Cannabis Market Size, Share, Growth Analysis, By Compound(THC-dominant, Balanced THC & CBD and CBD-dominant), By Application(Medical, Recreational and Others), By Product Type(Buds or Marijuana Flower and Cannabis Extracts), By Region - Industry Forecast 2024-2031

Cannabis Market Drivers 

An Increase in Technological Innovation and R&D Activity 

• Technological innovation is being reorganized for the effective creation of cannabis-based goods, coinciding with the fast growth in cannabis consumption and cultivation in many nations throughout the world. Technology is increasingly playing a significant role in the development of cannabis as more nations look to legalize the drug for medical purposes. 

Edibles with Cannabis Infusions have Higher Prospects for Market Expansion 

• The need for further development has been further fueled by the robust expansion in cannabis demand around the world. Due to this necessity, several businesses have developed R&D that thoroughly examines various genetic modification techniques for cannabis. Creating low-dosage edible products for individuals seeking medical cannabis without the psychotropic effects is one of the major potentials for businesses. 

Cannabis Market Restraints 

Issues related to Excessive Cannabis Dosage Usage 

• Long-term overdose negative effects include heart arrhythmia and mental health problems, while short-term side effects include anxiety or panic attacks. Ingesting too much cannabis at once can also result in short-term adverse effects, such as cannabis poisoning. Given their delayed onset of effects, there is a higher probability of inadvertently consuming a high dosage of these edibles, which could lead to an increased risk of overdosing. 

Water usage is High while Growing Cannabis 

• In most US states as well as other countries, cannabis is one of the main crops that require a lot of energy to cultivate. To maximize the output of indoor and outdoor plant growth, enormous amounts of light and water are needed, in addition to specialized climate-control equipment. Water diversion and pollution are caused by the enormous demand for water, which could harm the ecology. Additionally, soil erosion may be directly exacerbated by it.