According to the recent research report titled ‘North America Cannabidiol Market Forecast 2027 by Product, Application, Route Of Administration, Source, Distribution Channel, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, North America cannabidiol market valuation is projected to surpass USD 61.2 billion by the year 2027.
 

Growing adoption and usage of cannabis for various applications due to increasing government approvals, along with rising sales of cannabis products in retail stores are fueling North America cannabidiol market expansion.
 

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Notably, authorities across the region have enacted supportive legislation to make it easy for customers to obtain CBD products for medical purposes. For instance, in 2018, the United States government passed the Farm Bill, granting legal status to any CBD-based products containing less than 0.3% tetrahydrocannabinol (THC). Likewise, hemp and hemp-based products have also been granted legal status, further boosting CBD demand.
 

For the unversed, CBD (cannabidiol) is a compound derived from hemp and marijuana plants and has a variety of therapeutic effects. Chronic pain, nausea, sleep difficulties, anxiety, neurological pain, and chronic stress are a few of the severe health concerns it can treat. CBD is a non-toxic compound that is also used to provide therapeutic treatments to patients. Rising cognizance about these health benefits will continue to drive the market demand.
 

Moving on to challenges, complex prescription process, high cost of CBD products, side effects associated with CBD oil, along with availability of counterfeit and synthetic products are hindering North America cannabidiol industry expansion.
 

Based on product type, oil segment was worth about USD 1 billion in 2020 and is expected to witness considerable growth over 2021-2027, owing to various advantages of CBD oil for pain-related ailments. Moreover, the medicinal oil also finds application in treating anxiety and depression
 

As per source gamut, hemp segment is projected to capture 70.8% market share by 2027, creditable to safe amount of THC (tetrahydrocannabinol) present in the hemp-based products that makes it ideal for human intake.
 

With respect to distribution channel, offline segment is slated to record 32.6% CAGR over the next six years, attributable to customer convenience of physically inspecting the product before purchasing, which is not possible in online mode.
 

Geographically, the U.S. industry contributed USD 3.8 billion to North America cannabidiol market in 2020 and is predicted to exhibit 33% CAGR through 2027. This can be ascribed to the country's rapidly improving healthcare system and constant examination of drugs by the government before distribution to patients. In addition, alarming increase in the number of mental and physical health issues among youth is escalating demand for and acceptance of CBD-based treatments.
 

Speaking of the competitive landscape, Tilray Inc., Medterra, Green Roads CBD, CV Sciences Inc., Curaleaf Hemp, Cronos Group, Charlotte's Web, CBD American Shaman, Canopy Growth Corporation, and Aurora Cannabis are the major firms operating in North America cannabidiol market sphere.