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Global Legal Cannabis Market Size Was Valued at USD 28.54 Billion in 2023 and is Projected to Reach USD 204.66 Billion by 2032, Growing at a CAGR of 24.47% From 2024-2032.
Legal cannabis refers to the cultivation, possession, sale, and use of cannabis (marijuana) in accordance with existing laws and regulations. Regulations and rules regarding legal cannabis vary between countries and occasionally even among states.
Legal cannabis can help relieve medical conditions like chronic pain, nausea, epilepsy, multiple sclerosis, and others. It can function as an additional treatment option or an alternative to traditional medications. When legalized, the cannabis industry can enhance the economy by generating jobs, tax revenue, and aiding associated fields such as cultivation, distribution, and manufacturing of cannabis goods.
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Key Players in the Legal Cannabis Market:
Canopy Growth Corporation (Canada)
Aphria Inc. (Canada)
VIVO marijuana Inc. (Canada)
OrganiGram Holding Inc. (Canada)
Aurora marijuana Inc. (Canada)
The Green Organic Dutchman (Canada)
Atlas Growers (Canada)
Maricann Group, Inc. (Canada)
Tilray Inc. (Canada)
Terra Tech Corp. (US)
Stenocare A/S (Denmark)
HEXO Corp. (Canada)
Medical Cannabis Inc. (US)
AlephSana GmbH (Germany)
Tikun Olam Ltd. (Israel)
Cannabis Science Inc. (US) and other major players.
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Legal Cannabis Market Trend Analysis:
Drivers:
Cannabis, which includes cannabinoids like THC and CBD, demonstrates potential for addressing a range of medical conditions such as pain, epilepsy, and mental health disorders. Medical cannabis offers a solution for those dissatisfied with traditional medications, leading to an improved quality of life and reduced side effects.
Research supports the health benefits of cannabis, enabling healthcare professionals to recommend cannabis therapies. The growing patient interest in alternative therapies has impacted the endorsement and accessibility of medical marijuana.
Opportunities:
Numerous cannabis businesses have begun emerging to take advantage of these industries, as the production of plastic from cannabis presents a USD 80-120 Billion opportunity in the market. These firms are offering an environmentally friendly substitute to plastic, influencing the production of items ranging from bottles to home appliances to toys, and beyond.
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Market Segments:
By Type:
Cannabis Insdica
Cannabis Sativa
Cannabis Ruderalis
Hybrid Cannabis
By Product Type:
Buds/Flowers
Cannabis Extracts
By Sales Channel:
Online Sales
Offline Sales
By Application:
Medical
Recreational
Cosmetics
By End-User:
Individuals
Pharmaceuticals
Food & Beverages
Wellness & Personal Care
Key Industry:
- Trend Analysis: Identify historical and future trends through time-series analysis.
- SWOT Analysis: Evaluate the strengths, weaknesses, opportunities, and threats within the market.
- Porter’s Five Forces Analysis: Analyze the competitive environment by assessing factors like supplier power, buyer power, competition intensity, threat of new entrants, and threat of substitutes.
- Customer Persona Analysis: Define different consumer segments to understand motivations, demographics, and behaviors.
- Benchmarking: Compare data with industry standards and competitors to understand market positioning.
Regional Analysis:
North America constitutes a vast cannabis industry because of the legalization of cannabis and its products, along with the presence of leading market players in the area. The cannabis firms located in North America secured over $1.6 billion in funding during January 2021. The use of marijuana by adults in North America is growing, and the recreational consumption of marijuana is anticipated to keep rising, as indicated by various surveys.
The rising popularity, coupled with more lenient and open attitudes toward marijuana use, is also a contributing factor to the market growth in the area. Nonetheless, the product's acceptance in the area could be attributed to its evolving legalization status across various regions of North America.
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