The “Cannabidiol Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.

The global cannabidiol market grew from $6.82 billion in 2022 to $9.4 billion in 2023 at a compound annual growth rate (CAGR) of 37.8%. The cannabidiol market is expected to grow to $31.85 billion in 2027 at a CAGR of 35.7%.

The cannabidiol (CBD) market encompasses a range of CBD products, including full-spectrum CBD, broad-spectrum CBD, and CBD isolate, with values reflecting the factory gate values or the prices at which manufacturers and creators sell their goods. These goods are distributed to downstream manufacturers, wholesalers, distributors, retailers, and end customers, and the market’s value includes related services offered by the creators of these CBD products.

CBD, derived from cannabis plants, serves various purposes, from treating epilepsy, anxiety, and pain to addressing conditions like dystonia, Parkinson’s disease, and Crohn’s disease. It also finds applications in coffee and skincare products and pet treats.

In 2022, North America emerged as the largest region in the cannabidiol market, while the Asia-Pacific region is projected to witness the fastest growth in the forecast period. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Cannabidiol products come in various forms, including oils, tinctures, suppositories, transdermal patches, vape oils, isolates, creams, roll-ons, capsules, tablets, and more. CBD oil, for instance, is extracted from cannabis plants and diluted with carrier oils like coconut or hemp seed oil. These products have diverse applications, from medical and personal use to pharmaceuticals and wellness, and they are distributed through channels such as hospital pharmacies, retail pharmacies, online stores, and others.

One driving force behind the cannabidiol market’s growth is the increasing acceptance and use of CBD products, thanks to government approvals. Recognizing the potential medical benefits of cannabidiol, governments worldwide are taking steps to improve regulatory pathways for lawful CBD product marketing, ensuring public health while promoting market growth. For instance, in January 2022, Australia’s Therapeutic Goods Administration approved a substantial number of SAS Category B applications for unapproved medicinal cannabis products.

Product innovation is a noteworthy trend in the cannabidiol market, allowing companies to stand out in a competitive landscape and attract more customers. For example, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD Oil 2.0 range in December 2021, featuring higher levels of essential compounds like CBC, CBG, CBN, and CBDa alongside pure CBD. This innovative CBD oil formula addresses various modern living-related challenges, from appetite and mood to pain and sleep.

Additionally, in August 2021, Canada-based greenhouse produce company Village Farms International Inc. acquired Balanced Health Botanicals for $75 million, strengthening its position in the US retail CBD market. Balanced Health Botanicals is known for producing high-quality health and wellness products in the hemp-derived CBD market, aligning with Village Farms International Inc.’s expansion goals.

These developments underscore the dynamic nature of the cannabidiol market, driven by factors like government approvals and product innovation, promising growth and evolution in the foreseeable future.

Major players in the cannabidiol market are

• ENDOCA
• Cannoid, LLC
• Medical Marijuana, Inc.
• Folium Biosciences
• Elixinol
• NuLeaf Naturals, LLC
• Isodiol International, Inc.
• Pharmahemp d.o.o.
• Canopy Growth Corp
• CV Sciences Inc.
• Endoca BV
• Medterra
• The Cronos Group
• CBD American Shaman LLC
• Walgreens Boots Alliance
• Aphria, Inc.
• Maricann, Inc.
• Tilray
• Organigram Holding, Inc.
• CannTrust

Key Topics Covered:

1. Executive Summary

2. Cannabidiol Market Characteristics

3. Cannabidiol Market Trends And Strategies

4. Cannabidiol Market – Macro Economic Scenario
4.1 COVID-19 Impact On Cannabidiol Market
4.2 Ukraine-Russia War Impact On Cannabidiol Market
4.3 Impact Of High Inflation On Cannabidiol Market

5. Cannabidiol Market Size And Growth
5.1. Global Cannabidiol Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Cannabidiol Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Cannabidiol Market Segmentation
6.1. Global Cannabidiol Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Oil
• Tinctures
• Suppository
• Transdermal Patches
• Vape Oil
• Isolates
• Creams And Roll-On
• Capsules
• Tablet
• Other Products

6.2. Global Cannabidiol Market, Segmentation By Source, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Marijuana
• Hemp

6.3. Global Cannabidiol Market, Segmentation By Treatment, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• CBD Oil
• Supplements

6.4. Global Cannabidiol Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Medical
• Personal Use
• Pharmaceuticals
• Wellness

6.5. Global Cannabidiol Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Hospital Pharmacies
• Retail Pharmacies
• Online Stores
• Other Distribution Channels

7. Cannabidiol Market Regional And Country Analysis
7.1. Global Cannabidiol Market, Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
7.2. Global Cannabidiol Market, Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/p1rys

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SOURCE Research and Markets

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (Nasdaq: CGC), a world-leading diversified cannabis company, today announced the voting results from its annual general and special meeting of shareholders held on September 25, 2023 (the “Meeting”).

A total of 350,593,653 common shares of the Company (the “Shares”), representing 48.88% of the issued and outstanding Shares, were voted in connection with the Meeting by the Company’s shareholders and proxy holders.

All of the matters put forward before the Company’s shareholders for consideration and approval, as set out in the Company’s definitive proxy statement dated August 8, 2023 (the “Proxy Statement”), were approved by the requisite number of votes cast at the Meeting, as further detailed below.

Each of the directors listed as a nominee in the Proxy Statement was elected at the Meeting to serve as a director of the Company until the Company’s next annual shareholders meeting or until his or her successor is duly elected or appointed.

The detailed results of the vote for the election of directors held at the Meeting are set out below:

Canopy Growth’s shareholders also approved the appointment of PKF O’Connor Davies, LLP as the Company’s auditors and independent registered public accounting firm for the fiscal year ending March 31, 2024 and authorized the Company’s board of directors to fix their remuneration.

In addition, Canopy Growth’s shareholders approved: (i) the adoption of the Company’s new equity incentive plan; (ii) the amendment to the articles of the Company to provide, among other things, to consolidate the Company’s issued and outstanding Shares; (iii) an advisory (non-binding) resolution on the compensation of the Company’s named executive officers; and (iv) the issuance of Shares pursuant to certain outstanding convertible debentures in an amount that is in excess of 19.99% and 25%, as applicable, of the number of Shares outstanding on the date of issuance of such debentures in accordance with applicable stock exchange rules.

For complete results on all matters voted on at the Meeting, please consult the Company’s Report of Voting Results, which will be filed on the Company’s SEDAR+ profile at www.sedarplus.ca, and the Company’s Form 8-K which will be filed on EDGAR at www.sec.gov/edgar.

A pair of major media outlets that actively cover the cannabis industry recently lauded the efforts of the Council for Cannabis Regulation (CFCR) for the role the non-profit hopes to play in support of a nationwide effort to encourage the US Food and Drug Administration (FDAs) to expand its discretion on enforcement and issue specific policy guidelines relative to federal cannabinoid hemp regulations.

Benzinga, a daily online platform that provides articles on cannabis and hemp stocks and news about CBD, psychedelics, business and culture, praised CFCR for its 26-page response to a Federal Request for Information (RFI) seeking input from qualified, interested industry players.  In its submission, CFCR described a marketplace that has metamorphosized significantly since the passage of the 2018 Farm Bill.

Benzinga writes: This bill, while an important step forward, opened Pandora’s box, allowing some unscrupulous businesses to peddle poorly regulated CBD products. As a result, consumers are confronted with a bewildering assortment of options, some of which may not be safe. CFCR is candid in its depiction: a terrain marred by “bad actors” and “false labeling,” where consumers are left clueless about which products to trust.  Consumers have no ability to differentiate between a safe and unsafe product.”

Cannabis Business Times acknowledged the association’s push to encourage the FDA to act swiftly to do its part to reform the marketplace, an action that is desperately needed to both improve the state of the cannabis industry and advance consumer protection.

Marijuana Moment, another influential online outlet, noted CFCR’s support for an industry-wide push to the FDA to adopt universal labeling of cannabis and CBD products.

For CFCR Founder and Board Chair Sheri Orlowitz, the coverage certainly adds credibility to the organization’s mission.  “I’m very excited about the position we are suggestion and I’m grateful that a few extremely influential media outlets also recognize the merits,” she said.  “On the back end of this, we’re going to go to Congress and explain to them what FDA has been doing with regards to regulation and also what more they could be doing to regulate.”