A growing number of legal cannabis countries is a key element to the growth of the market. The use of medicinal marijuana is gaining momentum throughout the world due to the legalizations in various nations are the element pushing the market growth.
JERSEY CITY, N.J., Oct. 28, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Legal Marijuana Market" By Type (Medical, Recreational), By Product (Buds, Tinctures, Oil), By Application (Chronic Pain, Mental Disorders, Cancer), and By Geography. According to Verified Market Research, the Global Legal Marijuana Market size was valued at USD 20.73 Billion in 2020 and is projected to reach USD 111.31 Billion by 2028, growing at a CAGR of 23.43 % from 2021 to 2028.
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Global Legal Marijuana Market Overview
The development of medical marijuana as an alternative to traditional medicine and the rise in social acceptance of marijuana are the key factors that have boosted the growth of the Legal Marijuana Market. Multiple medicines have been commercially approved by the US Food and Drug Administration due to the proven medicinal advantages of specific marijuana-based formulations. The increased frequency of cancer has resulted in an increase in the number of people undergoing chemotherapy, the majority of whom are suffering nausea. These are studied to be nullified with the help of THC-based medications.
Numerous THC and CBD-based medicines for the treatment of neuropathic pain and muscle spasms have been approved or are undergoing clinical studies. The rising incidence of diseases is fuelling market expansion, as medicinal marijuana is recognized to serve as an alternative treatment to its traditional counterparts. Changes in government policy are also likely to drive up demand for legal marijuana. Several new start-ups are venturing into R&D, cannabis testing, and manufacturing. Many provinces in Canada are anticipating the privatization of cannabis retail stores.
Many provinces that formerly picked a single supplier are now inviting applications from multiple suppliers. Over the projected period, these factors are expected to drive the market. However, various countries have imposed strict rules and regulations regarding the application of marijuana owing to its negative side effect, which can hamper the medical marijuana market. In addition, the usage of marijuana for recreational purposes is expected to bring a negative impact on human health that can impede the cannabis market during the assessment tenure. Nevertheless, the emergence of cannabis legalization in the Asia Pacific can create a lucrative growth opportunity for the market.
Key Developments in Legal Marijuana Market
In December 2020, Columbia opened its first medical marijuana dispensary called 3Fifteen Primo Cannabis.
In August 2019, Aurora Cannabis has completed its acquisition of Hempco Food and Fiber Inc., a firm that provides low-cost hemp raw ingredients for extraction. The firm will be able to increase its position in the hemp food and hemp-derived CBD sectors in the United States as a result of this purchase.
The major players in the market are Aurora Cannabis, Maricann Group, Inc., GW Pharmaceuticals, plc., Aphria, Inc., Tilray, The Cronos Group, ABcann Medicinals, Inc., Canopy Growth Corporation, Lexaria Corp., and Organigram Holding, Inc.
Verified Market Research has segmented the Global Legal Marijuana Market On the basis of Type, Product, Application, and Geography.
Legal Marijuana Market, By Type
Legal Marijuana Market, By Product
Legal Marijuana Market, By Application
Legal Marijuana Market by Geography
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