The North America cannabis industry analysis by BIS Research highlights that the market was valued at $13.21 billion in 2018 and i

North America Cannabis Market Size, 2019-2025

The North America cannabis industry analysis by BIS Research 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 a 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 cannabis market in North America. The rising demand for cannabis products among consumers in both the 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 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 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.”