HealthcareJuly 28, 2023

Global Legal Marijuana Market

As stated in our extensive report, the Global Legal Marijuana Market accounted for USD 16.1 Billion in 2022 and is projected to reach a value of USD 103.8 Billion by 2030.

The Legal Marijuana market refers to the industry involving producing, selling, and distributing marijuana products legally permitted for consumption. This industry has seen tremendous growth in recent years due to the increasing legalization of marijuana across many countries and states, primarily for medical and recreational purposes. The Legal Marijuana market includes different cannabis products, including flowers, edibles, concentrates, and oils.

The rising demand for Legal Marijuana has driven the market’s expansion. A growing number of countries have legalized the use of medicinal marijuana to treat a variety of diseases. According to Uruguay’s Ministry of Agriculture and Livestock, the first country to legalize recreational cannabis has seen the industry grow steadily since legalization in 2013, with marijuana exports estimated at $20 million in 2020. Also, according to the Department of Colorado, the first state to legalize recreational cannabis, generated $2.2 billion in legal sales in 2020, up 25% from the previous year.

Click To Get a Free Sample On the Research Study

Furthermore, several studies demonstrate that medicinal marijuana and its derivatives can treat symptoms of numerous conditions, such as chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s, and other neurological disorders. The FDA and other such associations have started accepting marijuana derivatives for prescription diseases, which has proven useful. This is another reason for the rapid change in its legal position in many nations.

Key factors influencing Legal Marijuana Market Growth

The growth of the global Legal Marijuana market can be attributable to the following:

  1. One of the primary factors that affect the growth of the Legal Marijuana industry is government policies. The legalization or decriminalization of marijuana by the federal and state governments significantly impacts the industry’s growth.
  2. Another factor that influences the growth of the Legal Marijuana industry is public opinion. According to a Pew Research Centre survey conducted in 2019, 67% of Americans support the legalization of marijuana, which is significantly higher than in the past. This support for marijuana legalization translates into more demand for Legal Marijuana products, creating a booming industry.
  3. The social attitudes towards marijuana have significantly changed in recent years. Marijuana’s image as a harmful narcotic has transitioned to a more positive one, with many people recognizing its medical and therapeutic significance. This change in perception has contributed to the growth of the Legal Marijuana industry.
  4. In the case of the Legal Marijuana industry, the demand for marijuana-based products has significantly increased. The demand is driven by various factors, such as the medicinal value of marijuana, recreational use, cannabidiol (CBD), and other industrial uses.

North America Region to Express the Largest Market Growth

The North America market accounted for the most significant growth in 2022 and is expected to maintain dominance through the forecast period. This industry includes companies cultivating, producing, and distributing cannabis products for medical and recreational consumption. Legalizing marijuana in several states in the United States and Canada has created a massive market opportunity for the industry. The recognition of marijuana’s medical benefits has played a crucial role in the market’s growth. Medical marijuana has been shown to relieve a wide range of conditions, including chronic pain, epilepsy, multiple sclerosis, and nausea caused by chemotherapy. The increasing research and evidence supporting these claims have led to the legalization of medical marijuana in various states and provinces, making it more accessible to patients who can benefit from its use.

Furthermore, the potential economic gains associated with the Legal Marijuana market have attracted the attention of lawmakers and entrepreneurs alike. The legalization and taxation of marijuana can generate substantial revenues for governments. According to a report by New Frontier Data, the Legal Marijuana market in North America is projected to reach $35 billion in sales by 2025, with tax revenues surpassing $5 billion. These revenues can be allocated toward various public services, infrastructure projects, and educational programs.

Conclusion

The expansion of the Legal Marijuana business can be due to shifting attitudes towards marijuana, increased demand for legal products, and the development of new legal frameworks for marijuana cultivation, distribution, and sale. With sustained expansion and the possibility of future federal legalization of marijuana, the business is expected to increase in the coming years.

Some of the key players in the Global Legal Marijuana Market include – Canopy Growth Corporation (Canada), Aurora Cannabis (Canada), Aphria Inc. (Canada), Tilray (U.S.), ABcann Medicinals Inc. (Canada), The Cronos Group (Canada), Maricann Group Inc. (Canada), Organigram Holding Inc. (Canada) and others.