According to MarketsandMarkets, the global cannabis market size is estimated to be valued at USD 27.7 billion in 2022 and is projected to reach USD 82.3 billion by 2027, recording a CAGR of 24.3% in terms of value. Increased legalization has been extremely beneficial to the cannabis industry. Additionally, as more research studies in the field are carried out and show that cannabis has positive effects medically, has helped alter public perceptions of the drug. The industry is witnessing a lot of new product launches and acquisition and mergers between big players.
key players in this market include Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), VIVO Cannabis Inc. (Canada), Tilary Inc. (US), Unrivaled Brand Inc. (US), HEXO Corp. (Canada), Medical Marijuana Inc. (US), The Cronos Group (Canada), Medmen Enterprise Inc. (US), Cresco Labs (US), Curaleaf Holdings Inc. (US), Organigram Holdings Inc. (Canada), Stenocare (Denmark), Trulieve (US), and Indiva (Canada).
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Canopy Growth Corporation, formerly known as Tweed Marijuana Inc., is a Canada-based multi-brand cannabis company. The company’s brands in Canada are Tweed, Doja, Quatreau, Deep Space, Ace Valley, 7acres, 7acres Craft Collections, Vert, Twd, Simple stash, Sugar Leaf, Hiway, Truverra and Bilssco. Whereas First+free, Martha Stewart CBD, SurityPro and whisl are US based producers. All these brands have unique products to serve different consumer segments. The product ranges from medicinal oil, dried flowers, edibles, beverages, capsules, softgels and other commonly used vape and cannabis accessories. It has designed diversified brands to support the need of global cannabis consumers. The company has over a 7 million square feet of licensed cultivation area in Canada and has partnered with other International Growers, cultivating indica, sativa and hybrid flowers. The company produces, distributes and sells its products within Canada and over 14 countries across five continents, where their products are permitted by the Government.
In May 2022, Canopy Growth Corporation acquired Lemurian, Inc. (Jetty), a US based cannabis producer and extractor. It will help company to develop its robust US ecosystem by adding an established cannabis brand that is the market share leader in solventless vapes, holding more than 75% share of the rapidly expanding California market. In the same month it introduced two new premium flavored flowers: 7acres lemon Zkltz 3.5g and 7acres jack haze bubble hash infused pre-roll joints. The addition of these products will help the company increases its product portfolio.
Aurora Cannabis Inc. is a Canadian licensed cannabis producer. The company is one of the top players of medicinal Cannabis products. It cultivates, harvests, and processes cannabis plants to satisfy the needs of the developing cannabis market. It has highly automated production plants and serves in countries such as Germany, Denmark, Italy, Brazil, South Africa, Malta, Canada, and Australia, along with the Cayman Islands. This Canadian company has direct-to-patient business module in medicinal market. The company produces both medicinal and recreational cannabinoid products but have a strong market reach in medicinal market. The company produces various adult recreational products such as, dried flowers, pre-rolls, vapes, edibles, gummies, oil, capsules, hash, concentrates, THC and CBD stripes.
In February 2022, Aurora Cannabis expanded its portfolio with new CBD brand launch KG7. The brand would provide company a product range of flavored gummies, CDB infused oils and creams, drinks. To increase its market presence in the growing Canadian cannabis market it acquired Thrive Cannabis (Canada) in May 2022.
Tilary Inc. is a producer and supplier of medicinal cannabis and is involved in research, cultivation, and distribution. The company produces recreational products in Canada market and medicinal cannabis products in international market. The company distributes over 20 countries through their subsidiary companies in Australia, Canada, Germany Latin America and Portugal. The company also produces hemp products. Tilary inc. acquired Aphria Inc. in December 2020, adding to their brand portfolio.
In June 2022, the company launched CBD night oil, this product claims to improve sleep which and is composed of broad-spectrum cannabis distillate. In the same month Tilray medicals announced expansion of medical cannabis products in UK market with cannabis flowers with THC levels around 10-25%. This will provide company with the opportunity to expand in UK market.
Cannabis Market by Product Type (Flowers, Concentrates, Edibles, Topicals & Tinctures), Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD), Application (Medical and Recreational), and Region (North America, South America, Europe and RoW) - Global Forecast to 2027
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