08-Jun-2021 | Facts and Factors
According to Facts & Factors, the global legal marijuana market was assessed at around USD 22 Billion in 2020 and is anticipated to generate revenue worth over USD 97 Billion by the end of 2026, representing a CAGR of around 28% between 2021 and 2026.
Marijuana can be mixed into meals or used to make tea. For people who choose not to smoke marijuana, edible items such as cookies, brownies, and chocolates are popular in states that have authorized their sales for recreational purposes. Marijuana has been utilized for centuries as a therapeutic and medical substance, dating back to the 27th century BC. It is still utilized for therapeutic purposes today, even though it is now subject to stricter regulations. Dispensaries sell marijuana in the medical field in a variety of forms, including oil, pill, vaporized liquid, nasal spray, and dried plant products. The state and federal governments would not accept the use of marijuana for hospital purposes for illegal or trafficking reasons outside of state rules. To be eligible for legal marijuana for medicinal or treatment purposes, patients must have a diagnosed illness that is on their state's list of approved diseases, as well as a medical referral from their doctor. After that, the patient can apply for a medical marijuana card, which permits them to purchase medical marijuana and related products from dispensaries.
Cannabis oil is becoming increasingly popular, particularly in nations where marijuana for medical purposes is permitted. Thanks to a recent unique food rule in Europe, CBD isolates will see much greater growth in the future years. Furthermore, only oil is prescribed to children who ingest cannabis because it is effective in the treatment of illnesses such as epilepsy. The market for legal marijuana is likely to explode as a result of changes in government policy. Several new cannabis start-ups are undertaking research and development, as well as production. In numerous provinces, cannabis retail businesses are expected to be privatized. Several provinces that traditionally chose a single vendor are now encouraging many vendors to submit bids. These factors are projected to boost the market throughout the forecast period. The growing legalization of cannabis in several nations is a major driver of industry growth. As a result of recent legalizations in various nations, marijuana's usefulness for therapeutic purposes is gaining traction around the world. Cancer, arthropathy, and neurological illnesses such as depression, panic attacks, Alzheimer's disease, and Parkinson's disease are all treated using medicinal hemp. The high prevalence of cancer is considered to be a major force toward marijuana legalization. However, market restrictions will be imposed due to the multiple contradicting findings of smoking cannabis, such as mucus composition, persistent cough, and respiratory diseases like COPD. The widespread legalization of marijuana in this manner will have some economic and cultural ramifications in the countries where it is allowed. Legalization necessitates authorities enacting application-based laws for marijuana cultivation and distribution, implying that it contributes to the GDP of the country. Legalization also helps to eliminate gangs and black-market traffickers, as well as lower crime rates.
Marijuana is the most misused drug in the United States, according to the National Institute on Drug Abuse (NIDA). Marijuana has now been legalised in many states in the United States for medical and/or recreational purposes. However, marijuana (cannabis) possession is still unlawful in the United States, except in permitted research settings, according to federal law.
Top Market Players
Major players operative in the legal marijuana market is Canopy Growth Corporation Aphria, Inc., Aurora marijuana Inc., Maricann Group, Inc., Tilray, Inc., Cronos Group Inc., OrganiGram Holding Inc., VIVO marijuana Inc., Tikun Olam Ltd., The Green Organic Dutchman Holdings Ltd., Terra Tech Corp., Medical Cannabis, Inc., Stenocare A/S, Cannabis Science, Inc., HEXO Corp and amongst others.
Many technological advances, such as cannabis DNA sequencing and genetic mapping, provide the industry with several growth opportunities. Since cannabis contains mind-altering drugs, its legalization has spawned a slew of new scientific breakthroughs and business opportunities. In terms of application and use, our analysts have described the “Rite Aid,” “CVS Health,” and “Walgreens Boots Alliance” categories as the leading investment pockets for the cannabidiol industry.
Increased use of marijuana in medical products around the world, as well as increased production of cannabis-infused edibles in numerous countries, are likely to drive the target market's growth over the forecast period. Furthermore, growing geriatric populations around the world, as well as an increase in marijuana in medical clubs in several nations, are expected to propel the worldwide industry forward. Furthermore, there is a rise in the manufacturing of premium medical cannabis products by manufacturers, as well as an increase in marijuana in the medical sector associated with awareness campaigns done by private and public organization’s around the world. These are some factors expected to drive the revenue growth of the target market.
North America is projected to Dominate Global Legal Marijuana Market Growth
North America was in charge of the global marijuana business in 2020. During the forecast period, the region will provide many opportunities for market vendors to expand. Over the projection period, legal cannabis market expansion in this area will be fueled by the legalization of cannabis and the growing number of patients who require medical cannabis. During the projection period, North America will account for 89 percent of market growth. The expansion of the target market is likely to be aided by favorable government laws and the launch of newer pharmaceuticals by drug makers. Major businesses' increased investments in R&D operations, as well as their acquisition operations for company development, are likely to bolster the expansion of the legal marijuana market and meet business in North America.
Browse the full “Legal Marijuana Market by Product Type (Buds/marijuana Flower, Cannabis Extracts, Oil, Tinctures) & Others, Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), Strains (THC, CBD, Balanced THC, and CBD), Purchase Channel (Online, Offline), Application (Medical, Recreational, Cosmetics) & Others, End-Use Industries (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centers), and Geography - Global & Regional Industry Perspectives, Comprehensive Industry Analysis, and Forecasts, 2021 - 2026” report at https://www.fnfresearch.com/legal-marijuana-market.
The global legal marijuana market is segmented as follows:
By Product Type:
By Purchase Channel:
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