Oct 19, 2020 10:00 AM ET
Legalization of Cann

iCrowd Newswire – Oct 19, 2020

Previously, several controversies has surrounded the cultivation of cannabis, however, the situation seems to be changing now. Regulations regarding cannabis production has been reduced to some extent in a number of countries, which is expected to capture the interest of consumers. After the legalization of cannabidiol (CBD) in the U.S. and Canada, various other countries, including Latin America and European countries, have also started relaxing the regulation regarding the use of CBD.

South Africa, Mexico, Brazil, South Korea, Thailand, Spain, Japan, Norway, and the U.K. are the major countries where the use of CBD has been legalized. The regulations regarding the use of cannabis vary in all these countries, however, governments have been able to create gain revenue and create additional jobs from the licensing and sales of CBD-containing products. In addition to all this, the regulatory approval for hemp and marijuana in various countries have led to increased investments in commercialization and mass production of these products.

It is because of all these factors that the global CBD oil market generated a revenue of $1,735.1 million in 2019, and is predicted to advance at a 24.3% during the forecast period (2020–2025), as per a report by P&S Intelligence. CBD is a chemical compound that is found in the cannabis plant, and is now being utilized for treating depression, movement disorder, anxiety, and pain. The different product types of CBD are tinctures, cartridges, capsules, and topicals.

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According to P&S Intelligence, a market research firm based in India, the North American CBD oil market will exhibit the highest growth during the coming years. The large-scale utilization of the compound in the U.S. and the presence of several companies such as Aroura Cannabis Inc.,Tilray Inc., and Medical Marijuana Inc. who are investing in the cultivation, storage, and distribution of cannabis in the U.S. are the major factors causing the boom of the market in this region.

Hence, it can be said without any doubt that the sales of CBD oil will surge all over the world and especially in North America in the upcoming years, owing to the rising cultivation of cannabis and the increasing usage of CBD oil for treating various medical conditions and ailments in many countries across the world.

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Market Segmentation by Product Type

  • Cartridges
  • Topicals
  • Capsules
  • Tinctures
  • Others (Pet Products, Spray, and Food and Beverages)

Market Segmentation by Geography

  • North America CBD Oil Market
  • Europe CBD Oil Market
  • Asia-Pacific (APAC) CBD Oil Market
  • Rest of Word (RoW) CBD Oil Market

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Contact Information:

Prajneesh Kumar
P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
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