Canada had recently passed a nationwide legalization of recreational cannabis use, following Uruguay to become the second country to do so. According to CBC, Canada is one of only two countries, besides the Netherlands, that exports cannabis products, which allows companies in Canada to gain instant revenue from recent medical cannabis.
The article cited AMA's "Global Cannabis Cultivation Market Study" explored CAGR of %. According to the report, Use of Advanced Techniques in Cannabis Cultivation is one of the primary growth factors for the market. Increasing Demand for Cannabis Globally
is also expected to contribute significantly to the Cannabis Cultivation market. Overall, Pharmaceutical
applications of Cannabis Cultivation, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Product, such as Buds, is boosting the Cannabis Cultivation market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global Cannabis Cultivation market identified that the demand is rising in many different parts of the world as "Rising Number of Countries Legalizing Cannabis Cultivation such as Canada, the United States, Australia, Belgium, Mexico, etc.
". Furthermore, some recent industry insights like "In June 2019 , Applied DNA Sciences Inc. announced that its strategic partner to the global cannabis industry, TheraCann International Benchmark Corporation (“TheraCann”), has secured a collaboration agreement with House of Hemp (HoH). The collaboration includes the implementation of TheraCann’s molecular-tagging ETCH biotrace technology that uses a physical molecular tag exclusively supplied by Applied DNA. TheraCann was selected by HoH to be their technical expert and project management team to achieve the medical GMP standard for international cannabis export and to provide the necessary technologies to track every gram, every penny, and to ensure crop quality and reliability." is constantly making the industry dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Cannabis Cultivation market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2018 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Cannabis Cultivation market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Cannabis Cultivation market size is calculated using market estimation process, the Cannabis Cultivation market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Cannabis Cultivation market size has been validated using both top-down and bottom-up approaches.