Cannabis

Georgia is projected to reach a revenue of US$0.00 in the Cannabis market by 2024.
The revenue is expected to exhibit an annual growth rate (CAGR 2024-2027) of US$0.00, leading to a market volume of [globalrevenue_currentlayer_yeartoday_currentcountryvalue] by 2027.
When compared globally, the United States will generate the most revenue, amounting to US$42.98bn in 2024.
In terms of per person revenues in 2024, US$0.00 is generated in relation to the total population figures.
Georgia is seeing a surge in cannabis-related investments as the market opens up, signaling a promising future for the country's cannabis industry.

Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.

Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

The Cannabis market in Georgia is experiencing significant growth and development, driven by changing customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Georgia are increasingly turning to Cannabis products for various reasons, including medical purposes, relaxation, and recreational use. The growing acceptance and legalization of Cannabis in the region have led to a shift in consumer attitudes, with more people opting for Cannabis-based products over traditional alternatives.

Trends in the market: One of the notable trends in the Cannabis market in Georgia is the rise of CBD products. CBD, a non-psychoactive compound found in Cannabis, has gained popularity for its potential health benefits and therapeutic properties. As a result, there has been a surge in demand for CBD-infused products such as oils, edibles, and skincare items. Another trend shaping the market is the increasing focus on sustainable and organic Cannabis cultivation. Consumers are becoming more conscious of the environmental impact of Cannabis production and are seeking out products that are grown using eco-friendly practices. This trend is driving innovation in cultivation techniques and product offerings in the Georgia market.

Local special circumstances: Georgia's unique regulatory environment plays a significant role in shaping the Cannabis market in the region. The legalization of medical Cannabis has opened up opportunities for businesses to enter the market and serve patients in need of therapeutic treatments. However, strict regulations around recreational Cannabis use create a challenging landscape for companies looking to capitalize on the full potential of the market. Furthermore, cultural attitudes towards Cannabis in Georgia also influence the market dynamics. While acceptance of Cannabis is growing, there are still stigmas attached to its use in certain segments of the population. This cultural context impacts consumer behavior and market strategies employed by businesses operating in the Cannabis sector.

Underlying macroeconomic factors: The macroeconomic landscape in Georgia, including factors such as GDP growth, unemployment rates, and government policies, plays a crucial role in shaping the Cannabis market. Economic stability and regulatory frameworks directly impact consumer spending habits, market competition, and overall industry growth. As Georgia's economy continues to evolve, the Cannabis market is likely to experience further transformations in response to these macroeconomic factors.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.