In recent years, the global legal marijuana market has witnessed significant growth and acceptance in many countries worldwide. Countries like Uruguay, Canada, and various states in the U.S. have taken the initiative to legalize the production, sale, and possession of marijuana for both medical and recreational purposes. Extensive research has demonstrated the potential benefits of medical marijuana and its derivatives in treating various ailments, including chemotherapy-induced nausea, chronic pain, Parkinson’s disease, Alzheimer’s, and other neurological disorders.
According to Coherent Market Insights, The global legal marijuana market was valued at US$ 15.5 Bn in 2022 and is forecast to reach a value of US$ 40.9 Bn by 2030 at a CAGR of 13.0% between 2023 and 2030 The market analysis covers crucial aspects such as market value, growth rate, segmentation, geographical presence, and major players. Additionally, the reports encompass in-depth expert analysis, patient epidemiology, pipeline analysis, pricing assessment, and regulatory framework.
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The legal marijuana market is highly competitive, with key players investing in research and development, new market initiatives, and expanding their global presence. Some prominent players in the market include: Tilray, Aphria, Inc., Wayland Group Corp., Aurora Cannabis, Canopy Growth Corporation, and GW Pharmaceuticals, Plc.
Scope and Segmentation of the Legal Marijuana Market:
- Global Legal Marijuana Market, By Application:
Global Legal Marijuana Market, By Product Type:
– Rising Demand for Marijuana Oils:
Increased demand for marijuana oils and tinctures, driven by the legalization of medical cannabis, is contributing to market growth. These extracts are being extensively studied for various medical indications, including cancer-related vomiting and nausea, further boosting the market.
– Utilization of Marijuana in Chronic Disorders:
Cannabis derivatives have demonstrated promising results as analgesics for chronic disorders, with fewer side effects compared to conventional medications. Growing awareness and acceptance of medical cannabis are expected to fuel market growth.
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– Increasing Healthcare Expenditure by Organizations:
Organizations significant healthcare spending, such as Verano Holdings’ USD 100 million credit agreement, aimed at strategic initiatives and expanding medical marijuana business, presents growth opportunities in the market.
– Increasing Industrial Development:
The legalization of marijuana has led to industrial growth, with countries focusing on domestic cultivation to reduce imports and generate tax revenue. This expansion is driving innovation in alternate cannabis uses beyond recreational and medical purposes.
– Strict Rules and Regulations Associated with Marijuana:
Stringent rules and guidelines in some countries can hinder the growth of the medical marijuana market, making compliance crucial for patient safety.
– Higher Rate of Complications due to Frequent Use:
Frequent marijuana use may lead to adverse effects on mental health, including anxiety, depression, and temporary psychosis, posing challenges to market growth.
North America currently dominates the legal marijuana market, driven by favorable government regulations and the legalization of both medical and recreational marijuana. The region also houses major market players, contributing to the growing demand and supply. Asia-Pacific is expected to witness significant growth due to the increasing legalization of cannabis in various countries, particularly with a focus on its medicinal value to cater to an aging population.
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of legal marijuana market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global legal marijuana market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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