March 01, 2019
WELLESLEY, Mass., March 01, 2019 – While some controversy surrounds the use of e-cigarettes and legal cannabis, there’s no doubt that these markets, especially in the U.S., are not only thriving today, but are expected to grow at a rapid rate over the next four years. Major factors explaining the growth include the increase in awareness about the health benefits of cannabis, wider social acceptability, and a growing variety of cannabis and e-cigarette products, according to a new BCC Research report.
The report “North American E-cigarette and Legal Cannabis Markets” shows the U.S. market for cannabis will almost triple, from $8 billion in 2017 to an estimated $ 25.5 billion by 2023. Similarly, the U.S. e-cigarette market was worth about $6 billion in 2017 and is expected to more than quadruple by 2023, to nearly $27 billion.
“The e-cigarette and cannabis markets offer many opportunities for key market players in North America due to the potential benefits of cannabis and the various types of e-cigarettes available. However, an uncertain regulatory framework and the increasing incidence of e-liquid poisoning are some of the factors that may restrict the growth of North American e-cigarette and cannabis markets,” says BCC Research analyst Kunal Somani.
Cannabis and E-Cigarette Product Varieties
Cannabis is consumed in many ways, and companies have created products such as extracts and concentrates, edibles, topicals, flowers, oils and sprays. While the nicotine in e-cigarettes is consumed in only one way, companies have created different types of e-cigarettes, including rechargeable and disposable, and mod styles, including pens, laser pointers, USB memory sticks, Coca-Cola cans and more.
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