Cannabis Market Regional Analysis:
North American Market Insights
North America industry is anticipated to dominate majority revenue share of 30% by 2035. The market growth in the region is also expected on account of the legalization of recreational drugs. North America is one of the most progressive regions in the globe because it established some of the first cannabis legislation for both medical and recreational use.
For instance, more than 70% of Americans reside in a state where marijuana is permitted.
Legalizing cannabis has become a popular movement in the United States, which has increased its consumption.
In 2022, almost 21% of people in the United States reported using cannabis in the previous 12 months.
Moreover, sales of recreational cannabis in Canada totaled more than USD 3 billion in 2023, up from 2022. Besides this, thousands of recreational cannabis retail locations may be found in more than 8 provinces and three territories in Canada, a country of over 35 million people.
European Market Insights
The Europe region will also encounter huge growth for the cannabis market during the forecast period and will hold the second position owing to the increasing consumption of tobacco with cannabis in this region. In Europe, cannabis is often combined with tobacco and smoked to consume a lot of nicotine.
According to a survey in Europe, over 85% of cannabis users smoke it in conjunction with tobacco.
Germany currently has among of the most permissive cannabis legislation in all of Europe, which has led to the creation of private, nonprofit "cannabis clubs" that can cultivate and sell cannabis to their members.
Nowadays, cannabis is allowed for medical use in, Italy, however, there are stringent regulations.
