Global Cannabis Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Cannabis Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Cannabis, one of the premium variants of cannabis, is used for recreational (psychoactive drugs) and medicinal purposes. It contains a maximum 30% of cannabinoids (CBD) and tetrahydrocannabinol (THC), which is a major psychoactive element.

Market Overview:

The latest research study on the global Cannabis market finds that the global Cannabis market reached a value of USD 387.99 million in 2022. It’s expected that the market will achieve USD 840.18 million by 2028, exhibiting a CAGR of 13.74% during the forecast period.

Influence of COVID-19 Outbreak on Cannabis Industry Software Industry Development

Several States in the United States declared cannabis dispensaries to be an essential basic business during the epidemic, allowing them to remain open during the implementation of the home quarantine order. The global novel coronavirus epidemic almost shut down most American enterprises in March and April, while cannabis dispensaries were declared as basic businesses in 8 of the 11 States where recreational cannabis has been legalized. Cannabis sales also increased significantly during the epidemic in the United States. The sharp increase in cannabis sales shows that the demand for cannabis is increasing. In order to supply more cannabis, more people will produce cannabis, which can promote the development of cannabis software industry.
Most companies are accustomed to financial services, and cannabis - related enterprises have been excluded from the mainstream. In fact, in many aspects, such as enterprise loans, payroll services and electronic payment methods (including credit cards, which are not accepted by most pharmacies), the cannabis industry is still restricted, not only the enterprises that directly contact with cannabis, but also the auxiliary companies related to the cannabis industry, and the income related to cannabis may make them rejected by banks. Many local banks and credit cooperatives have relevant customers in the cannabis industry. However, the economic downturn caused by the epidemic has brought tremendous pressure to the country. The Export Development Board of Canada and the Commercial Development Bank of Canada issued a statement saying that all legal enterprises will be eligible for the Commercial Credit Availability Plan (BCAP), and cannabis enterprises are among them. The cannabis industry has played an active role in the epidemic, and the cannabis industry will get a chance to turn over again in the financial service field.

Drivers

Many states in the United States are promoting the legalization of cannabis, which has led to the rapid development of the US cannabis industry.
In 1969, only 12% of Americans supported the legalization of cannabis. In 2017, the support rate has reached 64%. The younger the generation, the higher the acceptance of cannabis. Popular support is pushing the legalization of cannabis in the United States. As of 2019, 33 states in the United States have legalized medicinal cannabis, and 11 of them have also passed bills to allow the legal consumption and/or sale of recreational cannabis. In the second half of this year, another six states will make new progress in legalizing cannabis. Three states-New Jersey, Arizona and South Dakota-are expected to be legalized for adult use in the November voting. The other three states-New York, Connecticut, and Rhode Island-have pending bills that may pass the legislature to legalize adult use of cannabis.
With the expansion of the legalization of cannabis in the United States, more companies, patients, consumers and governments must have the required tracking and compliance technology, and cannabis industry software that can effectively manage cannabis sales will usher in a larger market.

Region Overview:

United States had the highest growth rate of all regions.

Company Overview:

The top three companies are Green Bits, BioTrackTHC, Flowhub with the revenue market share of 23.86%, 6.97% and 4.30% in 2019.

Greenbits is a complete cannabis retail management platform. Founded in 2014, the company supports 22,000 users in 1,200 retail locations in 13 states.

BioTrackTHC was established in 2010 with the aim of freeing cannabis from taboos through transparent, responsible and scalable growth. BioTrackTHC is an enterprise that tracks business management and government supervision software from seed to sales.

Segmentation Overview:

Among different product types,Cannabis Retail POS Software segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Medical segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Cannabis market covered in Chapter 3:

Entcart
Green Bits
Distru
Silverware
BioTrackTHC
GrowerIQ
Viridian Sciences
MJ Freeway
Ample Organics
AirMed
Flourish
SYSPRO
Artemis
Dauntless
Flowhub

In Chapter 4 and Chapter 14.2, on the basis of types, the Cannabis market from 2018 to 2029 is primarily split into:

Cannabis Retail POS Software
Cannabis Seed to Sale Software

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Cannabis market from 2018 to 2029 covers:

Medical
Agriculture
Industry
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)