Cannabis is generally obtained from Indian hemp plants, such as Cannabis indica and Cannabis sativa. The key active component in cannabis is delta-9 tetrahydrocannabinol (THC). The extracts obtained from cannabis concentrates are referred to as cannabis extract. There are several forms available of cannabis concentrate comprising phoenix tears, hash, oils, wax, shatter, and even in vaporizers. They entail an extremely high amount of terpenes and cannabinoids. Cannabis has a broad array of applications as an antidepressant agent within pharmaceutical and healthcare domains. Cannabis extract is derived making use of isopropyl alcohol or grain as a solvent.
The growth of the global cannabis market can be mainly contributed to factors such as the snowballing implementation of medical marijuana for treating chronic conditions like Alzheimer’s, cancer, and arthritis together with mental disorders like anxiety, epilepsy, and depression. One more major aspect projected to drive the market expansion during the forecast period is the growing decriminalization of medical cannabis in numerous nations that allows easy accessibility to the patients.
Furthermore, the rising implication of marijuana for recreational and medical reasons has been flourishing the expansion of the global cannabis extract market. Cannabis legalization in a few countries has led to the rise in product buying by legal approaches, thus slashing its sales through the black market. The tax imposed by the governments is also projected to generate income prospects for the countries, thus driving the market growth.
In addition, cannabis tinctures and oil are usually utilized for treating numerous ailments such as nausea, cancer, and psychological disorders. In terms of legitimacy, rules relating to extracts are fairly lenient owing to non-psychoactive features of CBD oils in comparison to other products like resins and buds. Because of their simple ingestion in the form of gummies or vapor along with slowly fading social disgrace of smoking cannabis buds, the coming years are projected to witness a surge in demand, thereby propelling the global cannabis extract market growth.
Moreover, the rising need for therapies associated with pain management because of the mounting disease burden is expected to boost the market expansion in the near future. Also, several chemicals or extracts obtained from cannabis are in clinical trials at present, which is further projected to fuel the market growth in the years to come. To cite, a definitive agreement has been declared by 1193269 BC Ltd., a firm carrying out its operations as Shelter, to procure Agro Greens Natural Products Ltd. The Macklin-based Agro Greens possesses standard processing and cultivation licenses, along with licenses for non-medical and medical sales of cannabis. The procurement of the Saskatchewan unit and its federal licenses is a noteworthy extension of abilities for a BC-located cannabis packaging, branding, and product development firm, Shelter.
Get Sample of this Research Report for more Industry Insights – https://www.zionmarketresearch.com/sample/cannabis-extract-market