This market research report presents a detailed segmentation of the cannabis market in the US by application (medical and recreational), by distribution channel (retail and wholesale), and by geography (Arizona, California, Colorado,and Washington). The key vendors analyzed in this report are American Cannabis, Greengro, mCig, Medical Marijuana, Mentor Capital, Terra Tech, and United Cannabis.
Technavio has released its new market research report, cannabis market in the US, which is expected to generate revenue worth $17 billion between 2015 and 2019. The high demand for medical cannabis is driving the growth of the market. Moreover, the growth of the medical marijuana dispensaries is expected to contribute to the market growth during the forecast period.
“The market is witnessing high demand for medical cannabis, which is used to reduce nausea, improve the appetite of patients suffering from HIV/AIDS and to cure chronic pain and muscle spasms. As per the Drug Abuse Warning Network (DAWN) analysis, there were several emergency medical conditions where the cannabis had to be used. Moreover, the vendors are introducing various medical marijuana dispensaries for the convenient purchase of consumers,” says Faizan Akhtar, Lead Analyst, New Coverage, Technavio Research.
The retail segment accounted for 83% of the market share during 2014. The report predicts this segment to witness the fastest growth during the forecast period. Cannabis-based retail stores are certified, and the products are tested by the authorized laboratory for safety and level of potency. Moreover, these retail stores are licensed by the state government, thus providing product reliability to the customers.
The leading vendors in the cannabis market in the US include American Cannabis, Greengro, mCig, Medical Marijuana, Mentor Capital, Terra Tech, and United Cannabis. The market is highly diverse due to the presence of numerous domestic players as suppliers, cultivators, retailers, and venture capital firms. This market is vulnerable to various legal and financial challenges, thus facilitating inorganic growth within the market. The report predicts the market is to be highly competitive during the forecast period, with substantial investments by the vendors.
A more detailed analysis is available in the Technavio report, Cannabis Market in the US 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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