Cannabis Technology Market to Hit $23.46 Billion by 2030: Grand View Research, Inc.

Read 300 page market research report, "Cannabis Technology Market Size, Share & Trends Analysis Report By Application, By Distribution Channel (Online, Offline), By Component (Hardware, Software), By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Cannabis Technology Market Growth & Trends

There is an influx of new technology-focused players entering the market for cannabis tech to develop devices and software for the cultivation, warehousing, and consumption of cannabis. These companies are using modern technologies such as artificial intelligence and genetic engineering to develop high-tech cannabis cultivation and consumption devices. For instance, developments in vertical farming technology have enabled cultivators to maximize growing space and save on energy costs with the help of LED strips and advanced ventilation systems.

North America is anticipated to account for a significant share of the market for cannabis tech over the forecast period owing to the extensive legalization in the region. For instance, 21 states in the U.S. have legalized the recreational use of cannabis. Additionally, the trend of cannabis dispensaries in the region is anticipated to drive regional growth. The significance of these cannabis dispensaries is that they are legal and enable the government to collect taxes on the total sales of cannabis.

Cannabis Technology Market Report Scope

Cannabis Technology Market Segmentation 

Grand View Research has segmented the global cannabis technology market based on application, distribution channel, component, end-use, and region:

Cannabis Tech - Application Outlook (Revenue, USD Billion, 2018 - 2030)

Cannabis Technology Market - Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

Cannabis Technology - Component Outlook (Revenue, USD Billion, 2018 - 2030)

Cannabis Tech Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

Cannabis Tech - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

List of Key Players in Cannabis Technology Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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