Cannabis Cultivation Global Market Report 2022: Ukraine-Russia War Impact

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Cannabis Cultivation Global Market Report 2022: Ukraine-Russia War Impact

NEW YORK, Nov. 23, 2022 /PRNewswire/ —

Major players in the market are Pacific Cannabis Growers Inc, Atlas Growers, Canntrust Holdings Inc, The Hydropothecary Corporation, Better Holdings, Canopy Growth Corporation, Aphria Inc, Aurora Cannabis, Tilray, Organigram Holdings Inc, The Cronos Group, Maricann Group Inc, ABcann Medicinals Inc, GW Pharmaceuticals plc, and Vivo Cannabis Inc.

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The global cannabis cultivation market is expected to grow from $114.66 billion in 2021 to $132.55 billion in 2022 at a compound annual growth rate (CAGR) of 15.6%. The RussiaUkraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The cannabis cultivation market is expected to grow to $235.74 billion in 2026 at a compound annual growth rate (CAGR) of 15.5%.

The cannabis cultivation market consists of sales of cannabis cultivation process by entities (organizations, sole traders, and partnerships) that is used for the production of cannabis, which is derived from the plant cannabis sativa. Cannabis cultivation refers to the practice and method of growing cannabis plants such as planting, developing, growing, propagating, harvesting, processing, drying, curing, grading, trimming, packaging, and storage.

The main types of cannabis cultivation are cannabis indica and cannabis sativa.Cannabis indica refers to a classification of marijuana, known for its relaxing and therapeutic qualities.

The different sources include flowers or buds, leaves, and other sources, that are used in medical consumption, recreational consumption, and industrial consumption.

Asia Pacific was the largest region in the cannabis cultivation market in 2021. The regions covered in the cannabis cultivation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Adoption of cannabis for the treatment of chronic diseases is expected to propel the growth of the cannabis cultivation market going forward. Chronic disease refers to a medical condition that lasts for a year or longer and necessitates continuing medical care and restricts daily activities. Adoption of cannabis for the treatment of chronic diseases helps cannabis cultivation by demonstrating safety, efficacy, and consistency sufficient for regulatory approval in spasticity in chronic diseases such as multiple sclerosis, and Dravet and Lennox-Gastaut Syndromes. For instance, in March 2022, according to the data published in the annual report of Jazz Pharmaceuticals plc, an Ireland-based biopharmaceutical company, the company generated a net sale of $463.6 million for Epidiolex, in 2021, with a year-on-year sales growth of 29% as compared to previous year i.e., 2020. Therefore, the adoption of cannabis for the treatment of chronic diseases is driving the cannabis cultivation market.
Product innovations are a key trend gaining popularity in the cannabis cultivation market.Major companies operating in the cannabis cultivation market are focused on developing innovative products to strengthen their position in the cannabis cultivation market.

For instance, in January 2022, Prospiant, a US-based controlled environment agriculture (CEA) greenhouse solutions and cannabis cultivation and extraction technologies provider, launched Delta Ethanol Extraction CUP-5 to specifically meet the requirements of prototype labs, educational research centers, and small-scale cannabis processing facilities. During the process of cannabis cultivation, it can handle plant material in batches as small as 3.5 pounds and finish the extraction process in 2 to 12 minutes. It combines mechanical centrifugation with closed-loop cold alcohol extraction technology to produce a high-purity final product. Its innovative features also include the ability to operate without a C1D2 environment or a hazardous location (HazLoc) requirement.

In June 2021, Canopy Growth, a Canada-based, cannabis company, acquired Supreme Cannabis Company Inc for a deal amount of $435 million.With this acquisition, Canopy Growth aims to strengthen its position in the Canadian market, by providing premium differentiated products to the consumers.

Supreme Cannabis Company, Inc is a Canada-based company involved in the production and sale of medical and recreational cannabis.

The countries covered in the cannabis cultivation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The cannabis cultivation market research report is one of a series of new reports that provides cannabis cultivation market statistics, including cannabis cultivation industry global market size, regional shares, competitors with a cannabis cultivation market share, detailed cannabis cultivation market segments, market trends and opportunities, and any further data you may need to thrive in the cannabis cultivation industry. This cannabis cultivation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Read the full report: https://www.reportlinker.com/p06364840/?utm_source=PRN

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