The market stood at $93,487.2 million in 2019, which is projected to reach $293,791.0 million by 2025.
The Americas cannabis market is accelerated by factors such as escalating use of cannabis in wellness and medicinal products and surging investments for the development of these products.
Moreover, legalization of cannabis for recreational purposes will drive the market at 22.5% CAGR during the forecast period (2020-2025). Regular users in Canada and several states of the U.S. are consuming this weed on a day-to-day basis, due to its legalization and availability at legal stores.
One of the key factors driving the Americas cannabis market growth is the rising interest in the development of consumer products and therapies based on cannabis and its constituent chemicals. Moreover, legalization of the material across the U.S. and Canada has encouraged neighboring countries to join the trend of decriminalizing and deregulating cannabis and its related products. Latin American (LATAM) countries, such as Brazil, Argentina, Colombia, Peru, and Mexico, have completely or partially legalized the sale of cannabidiol (CBD)- and tetrahydrocannabinol (THC)-infused products.
Additionally, increasing investments across the cannabis supply chain will also augment the Americas cannabis market growth in the coming years. The rapid deregulation of hemp and CBD across the region has increased the interest among market players.
This has further led to the spike in market activities, such as licensing, investment in research and development (R&D), distribution of products, and marijuana and hemp production. Thus, the market players are working toward expanding their geographical reach, developing their supply chain, and ramping up the production of numerous CBD and THC products.
Geographically, the U.S. leads the Americas cannabis market and it is expected to maintain its position in the forecast period. This growth is attributed to factors such as legalization of marijuana across the nation, hefty investments in the cannabis industry, and widespread R&D activities directed at evaluating the potential of cannabis for medicinal applications.
Moreover, the adoption of advanced technologies to expand access to marijuana will also propel the market growth in the future.
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