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Jun 18, 2020 (Profound via COMTEX) —
The global cannabis extract market size was valued at USD 7.3 billion in 2019 and is anticipated to register a CAGR of 16.6% over the forecast period. The key factors driving this market is the increasing adoption of medical marijuana for the treatment of chronic diseases like arthritis, Alzheimer’s and cancer along with mental disorders such as depression, anxiety, and epilepsy. Another factor anticipated to propel the market growth is the rising legalization of medical cannabis in various countries that enables easy access to the patients.
Increasing adoption of marijuana for medical and recreational purposes has been booming the overall market growth. Legalization of marijuana in some countries has resulted into rising product purchase by legal means thereby, declining its black market sales. Tax charged by the governments is also expected to create revenue generation opportunities for the countries.
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Cannabis oil and tinctures are generally used for treatment of various conditions like psychological disorders, nausea, and cancer. In terms of legality, laws pertaining to extracts are quite lenient due to non-psychoactive properties of Cannabidiol (CBD) oils compared to other products such as buds and resins. Due to their easy consumption in vapour or in the…
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