According to the latest report by IMARC Group, titled “Global Legal Cannabis Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, 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. Cannabis is a tall plant with an upright stem used as a drug for its psychoactive properties. It is obtained from a group of three plants, namely cannabis Sativa, Indica, and Ruderalis. Cannabis is known to treat various symptoms and diseases like cancer, arthritis, migraines, glaucoma, epilepsy, multiple sclerosis, Parkinson’s, Alzheimer’s, Tourette’s, amyotrophic lateral sclerosis (ALS), AIDS, and post-traumatic stress disorder (PTSD). Healthcare professionals and doctors recommend cannabis-based products to relieve chronic pain, reduce anxiety, regulate and prevent diabetes, and treat depression and inflammatory bowel syndrome.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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|Base Year: 2021|
|Forecast Year: 2022-2027|
Legal Cannabis Market Trends and Drivers:
The global legal cannabis market is primarily driven by the growing medical applications of the plant. The rising geriatric population that needs medicine for chronic pain is also fueling the market growth. In addition to this, the positive effect of cannabis legalization on public health and safety is propelling the market growth.
Governments and international agencies across countries such as the United States and Canada are regulating cannabis cultivation and sales by application, ensuring its contribution to the GDP of the nations. Nowadays, doctors are prescribing cannabis oil to children, which is showing tremendous benefits for treating disorders such as epilepsy, Dravet syndrome, and Lennox-Gastaut syndrome.
Furthermore, the increasing number of legal cannabis dispensaries, along with the growing research and clinical trials, is expected to positively impact the market in the upcoming years.
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.
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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