Cannabis Cultivation Industry Will Grow at CAGR of 21.4% from 2022 to 2030
Cannabis Cultivation Industry Overview The global cannabis cultivation market size was valued at USD 323.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 21.4% from 2022 to 2030. Growing legalization and the adoption of cannabis for the treatment of chronic diseases are the key factors driving the growth of the market. In addition, the liberalization of laws related to cannabis cultivation, especially for hemp cultivation by various countries due to low THC content is further increasing its adoption. Furthermore, the legalization of marijuana in various geographies and its increasing adoption for medical purposes are factors driving the market for cannabis cultivation. For instance, as of April 2021, 35 states and the District of Columbia have legalized marijuana for medicinal purposes, alongside 16 permitting adults to utilize the substance recreationally. And that figure is certain to climb as more individuals come around t...