The Cannabis cultivation market has witnessed significant growth in recent years owing to rising legalization of medical cannabis across various countries globally. Cannabis or marijuana is one of the most commonly used psychoactive substances globally. It involves cultivation of cannabis plants for medical and recreational purposes. The legalization of medical cannabis has led to increased demand for cultivation and production of cannabis on a commercial scale. Cultivation involves growing cannabis plants, harvesting, drying, curing, and storing or packaging for distribution to dispensaries.

The Global Cannabis Cultivation Market is estimated to be valued at US$ 18.53 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Cannabis cultivation market are IMBiotechnologies Ltd., ABK Biomedical Inc., EmboMedics, Guerbet, Boston Scientific Corporation, Medtronic Plc., Varian Medical Systems, Inc., Terumo Corporation, Merit Medical Systems, Inc., Cook Group, and Johnson & Johnson. These players are focusing on developing advanced cultivation technologies to increase yields and optimize growth conditions.

The legalization of medical and recreational cannabis in several countries has opened up new opportunities for market players. Countries like Canada and Mexico have emerged as lucrative markets for cannabis cultivation due to their favorable regulatory environment.

North America currently dominates the Global Cannabis Cultivation Market Share. However, regions like Europe, Latin America, and Asia Pacific are expected to witness high growth in the coming years. Major players are expanding their operations in these emerging cannabis markets through partnerships, joint ventures, and acquisitions.

Get more insights Cannabis Cultivation Market