Legal Cannabis Market Overview:
According to the latest report by IMARC Group, titled “Legal Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global legal cannabis market report.
The global legal cannabis market reached a value of US$ XX Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027.
Legal cannabis is a drug obtained from drying and curing marijuana flowers to the sophisticated chemistry of producing cannabis concentrates. It is used to treat diseases or conditions such as cancer, appetite loss, wasting syndrome (cachexia), and Crohn’s disease. It also regulates and prevents diabetes, helps reduce chronic pain, eases anxiety, and treats depression and inflammatory bowel diseases among the masses. It is utilized for the treatment of different symptoms and diseases, such as migraines, glaucoma, multiple sclerosis, epilepsy, arthritis, Alzheimer’s, Tourette’s, Parkinson’s, amyotrophic lateral sclerosis (ALS), an acquired immunodeficiency syndrome (AIDS), and post-traumatic stress disorder (PTSD). As a result, legal cannabis is widely utilized in the pharmaceutical industry for its medicinal benefits.
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COVID-19 Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Legal Cannabis Market Trends and Drivers:
The market is primarily driven by the legalization and decriminalization of cannabis. In addition, the increasing usage of legalized cannabis and approval of its use in the medical field is other growth-inducing factors. Moreover, international agencies acknowledge potential opportunities that cannabis may offer.
They are also authorizing the use of a medication containing cannabidiol (CBD) for the treatment of rare epilepsy like Dravet syndrome and Lennox-Gastaut syndrome, which is difficult to control with other types of medication, thus propelling the market growth. Besides this, oral cannabinoids are effective antiemetics for adults with chemotherapy-induced nausea and vomiting and also assist in improving spasticity symptoms among the masses with multiple sclerosis (MS)-related spasticity.
Additionally, increasing research and clinical trials coupled with a growing number of medical cannabis dispensaries in several countries that supply cannabis for therapeutic use on a licensed healthcare practitioner recommendation is positively influencing the market growth.
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Global Legal Cannabis Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Aurora Cannabis Inc.
- Cannabis Sativa Inc.
- Canopy Growth Corporation
- Green Thumb Industries
- GW Pharmaceuticals plc (Jazz Pharmaceuticals plc)
- HEXO Corp.
- Organigram Holdings Inc.
- Sundial Growers Inc.
- The Cronos Group
- The Green Organic Dutchman Holdings Ltd.
- The Scotts Miracle-Gro Company
- Tilray and VIVO Cannabis Inc.
The report has segmented the market on the basis of region, source, derivatives, distribution channel and end user.
Breakup by Source:
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Breakup by Distribution Channel:
- Recreational Stores
- Online Stores
Breakup by End User:
- Medical Use
- Recreational Use
- Industrial Use
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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