Top 2 Companies Powering the North America Legal Cannabis Market

Tilray and Marijuana Company of America, Inc, among others, are the major players in the legal cannabis market in North America.

As per the analysis by Expert Market Research, the North America legal cannabis market is expected to grow at a CAGR of 27% in the forecast period of 2023-2028, owing to the growing demand for cannabis for recreational and medical purposes.

Supported by the favourable policies of the governments in the region, cannabis is used for recreational and medical purposes. In North America, cannabinoid is treated as a supplement which is aiding the growth of the market. Many research studies have shown the significant benefits of cannabis in the treatment of cancer. This will likely increase its demand for cancer therapy, thus boosting the North America legal cannabis market. 

Further, millions of Americans suffer from chronic pain and rely on opioid painkillers. Medical cannabis has the potential to fight the opioid epidemic in the United States. Cannabis-derived drugs have been increasingly used as a substitute for opioids as they do not have the risk of overdose and are less addictive. Such factors are aiding the market growth of legal cannabis in North America.

The growing research and development activities related to cannabis and new product launches by manufacturers and leading companies are further aiding the growth of the North America legal cannabis market in the forecast period. The market is also growing with the increase in support from the public for the legalisation of marijuana and the shift towards the products based on hemp. 

In March 2021, cannabis sales in the United States hit a record of USD 17.5 billion as Americans consumed more marijuana. This was reported to be a 46 % increase from 2019. The highest dollar increase in 2020 was seen in states like Illinois, which last year expanded its medicinal cannabis market to include adult-use sales. 

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Top 2 Legal Cannabis Companies in North America:

Tilray

Tilray is one of the global leaders in cannabis cultivation, processing, distribution, and research. The company has its presence in more than seven countries, providing services to tens of thousands of consumers and patients. It is the first supplier of cannabis flowers and extracts with a GMP certification. It is also the first business to supply legal medical marijuana to Australia and New Zealand. 

Marijuana Company of America, Inc

Marijuana Company of America, Inc. is one of the leaders in providing turn-key services to the hemp and legal cannabis markets. The firm is a multi-state licenced operator and a parent company with cultivation, distribution, and worldwide consumer goods sectors. MCOA also continues to make visionary investments by holding equity stakes in a number of significant privately and publicly traded cannabis businesses.