Legal marijuana generates substantial tax revenue, contributing to public funds and infrastructure development. It fosters job creation across cultivation, distribution, and retail sectors, stimulating economic growth. It diminishes the burden on the criminal justice system by redirecting resources away from non-violent marijuana offenses. Legalization promotes product safety through regulated production and quality control, ensuring consumers have access to safe cannabis products. It provides medical benefits, as marijuana has proven therapeutic applications for various conditions, enhancing patient care options.
According to Data Bridge Market Research analyses the Global Legal Marijuana Market, which was USD 27.7 billion in 2022, will rise to USD 127.49 million by 2030 and is expected to undergo a CAGR of 21% during the forecast period 2023 to 2030.
"Rise in usage of marijuana in healthcare boosts the market growth"
The burgeoning demand for legal marijuana market is fueled by the widespread legalization of marijuana for medicinal purposes across many countries. With a focus on researching marijuana oil and tinctures for various medical indications, this segment is poised to become the fastest-growing in the legal marijuana market. Recent legalizations for medical cannabis and its derivatives contribute to this trend. Cannabis oils, known for their efficacy in alleviating symptoms such as nausea and vomiting in cancer patients, are driving market growth, highlighting the increasing acceptance and recognition of marijuana's therapeutic potential.
What restraints the growth of the global legal marijuana market?
“Side effects associated with the market growth”
The global legal marijuana market faces a restraint in growth due to the frequent use of marijuana causing adverse psychological effects, including paranoia, anxiety, depression, and an increased risk of suicide. Moreover, the association with temporary psychosis and schizophrenia raises serious concerns. These complications not only discourage potential users but also prompt increased regulatory scrutiny, potentially limiting market expansion.
Segmentation: Global Legal Marijuana Market
The global legal marijuana market is segmented on the basis of species, strains, type, application, product type, purchase channel, and end user.
- On the basis of species, the global legal marijuana market is segmented into sativa, indica, and hybrid
- On the basis of strains, the global legal marijuana market is segmented into THC, and CBD
- On the basis of type, the global legal marijuana market is segmented into recreational marijuana, and medical marijuana
- On the basis of application, the global legal marijuana market is segmented into chronic pain, mental disorders, cancer, and others
- On the basis of product type, the global legal marijuana market is segmented into buds, and cannabis extracts
- On the basis of purchase channel, the global legal marijuana market is segmented into online, and offline
- On the basis of end user, the global legal marijuana market is segmented into pharmaceutical, food, beverages, tobacco, personal care, research and development centers
Regional Insights: North America dominates the Global Legal Marijuana Market
North America dominant legal marijuana market is a powerhouse, primarily fueled by progressive government regulations that have legalized both medical and adult (recreational) use of cannabis. The region's dominance is reinforced by the concentration of major market players within the cannabis industry. The demand and supply dynamics have experienced a significant surge, with over two-thirds of the U.S. falling within the legal territory for cannabis. This regulatory framework not only stimulates economic growth but also fosters innovation and competition among industry leaders.
The Asia-Pacific region is expected to experience significant growth in the legal marijuana market, driven by a rising demand trend. Notably, several countries in the region are progressively moving toward cannabis legalization. The approval process is expected to accelerate in countries with substantial elderly populations, as they recognize the medicinal benefits of cannabis. The medicinal value of cannabis becomes particularly crucial in regions with aging demographics, leading to faster approval and adoption of legalization measures.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-legal-marijuana-market
Recent Developments in Global Legal Marijuana Market
- In 2022, HYTN Innovations Inc. forged a pivotal manufacturing and sales alliance with Promethean BioPharma, achieving a breakthrough in exporting cannabis nano-emulsions, featuring their exclusive Elevation Technology, to the burgeoning medical cannabis market in Australia
The Prominent Key Players Operating in the Global Legal Marijuana Market Include:
- VIVO Cannabis Inc. (Canada)
- Dr. Hemp Me. (Ireland)
- QC Infusion (U.S.),
- Hemp Production Services (Canada)
- Green Roads (U.S.)
- Royal CBD (U.S.)
- CV Sciences, Inc. (U.S.)
- Gaia Herbs Farm (U.S.)
- SPRING CREEK LABS (U.S.)
- Isodiol International Inc (Canada)
- Medical Marijuana, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global legal marijuana market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Legal Marijuana Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
