LONDON, Aug. 7, 2019 /PRNewswire/ -- The global cannabis products market was valued at about $12.73 billion in 2018 and is expected to grow to $36.2 billion at an annual rate of 29.9% through 2022. The growing applications of cannabis in the medical field is an important driver for the cannabis products market. Cannabis is a drug that comes from Indian hemp plants such as Cannabis sativa and Cannabis indica, with THC (delta-9 tetrahydrocannabinol) being the main active chemical in it. Cannabis has several medical applications in conditions such as nausea and vomiting, glaucoma, epilepsy, and asthma. Hence, many countries have legalized the use of cannabis for medical applications, despite it being a psychoactive drug. Medical applications of cannabis include treating cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer's disease and Parkinson's disease. According to Harvard Health, around 85% of Americans supported legalizing medical marijuana, and at least several million Americans were using it, in 2018.
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Strict Legal Norms Will Restrain The Cannabis Market Growth
The presence of several legal norms related to the use and possession of cannabis is an important restraint on the cannabis products market. These norms include regulations of the Food and Drug Administration (FDA) as well as rules set up by the government of each state in the USA. The FDA reviews all applications of cannabis products for their safety and effectiveness. Despite having laws allowing cannabis businesses, many states in the USA still do not allow such businesses. For instance, Los Angeles, San Francisco, San Jose and San Diego have laws allowing cannabis businesses, but 80% of California's nearly 500 municipalities do not allow retail marijuana businesses.
The government of California regulates the safety in manufacturing cannabis under the California Code of Regulations, Title 17 Division 1. It states that every manufacturer of cannabis products should obtain a valid license issued by state cannabis licensing agency. To obtain an annual license for cannabis manufacturing, the manufacturer should submit the physical address of the manufacturing premises and a written security plan. The security plan should include the security measures to prevent access of unauthorized people into the manufacturing premises and prevention of loss or theft of cannabis and cannabis products. Hence, this is expected to maintain vigil on the manufacturing of cannabis in the coming the years.
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Strategies Adopted By Aurora Cannabis – A Major Player In The Cannabis Products Market
In May 2018, Aurora acquired MedReleaf for $2.5 billion. This acquisition will benefit Aurora in increasing its annual production capacity of marijuana from 32,300 kgs to 570,000. MedReleaf Corp is a pharmaceutical company involved in producing and selling cannabis-based pharmaceutical products in Canada. It was founded in 2013 and is headquartered in Markham, Canada.
Solar cannabis cultivation is an emerging trend in the cannabis products market. As cannabis cultivation requires a large amount of energy for lighting, heating, air-conditioning, and dehumidification systems, cannabis products manufacturing companies are investing in solar cannabis cultivation. This is mainly a result of legalizing cannabis products in various states of the USA, which is continuously increasing the consumption of energy and leading cannabis manufacturers to opt for solar cannabis cultivation. For instance, in 2018, Aurora acquired 71 acres of land in Medicine Hat, Alberta, and installed a high-technology hybrid greenhouse cannabis production facility.
Other major players in the cannabis products market are Canopy Growth Corporation, Aphria Inc., Cara Therapeutics, and GW Pharmaceuticals PLC. Place a DIRECT PURCHASE Order of Complete Report (Individual License USD 4000) @ https://www.thebusinessresearchcompany.com/report/cannabis-products-global-market-report
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