Marijuana is a psychoactive drug obtained from Cannabis plant and is utilized for medical or recreational purposes. According to the report that has been recently published by Market Research Future (MRFR), the global legal marijuana market is registered to expand remarkably at a robust CAGR of 22.03% during the forecast period and is anticipated to reach the valuation of USD 4.69 Bn by the end of 2022
Market Drivers and Restraints:
Legal marijuana is majorly consumed in various regions of the world for medical and recreational purposes. Growing adoption of legal marijuana for several medical purposes as a treatment for cancer, mental disorders, chronic pain and others are propelling the growth of the global legal marijuana market.
Possession and consumption of marijuana is a legal offence in many countries. Whereas, it is now being legalized in various regions. increasing investment from private and public sector in research for developing safer forms of marijuana ingestion such as oils, tinctures, vapes and others are likely to create more opportunities for the expansion of the global legal marijuana market.
Recent advances in new product development from legal marijuana and increasing consumption of legal marijuana for recreational purpose are resulting in the significant growth of the global legal marijuana market. Increasing public campaigns for marijuana legalization and current developments in legalization and decriminalization of marijuana in various countries are some of the major factors that are driving the global legal marijuana market towards higher verticals.
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However, restrictive laws over certain cannabinoid drugs is likely to act as a restraint on the growth of the global legal marijuana market during the forecast period.
In August 2018, it has been announced by the government authorities in Ontario, Canada, that legal recreational marijuana will be made available for sale in government-run stores as well as in private retail stores taking effect in mid-October.
Top Key Players Analysis:
The leading players profiled by MRFR in the report on the global legal marijuana market are Medicine Man (the U.S.), AmeriCann, Inc. (the U.S.), Novus Acquisition & Development (the U.S.), Abattis Bioceuticals Corp (Canada), GW Pharmaceuticals (the U.K.), Canopy Growth (Canada) and Insys Therapeutics (the U.S.).
The global legal marijuana market has been segmented on the basis of type and application. Based on type, the global legal marijuana market is segmented into indica, sativa, hybrid and others. The sativa segment accounts for the largest share in the global legal marijuana market owing to the increasing consumption of sativa as it helps in emotional upliftment and energizes the body.
Based on application, the legal marijuana market is segmented into medical use and others. The medical use segment is dominating the global legal marijuana market as it accounts for 67.2% share in the global market. increasing awareness regarding the health benefits of marijuana is fueling the growth of this segment in the global legal marijuana market.
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Geographically, the global legal marijuana market is segmented into three major regions such as North America, Europe and the rest of the world. The North America region is projecting dominance over the global legal marijuana market owing to the increasing demand for legal marijuana in pharmaceutical companies for development of cannabinoid drugs to treat various medical disorders. Increasing research activities on developing marijuana spices to introduce new products made of cannabis strain is contributing to the significant growth of the legal marijuana market in the rest of the world.
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