Key regions: United States, Canada, Netherlands, Germany, Thailand
Amidst the growing global trend towards the legalization of cannabis, Cyprus has also seen significant developments in its cannabis market.
Customer preferences: Customers in Cyprus are increasingly showing a preference for high-quality medical cannabis products, as awareness about the potential health benefits of cannabis continues to rise. There is a growing demand for a variety of cannabis-based products, including oils, tinctures, and edibles, reflecting a shift towards more diverse consumption options.
Trends in the market: The cannabis market in Cyprus is experiencing a notable trend towards increased investment in cultivation facilities and research initiatives. This trend is driven by the country's favorable climate for cannabis cultivation, as well as the government's efforts to establish Cyprus as a leading hub for medical cannabis production in the region. Additionally, there is a growing trend towards partnerships between local cannabis companies and international players, aiming to leverage expertise and resources for further market expansion.
Local special circumstances: One of the unique aspects of the cannabis market in Cyprus is the country's strategic geographic location, serving as a bridge between Europe, Africa, and the Middle East. This positioning offers significant opportunities for Cyprus to become a key player in the global cannabis market, attracting investors and fostering international collaborations. Furthermore, Cyprus' regulatory framework for medical cannabis is another special circumstance that is shaping the market dynamics, providing a clear legal structure for cultivation, production, and distribution activities.
Underlying macroeconomic factors: The development of the cannabis market in Cyprus is also influenced by broader macroeconomic factors, such as the country's efforts to diversify its economy and attract foreign investment. The cannabis industry is seen as a promising sector for economic growth and job creation, contributing to the government's goals of stimulating innovation and entrepreneurship. Moreover, the increasing acceptance of medical cannabis as a legitimate treatment option is driving further market growth, with patients seeking alternative therapies and pharmaceutical companies exploring cannabis-based medicines.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.Modeling approach / Market size:
Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.
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