Legal Marijuana Market Will Grow As Of Large Number Of Countries Have Legalized The Use For Treating Various Ailments

 Legal Marijuana Industry Overview

 

The global legal marijuana market size was valued at USD 13.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030.

 

The growing demand for legal marijuana has been a primary factor in the growth of the market. Recently, a large number of countries have legalized the use of medical marijuana for treating various ailments. A number of studies carried out show that medical marijuana and its derivatives can be used to treat symptoms of various diseases, for e.g., it has been successfully used to treat patients with chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s, and other neurological diseases. The FDA and other such associations have now started accepting the marijuana derivatives for the prescription of diseases in which it has proven to be useful. This is another factor for the quick turnaround of its legal status in a lot of countries. North America (the U.S. and Canada) has gone a step further and has sanctioned the use of recreational marijuana as well and more than two-thirds of the U.S. states have legalized marijuana.

 

Gather more insights about the market drivers, restrains and growth of the Global Legal Marijuana Market

 

The pandemic severely affected the logistics network for cannabis and its derivatives and due to the ongoing restrictions, the government authorized dispensaries are also facing shortages owing to disruption in the supply chain network. Import and export of nearly all commodities essential or not have been affected as well. However, with the governments endorsing legalization, the demand has risen and is likely to be high in the next few years. Patients are opting for marijuana derivatives instead of the prescription medicines previously being used

 

With the government policies changing, the demand for medical marijuana is also rising. A lot of countries that have legalized the use of medical marijuana are also paving way for its cultivation to cut on the imports and gain revenue in the form of taxes. This, in turn, has generated jobs in the industry and a lot more companies are dabbling in this territory. Several startups in the U.S. and Europe are now focusing on alternate uses of cannabis, other than recreational and medicinal. With so much happening in and around the cannabis industries, the countries are paving way for more liberal policies regarding its cultivation and usage in the medical field as well as industrial use.

 

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

• Medical Marijuana Market - The global medical marijuana market size was valued at USD 11.0 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 21.6% from 2022 to 2030. The market is experiencing growth due to rising awareness regarding various medical applications such as pain management, appetite enhancement, and reducing eye pressure.
• North America Legal Marijuana Market - The North America legal marijuana market size was valued at USD 30.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2020 to 2027. Growing acceptance and adoption of legal marijuana for the treatment of chronic diseases like cancer, arthritis, and Alzheimer’s as well as neurological problems such as depression, anxiety, and epilepsy is a key factor driving the market. The increasing legalization of medical cannabis in the region to curb the black market and provide easy access to patients is also expected to spur market growth.

 

Legal Marijuana Market Segmentation

Grand View Research has segmented the global legal marijuana market report based on product type, application, and region:

• Legal Marijuana Product Type Outlook (Revenue, USD Million, 2016 - 2030)
  • Flower
  • Oil and Tinctures
• Legal Marijuana Application Outlook (Revenue, USD Million, 2016 - 2030)
  • Medical
    • Chronic Pain
    • Cancer
    • Depression and Anxiety
    • Arthritis
    • Diabetes
    • Glaucoma
    • Migraines
    • Epilepsy
    • Multiple Sclerosis
    • AIDS
    • Amyotrophic Lateral Sclerosis
    • Alzheimer’s
    • Post-traumatic Stress Disorder (PTSD)
    • Parkinson's
    • Tourette’s
    • Others
  • Adult Use
• Legal Marijuana Regional Outlook (Revenue, USD Million, 2016 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)
    

 

Key Companies profiled:

Some prominent players in the global legal marijuana market include:

• Canopy Growth Corporation
• Aurora Cannabis
• Aphria, Inc.
• Tilray
• ABcann Medicinals, Inc.
• The Cronos Group
• Maricann Group, Inc.
• Organigram Holding, Inc.
• Lexaria Corp.
• GW Pharmaceuticals
• United Cannabis Corporation
• Tikun Olam, Ltd.

 

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