New York Cannabis Market

New York Cannabis Market Size, Share, Growth Analysis, By Cannabis Type(Medical Cannabis, Recreational Cannabis), By Product(Buds, Oils) - Industry Forecast 2024-2031

Report ID: UCMIR35I2236 | Region: Regional | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

New York Cannabis Market Insights

Market Overview:

Originating at a worth of USD 1.8 billion in 2018, the New York cannabis market embarks on a growth trajectory set to embrace a robust Compound Annual Growth Rate (CAGR) of 14.7% across the projected timeline. The landscape of cannabis in the state of New York is undergoing a transformation, with medical usage being sanctioned and the anticipated green light for recreational consumption by late 2019 or early 2020. This regulatory shift, however, coexists with a prevailing challenge - a substantial portion of cannabis transactions are conducted through illicit channels. In response, governmental initiatives are anticipated to reduce product costs and enhance the vigilance of supply chains, seeking to quell the ongoing illegal trade and create a sustainable and regulated cannabis market.

New York Cannabis Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Pharmaceuticals by segment aggregation, the contribution of the Pharmaceuticals in Pharmaceuticals, Biotechnology & Life Sciences and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The New York Cannabis Market is segmented by Cannabis Type, Product. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

New York Cannabis Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Cannabis Type the market is segmented as, Medical Cannabis, Recreational Cannabis
  • Based on Product the market is segmented as, Buds, Oils, Tinctures, Medical Application, Chronic Pain, Mental Disorders, Cancer, Others, KEY MARKET PLAYERS, Citiva, Valley Agriceuticals, PalliaTech, Inc., MME LLC, Etain Health LLC, PharmaCann, Columbia Care LLC.

Regional Analysis:

New York Cannabis Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

New York Cannabis Market Attractiveness Analysis, By Region 2020-2028
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New York Cannabis Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on New York Cannabis Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect New York Cannabis Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key New York Cannabis Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the New York Cannabis Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • nsights
  • The New York cannabis market size was valued at USD 1.8 billion in 2018 and is estimated to register a CAGR of 14.7% over the forecast period. Use of cannabis has been legalized in the state of New York for medical purposes, while recreational use of cannabis is expected to be legalized by late 2019 or early 2020. However, a majority of cannabis is being traded through illicit channels. In order to curb ongoing illegal trafficking, the government is expected to cut down product prices and improve monitoring of the supply chain.
  • Marijuana is increasingly being used for treatment of chronic diseases such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, along with neurological disorders such as depression, anxiety, and epilepsy. Growing adoption of cannabis for therapeutic purposes and imminent legalization of recreational marijuana are key factors driving the market.
  • Legalization of cannabis in the state is expected to significantly reduce illegal cannabis sales, create new job opportunities, and generate substantial revenue. The revenue can be generated by the government in terms of taxes levied. Furthermore, an increase in awareness about benefits of medical cannabis has supplemented the number of registered medical practitioners in New York that are willing to prescribe cannabis, powering market expansion in the state.
  • Although medical marijuana has been legalized for treating medical conditions across different states, currently, medical cannabis use in New York is only limited to treatment of cancer, HIV, Amyotrophic Lateral Sclerosis (ALC), chronic pain, multiple sclerosis, neuropathy, Parkinson’s disease, Huntington’s disease, and post-traumatic stress disorder. This limited scope of medical marijuana applications in New York may hamper growth over the forecast period.
  • However, even though the market has become more open to cannabis after legalization in U.S. states, banking access remains a major problem for businesses seeking financial help. Banks are not allotting accounts to cannabis businesses, which has led to economic challenges and other unfavorable conditions. This is because cannabis is a federally illegal drug, and therefore banks are not keen in assisting cannabis businesses, even in states that have legalized the drug. Thus, financial and banking challenges pertaining to marijuana businesses and interstate trading ban in the U.S. may somewhat hamper growth to some extent.
  • Cannabis Type Insights
  • Medical marijuana segment dominated the overall market in 2018, with a revenue of USD 1.84 billion, owing to its increasing adoption in various medical applications and the increasing number of registered medical practitioners willing to prescribe medical cannabis. For instance, according to the New York State Department of Health, the number of registered medical practitioners increased from 611 in 2016 to 1,718 in 2018. Therefore, a greater inclination towards cannabis-based drugs due to their medical benefits is bolstering the state’s market.
  • With the eventual expansion of legal premises for the use of medical marijuana in the state, the government is expected to levy taxes on its products to generate revenue from cannabis cultivation. Furthermore, the government is keen on legalizing recreational cannabis, which is expected to shift the preference of users from illegal to legal cannabis. However, it has been observed that the legalization of recreational marijuana in other states or in countries such as Canada has caused consumers to shift from medical to recreational purposes, owing to easy availability, wide variety, and lower price.
  • Recreational marijuana segment is expected to experience the fastest growth during the forecast period, owing to factors such as low price and easy access. This can also be attributed to ongoing efforts to eradicate the marijuana black market and focus on gaining tax revenues from legal sales.
  • Medical Application Insights
  • Chronic pain application segment led the market in 2019 and is projected to maintain steady growth over the next few years. Different types of chronic pain include neurogenic pain, arthritis, cancer pain, lower back pain, headaches, neck pain, and face pain. Moreover, chronic pains are also associated with a lot of other medical conditions, which can increase the overall adoption of cannabis for treatment of pain.
  • According to the New York Health Department, more than 50% of registered patients undertaking medical marijuana therapy have suffered from chronic pain. The geriatric population is more susceptible to acute pain and is, therefore, increasingly opting for medical marijuana. Increasing awareness regarding the benefits of CBD consumption is driving its adoption, thus driving the medical marijuana market in the state.
  • On the other hand, mental disorders application segment is expected to witness the highest CAGR of 11.8% over the forecast period, due to increasing adoption for treatment of mental diseases that are otherwise unresponsive to alternate treatment options. Psychological conditions such as PTSD, anxiety disorders, depression, bipolar disorder, multiple sclerosis, ADHD, Alzheimer’s disease, and Parkinson’s disease can be effectively treated with medical cannabis, owing to its therapeutic benefits.
  • Product Type Insights
  • On the basis of products, the New York cannabis market is segmented into buds, oils, and tinctures. Buds accounted for the highest market share in 2019 and will experience the fastest growth over the next seven years, due to imminent legalization of recreational cannabis. Buds are used for smoking and have exhibited it capabilities to alleviate chronic pain and reduces progression of cancer of Alzheimer’s disease.
  • Smoking marijuana is economical as compared to oils or tinctures, and has a rapid therapeutic onset of action, creating a greater preference for buds. They are also preferred for recreational purposes and this segment is projected to emerge as a potentially leading one, but only after the state government completes its legalization. However, the adverse effects of smoking cannabis include chronic cough, excess phlegm, and other respiratory diseases such as chronic bronchitis & COPD. Smoking is also not accepted in many social circles & establishments and is not medically prescribed to children. The increasing awareness regarding the ill effects of smoking buds as compared to using oils or tinctures are expected to impede this segment over the forecast period.
  • Marijuana oils are anticipated to grow at a lucrative pace, owing to their use as an effective medical drug in the treatment of cancer, nausea, and other conditions. Cannabis oil is available in various forms, such as edibles, vapes, and topical. Therefore, marijuana oil sales are gaining traction. The demand for smoking marijuana oil is decreasing owing to social stigma regarding smoking. Moreover, doctors are not comfortable with patients smoking buds as the cigarette can contain potentially harmful components, such as particles, tar, and other chemicals.
  • New York Cannabis Market Share Insights
  • The growth in demand is expected to favor the entry of several new players in the future. However, financial and banking challenges pertaining to marijuana businesses & interstate trading ban in the U.S. may somewhat hamper the entry of new marijuana businesses. Industry players focus on implementing strategic initiatives such as marijuana cultivation, product launches, mergers & acquisitions, collaborations, and gaining regulatory approvals, to strengthen their market presence. For instance, in January 2018, Etain Health received approval for manufacturing lozenges and ground flowers for vaporizers. The approval was anticipated to strengthen its product portfolio, thus contributing to revenue growth.
  • KEY MARKET SEGMENTS:
  • By Cannabis Type
  • Medical Cannabis
  • Recreational Cannabis
  • By Product
  • Buds
  • Oils
  • Tinctures
  • Medical Application
  • Chronic Pain
  • Mental Disorders
  • Cancer
  • Others
  • KEY MARKET PLAYERS
  • Citiva
  • Valley Agriceuticals
  • PalliaTech, Inc.
  • MME LLC
  • Etain Health LLC
  • PharmaCann
  • Columbia Care LLC."

SkyQuest's Expertise:

The New York Cannabis Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Cannabis Type - Medical Cannabis, Recreational Cannabis
  • By Product - Buds, Oils, Tinctures, Medical Application, Chronic Pain, Mental Disorders, Cancer, Others, KEY MARKET PLAYERS, Citiva, Valley Agriceuticals, PalliaTech, Inc., MME LLC, Etain Health LLC, PharmaCann, Columbia Care LLC.
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • nsights
  • The New York cannabis market size was valued at USD 1.8 billion in 2018 and is estimated to register a CAGR of 14.7% over the forecast period. Use of cannabis has been legalized in the state of New York for medical purposes, while recreational use of cannabis is expected to be legalized by late 2019 or early 2020. However, a majority of cannabis is being traded through illicit channels. In order to curb ongoing illegal trafficking, the government is expected to cut down product prices and improve monitoring of the supply chain.
  • Marijuana is increasingly being used for treatment of chronic diseases such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, along with neurological disorders such as depression, anxiety, and epilepsy. Growing adoption of cannabis for therapeutic purposes and imminent legalization of recreational marijuana are key factors driving the market.
  • Legalization of cannabis in the state is expected to significantly reduce illegal cannabis sales, create new job opportunities, and generate substantial revenue. The revenue can be generated by the government in terms of taxes levied. Furthermore, an increase in awareness about benefits of medical cannabis has supplemented the number of registered medical practitioners in New York that are willing to prescribe cannabis, powering market expansion in the state.
  • Although medical marijuana has been legalized for treating medical conditions across different states, currently, medical cannabis use in New York is only limited to treatment of cancer, HIV, Amyotrophic Lateral Sclerosis (ALC), chronic pain, multiple sclerosis, neuropathy, Parkinson’s disease, Huntington’s disease, and post-traumatic stress disorder. This limited scope of medical marijuana applications in New York may hamper growth over the forecast period.
  • However, even though the market has become more open to cannabis after legalization in U.S. states, banking access remains a major problem for businesses seeking financial help. Banks are not allotting accounts to cannabis businesses, which has led to economic challenges and other unfavorable conditions. This is because cannabis is a federally illegal drug, and therefore banks are not keen in assisting cannabis businesses, even in states that have legalized the drug. Thus, financial and banking challenges pertaining to marijuana businesses and interstate trading ban in the U.S. may somewhat hamper growth to some extent.
  • Cannabis Type Insights
  • Medical marijuana segment dominated the overall market in 2018, with a revenue of USD 1.84 billion, owing to its increasing adoption in various medical applications and the increasing number of registered medical practitioners willing to prescribe medical cannabis. For instance, according to the New York State Department of Health, the number of registered medical practitioners increased from 611 in 2016 to 1,718 in 2018. Therefore, a greater inclination towards cannabis-based drugs due to their medical benefits is bolstering the state’s market.
  • With the eventual expansion of legal premises for the use of medical marijuana in the state, the government is expected to levy taxes on its products to generate revenue from cannabis cultivation. Furthermore, the government is keen on legalizing recreational cannabis, which is expected to shift the preference of users from illegal to legal cannabis. However, it has been observed that the legalization of recreational marijuana in other states or in countries such as Canada has caused consumers to shift from medical to recreational purposes, owing to easy availability, wide variety, and lower price.
  • Recreational marijuana segment is expected to experience the fastest growth during the forecast period, owing to factors such as low price and easy access. This can also be attributed to ongoing efforts to eradicate the marijuana black market and focus on gaining tax revenues from legal sales.
  • Medical Application Insights
  • Chronic pain application segment led the market in 2019 and is projected to maintain steady growth over the next few years. Different types of chronic pain include neurogenic pain, arthritis, cancer pain, lower back pain, headaches, neck pain, and face pain. Moreover, chronic pains are also associated with a lot of other medical conditions, which can increase the overall adoption of cannabis for treatment of pain.
  • According to the New York Health Department, more than 50% of registered patients undertaking medical marijuana therapy have suffered from chronic pain. The geriatric population is more susceptible to acute pain and is, therefore, increasingly opting for medical marijuana. Increasing awareness regarding the benefits of CBD consumption is driving its adoption, thus driving the medical marijuana market in the state.
  • On the other hand, mental disorders application segment is expected to witness the highest CAGR of 11.8% over the forecast period, due to increasing adoption for treatment of mental diseases that are otherwise unresponsive to alternate treatment options. Psychological conditions such as PTSD, anxiety disorders, depression, bipolar disorder, multiple sclerosis, ADHD, Alzheimer’s disease, and Parkinson’s disease can be effectively treated with medical cannabis, owing to its therapeutic benefits.
  • Product Type Insights
  • On the basis of products, the New York cannabis market is segmented into buds, oils, and tinctures. Buds accounted for the highest market share in 2019 and will experience the fastest growth over the next seven years, due to imminent legalization of recreational cannabis. Buds are used for smoking and have exhibited it capabilities to alleviate chronic pain and reduces progression of cancer of Alzheimer’s disease.
  • Smoking marijuana is economical as compared to oils or tinctures, and has a rapid therapeutic onset of action, creating a greater preference for buds. They are also preferred for recreational purposes and this segment is projected to emerge as a potentially leading one, but only after the state government completes its legalization. However, the adverse effects of smoking cannabis include chronic cough, excess phlegm, and other respiratory diseases such as chronic bronchitis & COPD. Smoking is also not accepted in many social circles & establishments and is not medically prescribed to children. The increasing awareness regarding the ill effects of smoking buds as compared to using oils or tinctures are expected to impede this segment over the forecast period.
  • Marijuana oils are anticipated to grow at a lucrative pace, owing to their use as an effective medical drug in the treatment of cancer, nausea, and other conditions. Cannabis oil is available in various forms, such as edibles, vapes, and topical. Therefore, marijuana oil sales are gaining traction. The demand for smoking marijuana oil is decreasing owing to social stigma regarding smoking. Moreover, doctors are not comfortable with patients smoking buds as the cigarette can contain potentially harmful components, such as particles, tar, and other chemicals.
  • New York Cannabis Market Share Insights
  • The growth in demand is expected to favor the entry of several new players in the future. However, financial and banking challenges pertaining to marijuana businesses & interstate trading ban in the U.S. may somewhat hamper the entry of new marijuana businesses. Industry players focus on implementing strategic initiatives such as marijuana cultivation, product launches, mergers & acquisitions, collaborations, and gaining regulatory approvals, to strengthen their market presence. For instance, in January 2018, Etain Health received approval for manufacturing lozenges and ground flowers for vaporizers. The approval was anticipated to strengthen its product portfolio, thus contributing to revenue growth.
  • KEY MARKET SEGMENTS:
  • By Cannabis Type
  • Medical Cannabis
  • Recreational Cannabis
  • By Product
  • Buds
  • Oils
  • Tinctures
  • Medical Application
  • Chronic Pain
  • Mental Disorders
  • Cancer
  • Others
  • KEY MARKET PLAYERS
  • Citiva
  • Valley Agriceuticals
  • PalliaTech, Inc.
  • MME LLC
  • Etain Health LLC
  • PharmaCann
  • Columbia Care LLC."
Customization scope Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on New York Cannabis Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on New York Cannabis Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • nsights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The New York cannabis market size was valued at USD 1.8 billion in 2018 and is estimated to register a CAGR of 14.7% over the forecast period. Use of cannabis has been legalized in the state of New York for medical purposes, while recreational use of cannabis is expected to be legalized by late 2019 or early 2020. However, a majority of cannabis is being traded through illicit channels. In order to curb ongoing illegal trafficking, the government is expected to cut down product prices and improve monitoring of the supply chain.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Marijuana is increasingly being used for treatment of chronic diseases such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, along with neurological disorders such as depression, anxiety, and epilepsy. Growing adoption of cannabis for therapeutic purposes and imminent legalization of recreational marijuana are key factors driving the market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Legalization of cannabis in the state is expected to significantly reduce illegal cannabis sales, create new job opportunities, and generate substantial revenue. The revenue can be generated by the government in terms of taxes levied. Furthermore, an increase in awareness about benefits of medical cannabis has supplemented the number of registered medical practitioners in New York that are willing to prescribe cannabis, powering market expansion in the state.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Although medical marijuana has been legalized for treating medical conditions across different states, currently, medical cannabis use in New York is only limited to treatment of cancer, HIV, Amyotrophic Lateral Sclerosis (ALC), chronic pain, multiple sclerosis, neuropathy, Parkinson’s disease, Huntington’s disease, and post-traumatic stress disorder. This limited scope of medical marijuana applications in New York may hamper growth over the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • However, even though the market has become more open to cannabis after legalization in U.S. states, banking access remains a major problem for businesses seeking financial help. Banks are not allotting accounts to cannabis businesses, which has led to economic challenges and other unfavorable conditions. This is because cannabis is a federally illegal drug, and therefore banks are not keen in assisting cannabis businesses, even in states that have legalized the drug. Thus, financial and banking challenges pertaining to marijuana businesses and interstate trading ban in the U.S. may somewhat hamper growth to some extent.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cannabis Type Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Medical marijuana segment dominated the overall market in 2018, with a revenue of USD 1.84 billion, owing to its increasing adoption in various medical applications and the increasing number of registered medical practitioners willing to prescribe medical cannabis. For instance, according to the New York State Department of Health, the number of registered medical practitioners increased from 611 in 2016 to 1,718 in 2018. Therefore, a greater inclination towards cannabis-based drugs due to their medical benefits is bolstering the state’s market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • With the eventual expansion of legal premises for the use of medical marijuana in the state, the government is expected to levy taxes on its products to generate revenue from cannabis cultivation. Furthermore, the government is keen on legalizing recreational cannabis, which is expected to shift the preference of users from illegal to legal cannabis. However, it has been observed that the legalization of recreational marijuana in other states or in countries such as Canada has caused consumers to shift from medical to recreational purposes, owing to easy availability, wide variety, and lower price.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Recreational marijuana segment is expected to experience the fastest growth during the forecast period, owing to factors such as low price and easy access. This can also be attributed to ongoing efforts to eradicate the marijuana black market and focus on gaining tax revenues from legal sales.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Medical Application Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Chronic pain application segment led the market in 2019 and is projected to maintain steady growth over the next few years. Different types of chronic pain include neurogenic pain, arthritis, cancer pain, lower back pain, headaches, neck pain, and face pain. Moreover, chronic pains are also associated with a lot of other medical conditions, which can increase the overall adoption of cannabis for treatment of pain.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • According to the New York Health Department, more than 50% of registered patients undertaking medical marijuana therapy have suffered from chronic pain. The geriatric population is more susceptible to acute pain and is, therefore, increasingly opting for medical marijuana. Increasing awareness regarding the benefits of CBD consumption is driving its adoption, thus driving the medical marijuana market in the state.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • On the other hand, mental disorders application segment is expected to witness the highest CAGR of 11.8% over the forecast period, due to increasing adoption for treatment of mental diseases that are otherwise unresponsive to alternate treatment options. Psychological conditions such as PTSD, anxiety disorders, depression, bipolar disorder, multiple sclerosis, ADHD, Alzheimer’s disease, and Parkinson’s disease can be effectively treated with medical cannabis, owing to its therapeutic benefits.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Product Type Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • On the basis of products, the New York cannabis market is segmented into buds, oils, and tinctures. Buds accounted for the highest market share in 2019 and will experience the fastest growth over the next seven years, due to imminent legalization of recreational cannabis. Buds are used for smoking and have exhibited it capabilities to alleviate chronic pain and reduces progression of cancer of Alzheimer’s disease.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Smoking marijuana is economical as compared to oils or tinctures, and has a rapid therapeutic onset of action, creating a greater preference for buds. They are also preferred for recreational purposes and this segment is projected to emerge as a potentially leading one, but only after the state government completes its legalization. However, the adverse effects of smoking cannabis include chronic cough, excess phlegm, and other respiratory diseases such as chronic bronchitis & COPD. Smoking is also not accepted in many social circles & establishments and is not medically prescribed to children. The increasing awareness regarding the ill effects of smoking buds as compared to using oils or tinctures are expected to impede this segment over the forecast period.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Marijuana oils are anticipated to grow at a lucrative pace, owing to their use as an effective medical drug in the treatment of cancer, nausea, and other conditions. Cannabis oil is available in various forms, such as edibles, vapes, and topical. Therefore, marijuana oil sales are gaining traction. The demand for smoking marijuana oil is decreasing owing to social stigma regarding smoking. Moreover, doctors are not comfortable with patients smoking buds as the cigarette can contain potentially harmful components, such as particles, tar, and other chemicals.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • New York Cannabis Market Share Insights
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The growth in demand is expected to favor the entry of several new players in the future. However, financial and banking challenges pertaining to marijuana businesses & interstate trading ban in the U.S. may somewhat hamper the entry of new marijuana businesses. Industry players focus on implementing strategic initiatives such as marijuana cultivation, product launches, mergers & acquisitions, collaborations, and gaining regulatory approvals, to strengthen their market presence. For instance, in January 2018, Etain Health received approval for manufacturing lozenges and ground flowers for vaporizers. The approval was anticipated to strengthen its product portfolio, thus contributing to revenue growth.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Cannabis Type
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Medical Cannabis
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Recreational Cannabis
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Product
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Buds
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Oils
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Tinctures
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Medical Application
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Chronic Pain
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mental Disorders
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cancer
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Citiva
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Valley Agriceuticals
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • PalliaTech, Inc.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • MME LLC
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Etain Health LLC
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • PharmaCann
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Columbia Care LLC."
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the New York Cannabis Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the New York Cannabis Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the New York Cannabis Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the New York Cannabis Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The global market for New York Cannabis was estimated to be valued at US$ XX Mn in 2021.

The global New York Cannabis Market is estimated to grow at a CAGR of XX% by 2028.

The global New York Cannabis Market is segmented on the basis of Cannabis Type, Product.

Based on region, the global New York Cannabis Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the global New York Cannabis Market are nsights , The New York cannabis market size was valued at USD 1.8 billion in 2018 and is estimated to register a CAGR of 14.7% over the forecast period. Use of cannabis has been legalized in the state of New York for medical purposes, while recreational use of cannabis is expected to be legalized by late 2019 or early 2020. However, a majority of cannabis is being traded through illicit channels. In order to curb ongoing illegal trafficking, the government is expected to cut down product prices and improve monitoring of the supply chain. , Marijuana is increasingly being used for treatment of chronic diseases such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, along with neurological disorders such as depression, anxiety, and epilepsy. Growing adoption of cannabis for therapeutic purposes and imminent legalization of recreational marijuana are key factors driving the market. , Legalization of cannabis in the state is expected to significantly reduce illegal cannabis sales, create new job opportunities, and generate substantial revenue. The revenue can be generated by the government in terms of taxes levied. Furthermore, an increase in awareness about benefits of medical cannabis has supplemented the number of registered medical practitioners in New York that are willing to prescribe cannabis, powering market expansion in the state. , Although medical marijuana has been legalized for treating medical conditions across different states, currently, medical cannabis use in New York is only limited to treatment of cancer, HIV, Amyotrophic Lateral Sclerosis (ALC), chronic pain, multiple sclerosis, neuropathy, Parkinson’s disease, Huntington’s disease, and post-traumatic stress disorder. This limited scope of medical marijuana applications in New York may hamper growth over the forecast period. , However, even though the market has become more open to cannabis after legalization in U.S. states, banking access remains a major problem for businesses seeking financial help. Banks are not allotting accounts to cannabis businesses, which has led to economic challenges and other unfavorable conditions. This is because cannabis is a federally illegal drug, and therefore banks are not keen in assisting cannabis businesses, even in states that have legalized the drug. Thus, financial and banking challenges pertaining to marijuana businesses and interstate trading ban in the U.S. may somewhat hamper growth to some extent. , Cannabis Type Insights , Medical marijuana segment dominated the overall market in 2018, with a revenue of USD 1.84 billion, owing to its increasing adoption in various medical applications and the increasing number of registered medical practitioners willing to prescribe medical cannabis. For instance, according to the New York State Department of Health, the number of registered medical practitioners increased from 611 in 2016 to 1,718 in 2018. Therefore, a greater inclination towards cannabis-based drugs due to their medical benefits is bolstering the state’s market. , With the eventual expansion of legal premises for the use of medical marijuana in the state, the government is expected to levy taxes on its products to generate revenue from cannabis cultivation. Furthermore, the government is keen on legalizing recreational cannabis, which is expected to shift the preference of users from illegal to legal cannabis. However, it has been observed that the legalization of recreational marijuana in other states or in countries such as Canada has caused consumers to shift from medical to recreational purposes, owing to easy availability, wide variety, and lower price. , Recreational marijuana segment is expected to experience the fastest growth during the forecast period, owing to factors such as low price and easy access. This can also be attributed to ongoing efforts to eradicate the marijuana black market and focus on gaining tax revenues from legal sales. , Medical Application Insights , Chronic pain application segment led the market in 2019 and is projected to maintain steady growth over the next few years. Different types of chronic pain include neurogenic pain, arthritis, cancer pain, lower back pain, headaches, neck pain, and face pain. Moreover, chronic pains are also associated with a lot of other medical conditions, which can increase the overall adoption of cannabis for treatment of pain. , According to the New York Health Department, more than 50% of registered patients undertaking medical marijuana therapy have suffered from chronic pain. The geriatric population is more susceptible to acute pain and is, therefore, increasingly opting for medical marijuana. Increasing awareness regarding the benefits of CBD consumption is driving its adoption, thus driving the medical marijuana market in the state. , On the other hand, mental disorders application segment is expected to witness the highest CAGR of 11.8% over the forecast period, due to increasing adoption for treatment of mental diseases that are otherwise unresponsive to alternate treatment options. Psychological conditions such as PTSD, anxiety disorders, depression, bipolar disorder, multiple sclerosis, ADHD, Alzheimer’s disease, and Parkinson’s disease can be effectively treated with medical cannabis, owing to its therapeutic benefits. , Product Type Insights , On the basis of products, the New York cannabis market is segmented into buds, oils, and tinctures. Buds accounted for the highest market share in 2019 and will experience the fastest growth over the next seven years, due to imminent legalization of recreational cannabis. Buds are used for smoking and have exhibited it capabilities to alleviate chronic pain and reduces progression of cancer of Alzheimer’s disease. , Smoking marijuana is economical as compared to oils or tinctures, and has a rapid therapeutic onset of action, creating a greater preference for buds. They are also preferred for recreational purposes and this segment is projected to emerge as a potentially leading one, but only after the state government completes its legalization. However, the adverse effects of smoking cannabis include chronic cough, excess phlegm, and other respiratory diseases such as chronic bronchitis & COPD. Smoking is also not accepted in many social circles & establishments and is not medically prescribed to children. The increasing awareness regarding the ill effects of smoking buds as compared to using oils or tinctures are expected to impede this segment over the forecast period. , Marijuana oils are anticipated to grow at a lucrative pace, owing to their use as an effective medical drug in the treatment of cancer, nausea, and other conditions. Cannabis oil is available in various forms, such as edibles, vapes, and topical. Therefore, marijuana oil sales are gaining traction. The demand for smoking marijuana oil is decreasing owing to social stigma regarding smoking. Moreover, doctors are not comfortable with patients smoking buds as the cigarette can contain potentially harmful components, such as particles, tar, and other chemicals. , New York Cannabis Market Share Insights , The growth in demand is expected to favor the entry of several new players in the future. However, financial and banking challenges pertaining to marijuana businesses & interstate trading ban in the U.S. may somewhat hamper the entry of new marijuana businesses. Industry players focus on implementing strategic initiatives such as marijuana cultivation, product launches, mergers & acquisitions, collaborations, and gaining regulatory approvals, to strengthen their market presence. For instance, in January 2018, Etain Health received approval for manufacturing lozenges and ground flowers for vaporizers. The approval was anticipated to strengthen its product portfolio, thus contributing to revenue growth. , KEY MARKET SEGMENTS:, By Cannabis Type, Medical Cannabis , Recreational Cannabis , By Product, Buds , Oils , Tinctures , Medical Application, Chronic Pain , Mental Disorders , Cancer , Others , KEY MARKET PLAYERS, Citiva , Valley Agriceuticals , PalliaTech, Inc. , MME LLC , Etain Health LLC , PharmaCann , Columbia Care LLC.".

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