting U.S. Cannabis Market
Figure 5.1: North America Cannabis Market Segmentation (by Product Type)
Figure 5.2: North America Cannabis Market (by Product)
Figure 5.3: North America Cannabis Market (Recreational Cannabis), 2018-2025
Figure 5.4: North America Cannabis Market (Medical Cannabis), 2018-2025
Figure 5.5: North America Cannabis Market Segmentation (by Medical Application)
Figure 5.6: North America Cannabis Market, by Medical Application
Figure 5.7: North America Cannabis Market (by Medical Application for Pain Management), 2018-2025
Figure 5.8: North America Cannabis Market (Medical Application for Muscle Spasm), 2018-2025
Figure 5.9: North America Cannabis Market (by Medical Application for Muscle Spasm), 2018-2025
Figure 5.10: North America Cannabis Market (by Medical Application for Anxiety), 2018-2025
Figure 5.11: North America Cannabis Market (by Medical Application for Nausea and Vomiting), 2018-2025
Figure 5.12: North America Cannabis Market (by Medical Application for Others) 2018-2025
Figure 6.1: North America Cannabis Market Supply Chain
Figure 6.2: North America Cannabis Market (by Distribution Channel), 2018-2015
Figure 7.1: North America Cannabis Market (by Country), 2018-2025
Figure 7.2: The U.S. Cannabis Market, 2018-2025
Figure 7.3: The U.S. Cannabis Market (by Product Type), 2018-2025
Figure 7.4: The U.S. Cannabis Market (by Medical Application), 2018-2025
Figure 7.5: The U.S. Cannabis Market (by Product Category), 2018-2025
Figure 7.6: The U.S. Cannabis Market (by Distribution Channel), 2018-2025
Figure 7.7: Canada Cannabis Market, 2018-2025
Figure 7.8: Canada Cannabis Market (by Product Type), 2018-2025
Figure 7.9: Canada Cannabis Market (by Medical Application), 2018-2025
Figure 7.10: Canada Cannabis Market (by Distribution Channel), 2018-2025
Figure 8.1: Aphria, Inc.: Brand Portfolio
Figure 8.2: Aphria, Inc.: Net Revenue and Y-o-Y, 2016-2018
Figure 8.3: SWOT Analysis: Aphria, Inc.
Figure 8.4: Aurora Cannabis Inc.: Brand Portfolio
Figure 8.5: Aurora Cannabis Inc.: Net Revenue and Y-o-Y, 2016-2018
Figure 8.6: SWOT Analysis: Aurora Cannabis Inc.
Figure 8.7: Canopy Growth Corporation: Brand Portfolio
Figure 8.8: Canopy Growth Corporation: Net Revenue and Y-o-Y, 2016-2018
Figure 8.9: SWOT Analysis: Canopy Growth Corporation
Figure 8.10: CannTrust Holdings Inc.: Brand Portfolio
Figure 8.11: CannTrust Holdings Inc.: Net Revenue and Y-o-Y, 2016-2018
Figure 8.12: SWOT Analysis: CannTrust Holdings Inc.
Figure 8.13: Cronos Group Inc.: Brand Portfolio
Figure 8.14: Cronos Group Inc.: Net Revenue and Y-o-Y, 2016-2018
Figure 8.16: SWOT Analysis: Cronos Group Inc.
Figure 8.17: Curaleaf Holdings, Inc.: Brand Portfolio
Figure 8.18: Curaleaf Holdings, Inc.: Net Revenue and Y-o-Y, 2017-2018
Figure 8.19: SWOT Analysis: Curaleaf Holdings, Inc.
Figure 8.20: Cresco Labs, Inc.: Brand Portfolio
Figure 8.21: Cresco Labs, Inc.: Net Revenue and Y-o-Y, 2016-2018
Figure 8.22: SWOT Analysis: Cresco Labs, Inc.
Figure 8.23: Terra Tech Corp.: Brand Portfolio
Figure 8.24: Terra Tech Corp.: Net Revenue and Y-o-Y, 2016-2018
Figure 8.25: SWOT Analysis: Terra Tech Corp.
Figure 8.26: Tilray, Inc.: Brand Portfolio
Figure 8.27: Tilray, Inc.: Net Revenue and Y-o-Y, 2016-2018
Figure 8.28: SWOT Analysis: Tilray, Inc.
Figure 8.29: Trulieve Cannabis Corp.: Product Portfolio
Figure 8.30: Trulieve Cannabis Corp.: Net Revenue and Y-o-Y, 2017-2020E
Figure 8.31: SWOT Analysis: Trulieve Cannabis Corp.
Figure 9.1: North America Cannabis Market Segmentation
Figure 9.2: North America Cannabis Market Research Methodology
Figure 9.3: Primary Research
Figure 9.4: Secondary Research
Figure 9.5: Data Triangulation
Figure 9.6: Bottom-up Approach (Segment-wise Analysis)
Figure 9.7: Top-down Approach (Segment-Wise Analysis)
Figure 9.8: Assumptions and Limitations
Figure 9.9: Considered Factors for Data Prediction and Modeling

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Aphria, Inc.
  • Aurora Cannabis Inc.
  • CannTrust Holdings Inc.
  • Canopy Growth Corporation
  • Cresco Labs, Inc.
  • Cronos Group Inc.
  • MORE

According to the market intelligence report, titled “North America Cannabis Market - Analysis and Forecast, 2019-2025”, the North America cannabis market was valued at $13.21 billion in 2018 and is expected to reach $36.7 billion in 2025. High demand among consumers for safer forms of ingesting cannabis such as tinctures, oils, vapes, and other edibles, coupled with rising investment from both public and private sectors for research and development activities are all together expected to positively reinforce the growth of the market during the forecast period between 2019 and 2025.

Increasing legalization of cannabis in both Canada and U.S. is the most prominent factor contributing to the growth of the North America cannabis market. North America holds the strongest potential among all other regions of the world for the growth of the cannabis industry and offers lucrative opportunities for the entry of new companies into the market. As the countries of North America begin to liberalize laws related to the recreational and medical use of cannabis, more companies are expected to enter into this market in order to address the surging demand for cannabis products. High public and private investments in this sector are further propelling research related to cannabis products, actively driving the growth of the market. However, the market is also witnessing significant challenges that hinders its growth. Although cannabis is legal in the countries of North America for both medical and recreational use, its cultivation, production, distribution, and possession are highly controlled under strict regulations. Moreover, the risk of side effects associated with the use of cannabis hampers its adoption rate, thereby hampering the growth of the market. However, with progressing research activities, safer forms of cannabis products are expected to come up in the market in the upcoming years that offer prospects for the market growth in the years to come. Furthermore, increasing launch of online platforms promoting cannabis products and the paradigm shift toward e-commerce sales of cannabis offer huge opportunities that are expected to drive the growth of the North America cannabis market during the forecast period between 2019 and 2025.

According to Pushplata Patel, lead analyst “Recreational cannabis contributed to highest market share of the North America cannabis market in 2018 and is also expected to grow at higher CAGR as compared to that of medical cannabis. Stringent regulation controlling the production and distribution of medical cannabis and the risk of negative side effects associated with the medical use of cannabis acted as major restraints limiting the growth of the medical cannabis market in North America. In contrast, upsurge in demand for recreational cannabis aided in the growth of the recreational cannabis market in both the U.S. and Canada.”

Research Highlights:

  • The number of companies operating in this market has increased exponentially over the past few years owning to the huge demand for both medical and recreational cannabis in North America. Synergic strategies involving agreements, partnerships, and collaborations were the most common strategies adopted by the key players of the market in order to sustain in the market competition.
  • Several research studies have demonstrated the benefits of cannabis in treating a wide range of medical conditions ranging from pain management to the treatment of cachexia. Among the various medical applications of cannabis, pain management segment contributed to the highest revenue  and dominated the market in 2018. High efficiency of cannabis in reducing pain associated with different types of medical conditions, such as cancer, arthritis, cerebral palsy, and muscular dystrophy, aided in the growth of the medical cannabis market pertaining to pain management.
  • By distribution channel, retail sales dominated the market in 2018 as it has been the preferred mode of sale of cannabis products among consumers of North America. However, e-commerce sales are expected to witness a much higher CAGR of 22.89% during the forecast period from 2019 and 2025. Increasing launch of online platforms by key companies of the cannabis market promoting e-commerce sales of cannabis is expected to propel the growth of the cannabis market by e-commerce sales.
  • In the U.S., the most common cannabis product categories include flower, concentrates, and edibles.  Among theses four product categories, flower form of cannabis dominated the cannabis market of U.S. in 2018. However, edibles were expected to witness the highest CAGR during the forecast period between 2019 and 2025.

This market intelligence report provides a multidimensional view of the North America cannabis market in terms of market size and growth potential. This research report aims at answering various aspects of the North America cannabis market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.

Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, regulatory clearance, and certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales and manufacturers, trend analysis by segments, and demand analysis by geographical regions.

This report is a meticulous compilation of research on more than 70 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The report also profiles 10 companies including several key players, such as Aphria, Inc., Aurora Cannabis Inc., Canopy Growth Corporation, CannTrust Holdings Inc., Cronos Group Inc., Curaleaf Holdings, Inc., Cresco Labs, Inc., Terra Tech Corp., Tilray, Inc., and Trulieve Cannabis Corp.

Note: Product cover images may vary from those shown
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  • Aphria, Inc.
  • Aurora Cannabis Inc.
  • Canopy Growth Corporation
  • CannTrust Holdings Inc.
  • Cronos Group Inc.
  • Curaleaf Holdings, Inc.
  • Cresco Labs, Inc.
  • Terra Tech Corp.
  • Tilray, Inc.
  • Trulieve Cannabis Corp.
Note: Product cover images may vary from those shown
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