New York, November 05, 2021 – The global legal marijuana market size is expected to reach USD 98.57 Billion in 2028 and register a CAGR of 22.4% over the forecast period, according to the latest report by Reports and Data. Rising public awareness of advantages of medicinal marijuana and increasing demand for cannabis oil are key factors expected to drive market revenue growth over the forecast period. In addition, rising advances in marijuana cultivation and processing technology is expected to drive revenue growth over the forecast period.
With changing government policy, use of legal marijuana is expected to increase. Several new businesses are focusing on marijuana research and development, testing, and cultivation. Various Canadian provinces are expecting privatization of cannabis retail outlets. Many provinces that earlier chose a single supplier are now soliciting bids from several suppliers, which is expected to boost marijuana cultivation and sales in the coming years. Government legalization of medicinal marijuana in the United States is projected to increase the amount of legal marijuana available for purchase through legalized retail outlets such as MMJ America Inc. This is expected to drive towards market growth. However, cognition-related disorders and high risk of respiratory problems are expected to limit its adoption and restrain market growth to certain extent over the forecast period.
Rising public awareness of advantages of medicinal marijuana and increasing demand for cannabis oil are key factors driving market growth
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Some Key Highlights From the Report:
- Extracts segment is expected to account for significantly large revenue share in the global market during the forecast period due to rising legalization of recreational marijuana and increasing usage of marijuana oil in various countries.
- CBD-dominant segment is expected to register robust revenue CAGR over the forecast period since CBD-dominant strains are rapidly being used for treating inflammatory bowel disease, seizures, depression, inflammation, and migraines.
- Recreational segment is expected to grow significantly in terms of revenue contribution to the market. This growth is due to a rise in the numbers of consumers as a result of legalization, and the increasing tendency of utilizing marijuana as a substitute for alcohol.
- Sativa segment is projected to account for the highest revenue share during the forecast period. Sativa has lower CBD levels and higher THC levels. Sativa may cause the mind to feel ‘high’, increase creativity levels or turn it into an energetic mode. It also has an anxiety-relieving effect. Whenever consumers consume sativa, individuals feel energetic and creative rather than relaxed and lethargic. This in turn boosts sativa demand among the general population.
- Latin America is expected to register robust revenue CAGR over the forecast period. Latin America is rapidly emerging as a key area for the legal marijuana industry, particularly in terms of production While Canada has always been the global leader in medicinal cannabis. Currently, this position is at risk because many Canadian firms are considering relocating south and partnering with suppliers from Latin America. This trend is expected to boost growth in Latin America.
- Prominent companies in the market include CanniMed Therapeutics Inc., Canopy Growth Corporation, Cannabis Sativa, Inc., GW Pharmaceuticals Plc, Aphria Inc., Medical Marijuana, Inc., Lexaria Corporation, OrganiGram Holdings Inc., Tilray Inc., and Cronos Group Inc.
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For the purpose of this report, Reports and Data has segmented the global legal marijuana market based on product type, strain, application, species, and region:
Product Type Outlook (Revenue, USD billion; 2018-2028)
- Marijuana Flower
- Extracts
- Tinctures
- Oil
- Others
Strain Outlook (Revenue, USD billion; 2018-2028)
- CBD-dominant
- THC-dominant
- Balanced CBD and THC
Application Outlook (Revenue, USD billion; 2018-2028)
- Recreational
- Medical
- Mental Disorders
- Chronic Pain
- Cancer
- Others
- Cosmetics
- Others
Species Outlook (Revenue, USD billion; 2018-2028)
- Sativa
- Indica
- Hybrid
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Regional Outlook (Revenue, USD billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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