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NEW YORK, Nov. 8, 2023 /PRNewswire/ -- The cannabidiol market is to grow by USD 23,023.51 million from 2022 to 2027, progressing at a CAGR of 16.28% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. North America is estimated to contribute 51% to the growth of the global market during the forecast period. The US and Canada are the largest markets in the region due to the government's legalization of medical marijuana and the presence of many companies. Additionally, companies in Canada are legally allowed to export cannabidiol products to the US. Patients who are prescribed medical marijuana will receive a medical marijuana card, which is the same as their identity card. Hence, these factors are expected to drive market growth in the region during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!
The report on the cannabidiol market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as company analysis.
Cannabidiol Market 2023-2027 - Market Dynamics
Major Driver
The legalization and regulatory changes with respect to cannabidiol are the key factors driving market growth. This growth is due to the government recognizing the therapeutic potential of cannabidiol (CBD) and establishing favorable regulations. For example,...