Indian Cannabis Market size stood at USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of XX% during the forecast period.
Cannabis has been in used in India for over 2,000 years. There are 27 million cannabis (bhang) users are in India. With an additional 16 million Indians use illegal cannabis products. And the average cost per gram of cannabis in India is about Rs.8. Malana in Himachal Pradesh produces over 500 kg of hashish every year. India has a huge “at risk” population vulnerable to cannabis use. The epidemic of substance use in young generation has also assumed alarming dimensions. The prevalence of current cannabis use among total population (10-75 years), all males, all females, children’s (10-17 years), adults (>18 years) is 2.8%, 5.0%, 0.6%, 0.9% and 3.3% respectively. Overall, 0.25% Indians use cannabis in a dependent pattern. In India, Cannabis is used as Bhang which is legal in many states and as Charasand Ganja which are illegal as per the International drug conventions as well as the Indian law (NDPS Act, 1985). Among states Sikkim (7.3%) has highest usage rate and lowest is seen in Puducherry (0.0%).
Key factors supporting the growth are the increasing legalization of marijuana for adult use and the high consumption rate in India. The growth in the demand for cannabis has further propelled the need to come up with better product delivery systems as well as sustainable product strains. This need has, in turn, led to many companies coming up with R&D, which extensively investigates several genetic improvement strategies for cannabis. For instance, Hydro apothecary partnered with Segra in March 2018 to incorporate plant tissue propagation into the cannabis plant production process, to help increase the yield of healthy and better variant plants to serve the growing industry for medical and recreational cannabis. While looking into this genetic improvement, companies have been extensively venturing into the development of wide yielding varieties, better harvest ability and market quality, a reliable low THC content, and improved herbicide tolerance of the cannabis crop. The high yield potential of cannabis arises from several factors that are both genetic and agronomic in nature.