Growing Acceptance of Legal Marijuana Drives the Global Legal Marijuana Market

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Growing Acceptance of Legal Marijuana Drives the Global Legal Marijuana Market
The global legal marijuana market is estimated to be valued at US$ 15.5 Bn in 2023 and is expected to exhibit a CAGR of 13.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

The global legal marijuana market is estimated to be valued at US$ 15.5 Bn in 2023 and is expected to exhibit a CAGR of 13.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:



The legal marijuana market refers to the cultivation, manufacturing, and distribution of marijuana products that are legally approved for medical or recreational use. The market is witnessing significant growth due to the growing acceptance of marijuana as a medicinal and recreational product.

The advantages of legal marijuana include its potential to alleviate symptoms associated with various medical conditions such as chronic pain, cancer, epilepsy, and multiple sclerosis. Moreover, the legalization of marijuana in several countries and states has opened up new opportunities for market players, leading to the expansion of cultivation facilities and the development of innovative marijuana-based products.

The increasing need for alternative treatment options and the rising awareness about the potential health benefits of marijuana are driving the demand for legal marijuana products across the globe.


Market Key Trends:



One key trend shaping the legal marijuana market is the legalization of marijuana for recreational use. Several countries, including Canada, Uruguay, and certain states in the United States, have legalized the recreational use of marijuana. This has resulted in a surge in the demand for marijuana products, leading to the growth of the market. The legalization of recreational marijuana not only expands the consumer base but also creates new business opportunities for market players.

Additionally, the market is witnessing a shift towards the development of cannabis-infused products. Manufacturers are innovating and introducing a wide range of marijuana-infused products such as edibles, beverages, topicals, and concentrates. These products offer convenience and discretion to consumers and provide a different consumption experience compared to traditional smoking methods

 

Segment Analysis:



The legal marijuana market can be segmented into medical and recreational use. The medical segment is expected to dominate the market in terms of revenue during the forecast period. This can be attributed to the increasing acceptance of marijuana for medical purposes and the growing number of countries legalizing its use for medical treatments. Medical marijuana is increasingly being prescribed for conditions such as chronic pain, cancer, multiple sclerosis, and epilepsy, among others. Moreover, the wide range of therapeutic benefits associated with medical marijuana, including pain relief, appetite stimulation, and managing neurological disorders, is also contributing to the dominance of this segment.


Key Takeaways:

 



The Global Legal Marijuana Market Demand is expected to witness high growth, exhibiting a CAGR of 13.0% over the forecast period from 2023 to 2030. This can be attributed to the increasing legalization of marijuana for medical and recreational purposes in various countries. The growing acceptance of marijuana as a legal drug, coupled with the increasing awareness about its therapeutic benefits, is driving the market growth. Additionally, the rising number of countries legalizing the use of marijuana for medical treatments is expected to further propel market growth.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the legal marijuana market. This can be attributed to the increasing legalization of marijuana for both medical and recreational use in several states of the US and Canada. The presence of a well-regulated market, the rise of cannabis tourism, and the increasing number of dispensaries and retail stores are contributing to the dominance of this region. Moreover, the growing awareness about the potential benefits of marijuana and the increasing demand for cannabis-infused products are driving the market growth in this region.

Some of the key players operating in the legal marijuana market include Tilray, Aphria, Inc., Wayland Group Corp., Aurora Cannabis, Canopy Growth Corporation, and GW Pharmaceuticals, Plc., among others. These players are focusing on strategic partnerships, acquisitions, and product innovations to gain a competitive edge in the market. With the increasing demand for legal marijuana products, these key players are expanding their production capacities and widening their product portfolios to cater to the growing consumer needs. Additionally, the players are also focusing on research and development activities to introduce new formulations and innovations in the market.

 

 

read more - https://www.newswirestats.com/legal-marijuana-market-analysis-demand-forecaste-trend-and-size/

 

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