Key regions: Spain, South Africa, Europe, Netherlands, Australia
The Recreational Cannabis market in North America has been experiencing significant growth and development in recent years.
Customer preferences: Consumers in North America are increasingly favoring high-quality cannabis products with diverse strains and potency levels. They are also showing a preference for convenient consumption methods such as edibles, oils, and vaporizers. Additionally, there is a growing demand for organic and sustainably sourced cannabis products among environmentally conscious consumers.
Trends in the market: In Canada, the legalization of recreational cannabis in 2018 has paved the way for a flourishing market with a wide range of products available to consumers. The country has seen a surge in cannabis tourism, with visitors flocking to explore cannabis-friendly regions and participate in guided tours of production facilities. On the other hand, in the United States, the market is characterized by a patchwork of state-level regulations, leading to varying degrees of accessibility and product offerings across different regions. Some states have embraced full legalization, while others maintain more restrictive policies.
Local special circumstances: In Mexico, the recent legalization of recreational cannabis presents a unique opportunity for market growth and investment. The country's large population and strategic location make it a promising market for cannabis companies looking to expand their operations. Mexico's legalization also has the potential to disrupt the illicit cannabis trade and generate significant tax revenue for the government.
Underlying macroeconomic factors: The growing acceptance and legalization of recreational cannabis in North America are driven by shifting societal attitudes, economic benefits, and potential tax revenues. Governments are increasingly recognizing the economic potential of the cannabis industry and are taking steps to regulate and capitalize on this emerging market. Additionally, the COVID-19 pandemic has further accelerated the growth of the recreational cannabis market, with many consumers turning to cannabis products for stress relief and relaxation during uncertain times.
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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