PALM BEACH, Fla., April 8, 2021 /PRNewswire/ — Cannabis extracts have gained wide recognition in recent years and are expected to provide impetus to cannabis market growth. Based on product type, cannabis extracts are classified into oils and tinctures. Growing legalization of cannabis in various countries, preference for cannabis oil and tinctures, and adoption of medical marijuana for treating chronic diseases like arthritis, anxiety, and Alzheimer’s are the major factors propelling the growth. According to a report from Grand View, the oils segment is expected to dominate the market and is anticipated to witness the fastest CAGR of 17.5%, through 2027. The report added that the global cannabis extract market size is expected to be valued at US $28.5 billion by 2027, and it is projected to expand at a CAGR of 16.6% through 2027 also. Other key findings of the report are that: “In 2019, oils held the largest revenue share of 66.5% owing to ease of availability and low price of the product; The full spectrum segment was valued at USD 4.3 billion in 2019, owing to its entourage effect-a synergistic relationship between cannabinoids and terpenes that exhibits an increase in the healing properties of each cannabinoid.” Active companies in news today include: Pure Extracts Technologies Corp. (OTCPK: PRXTF) (CSE: PULL), Sundial Growers Inc. (NASDAQ: SNDL), Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), Planet 13 Holdings Inc. (OTCQX:PLNHF) (CSE:PLTH), 4Front Ventures Corp. (OTCQX: FFNTF) (CSE: FFNT).
Grand View continued: “Marijuana isolates is anticipated to emerge as the second largest type segment over the forecast period, owing to several advantages that have increased its adoption. For instance, the purest form of isolates, such as CBD oil, have no psychoactive effects as they have no THC content. In 2019, North America accounted for the largest share in the global cannabis concentrates market. This