LONDON, Oct. 20, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the cannabis cultivation market, adoption of cannabis for the treatment of chronic diseases is expected to propel the growth of the cannabis cultivation market going forward. A 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.

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The global cannabis cultivation market size 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 Russia-Ukraine 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, affecting 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%.

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.

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.

The global cannabis cultivation market analysis is segmented by type into cannabis indica, cannabis sativa; by source into flower or buds, leaves, other sources; by application outlook into medical consumption, recreational consumption, industrial consumption.

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

Cannabis Cultivation Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide cannabis cultivation market forecast size and growth, cannabis cultivation market segments and geographies, cannabis cultivation market trends, cannabis cultivation market drivers and restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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