The cannabis extract market has experienced significant growth in recent years due to the increasing legalization of cannabis for medical and recreational purposes. This growth is expected to continue as more countries and states legalize cannabis. The market is driven by the demand for cannabis extracts such as oils, tinctures, capsules, and concentrates, which are used for various purposes such as pain relief, relaxation, and recreation. The market is also influenced by the development of new extraction technologies and the increasing acceptance of cannabis extracts as a legitimate form of medicine. However, the market faces challenges such as the lack of standardized regulations, the high cost of extraction, and the presence of illegal and unregulated products. Overall, the cannabis extract market is expected to continue its growth trajectory, but will likely face continued challenges and regulatory scrutiny.
The Global Cannabis Extract Market is estimated to be valued at US$ 9,125.8 million in 2022 and is expected to exhibit a CAGR of 17.3 % over the forecast period (2022-20230).
Market Players in the Cannabis Extract Industry:
1. Canopy Growth Corporation
Canopy Growth Corporation is a Canadian cannabis company founded in 2013. Its headquarters is located in Smiths Falls, Ontario, Canada. The company operates in 15 countries across five continents, including Canada, the United States, Germany, and Australia. Canopy Growth Corporation is known for producing and distributing a wide range of cannabis products, including dried flower, oils, and softgel capsules.
2. Aurora Cannabis Inc.
Aurora Cannabis Inc. is a Canadian-based cannabis company founded in 2006. Its headquarters is located in Edmonton, Alberta, Canada. Aurora Cannabis operates in 25 countries around the world, including Canada, Germany, and Australia. The company is known for its production and distribution of medical and recreational cannabis products, including dried flower, oils, and edibles. In April, 2023 Aurora Cannabis Inc. the Canadian company opening the world to cannabis, and MedReleaf Australia announced the launch of IndiMed Tempo 26, a range of new higher THC dried cannabis products for qualified patients under the MedReleaf Concession Scheme (MCS).
3. Tikun Olam
Tikun Olam is an Israeli-based cannabis company founded in 2005. Its headquarters is located in Tel Aviv, Israel. The company operates in 10 countries, including Israel, Canada, and Australia. Tikun Olam is known for its research and development of medical cannabis strains that are tailored to specific medical conditions, such as chronic pain and PTSD.
4. Cannabis Science Inc.
Cannabis Science Inc. is a US-based cannabis company founded in 2009. Its headquarters is located in Irvine, California, USA. The company operates in the United States and Canada. Cannabis Science is known for its research and development of cannabis-based pharmaceuticals for the treatment of various medical conditions, including cancer and HIV. In August, 2019 Cannabis Science Partners With CDN Firm NHS Industries to Launch the CBIS CDN Economic Development Plan.
5. Aphria Inc.