Cannabis Market Still Growing
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The U.S. cannabis market size is expected to reach $40.0 billion by 2030, growing at a CAGR of 14.9% over the forecast period, according to Grand View Research Inc. The increased legalization of cannabis for medical and recreational purposes is driving market growth.
Despite its discrepancy in legality across states, businesses are working hard to keep up with rising demand and frequent legislative changes affecting each state in the country.
The medical end-use segment had a 77.5% revenue share in 2021 due to the increasing research activity and growing scientific literature supporting its benefits in the treatment of various chronic diseases.
The marijuana segment had an 85.5% share in 2021, due to the recognition of cannabis for medical purposes and increasing legalization of its use.
Based on derivatives, the CBD segment had a share of 66.3% in 2021 due to its rise in acceptance as a potent pain reliever and its use to treat several other conditions
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