New York, NY, June 10, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Legal Marijuana Market by Product Type (Buds/marijuana Flower, Cannabis Extracts, Oil, Tinctures) & Others, Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), Strains (THC, CBD, Balanced THC, and CBD), Purchase Channel (Online, Offline), Application (Medical, Recreational, Cosmetics) & Others, End-Use Industries (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centers), and Geography – Global & Regional Industry Perspectives, Comprehensive Industry Analysis, and Forecasts, 2021 – 2026”.
“According to the recent research report, the demand of global Legal Marijuana Market size & share expected to reach to USD 97 Billion by 2026 from USD 22 Billion in 2020, at a compound annual growth rate (CAGR) of 28% during the forecast period 2021 to 2026”
Global Legal Marijuana Market: Overview
Marijuana can be mixed into meals or used to make tea. For people who choose not to smoke marijuana, edible items such as cookies, brownies, and chocolates are popular in states that have authorized their sales for recreational purposes. Marijuana has been utilized for centuries as a therapeutic and medical substance, dating back to the 27th century BC. It is still utilized for therapeutic purposes today, even though it is now subject to stricter regulations. Dispensaries sell marijuana in the medical field in a variety of forms, including oil, pill, vaporized liquid, nasal spray, and dried plant products. The state and federal governments would not accept the use of marijuana for hospital purposes for illegal or trafficking reasons outside of state rules. To be eligible for legal marijuana for medicinal or treatment purposes, patients must have a diagnosed illness that is on their state’s list of approved diseases, as well as a medical referral from their doctor. After that, the patient can apply for a medical marijuana card, which permits them to purchase medical marijuana and related products from dispensaries.
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Our Free Sample Report Includes:
- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 195+ Pages Research Report (Inclusion of Updated Research)
- Provide Chapter-wise guidance on Request
- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Industry Major Market Players
- Canopy Growth Corporation Aphria Inc.
- Aurora marijuana Inc.
- Maricann Group Inc.
- Tilray Inc.
- Cronos Group Inc.
- OrganiGram Holding Inc.
- VIVO marijuana Inc.
- Tikun Olam Ltd.
- The Green Organic Dutchman Holdings Ltd.
- Terra Tech Corp.
- Medical Cannabis Inc.
- Stenocare A/S
- Cannabis Science Inc.
- HEXO Corp
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Key questions answered in this report:
- What is the projected market size & growth rate of the Legal Marijuana Market?
- What are the key driving factors for the growth of the Legal Marijuana Market?
- What are the top companies operative in Legal Marijuana Market?
- What segments are covered in Legal Marijuana Market?
- How can I get free sample report/company profiles of the Legal Marijuana Market?
Many technological advances, such as cannabis DNA sequencing and genetic mapping, provide the industry with several growth opportunities. Since cannabis contains mind-altering drugs, its legalization has spawned a slew of new scientific breakthroughs and business opportunities. In terms of application and use, our analysts have described the “Rite Aid,” “CVS Health,” and “Walgreens Boots Alliance” categories as the leading investment pockets for the cannabidiol industry.
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Increased use of marijuana in medical products around the world, as well as increased production of cannabis-infused edibles in numerous countries, are likely to drive the target market’s growth over the forecast period. Furthermore, growing geriatric populations around the world, as well as an increase in marijuana in medical clubs in several nations, are expected to propel the worldwide industry forward. Furthermore, there is a rise in the manufacturing of premium medical cannabis products by manufacturers, as well as an increase in marijuana in the medical sector associated with awareness campaigns done by private and public organization’s around the world. These are some factors expected to drive the revenue growth of the target market.
Global Legal Marijuana Market: Growth Factors
The demand for legalized marijuana is rapidly increasing, especially in countries where marijuana for medicinal purposes and for food & beverages is legal. CBD isolates will see even more development in the coming year’s thanks to a recent novel food ruling in Europe. Furthermore, children who consume cannabis are only prescribed oil because it has proven to be effective in the treatment of conditions such as epilepsy. Owing to shifts in government policy, the market for legal marijuana is expected to skyrocket. Several new cannabis start-ups are pursuing R&D, research, and manufacturing. The privatization of cannabis retail stores is anticipated in several provinces. Several provinces that previously selected a single supplier are now encouraging several suppliers to submit bids.
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North America is projected to Dominate Global Legal Marijuana Market Growth
North America was in charge of the global marijuana business in 2020. During the forecast period, the region will provide many opportunities for market vendors to expand. Over the projection period, legal cannabis market expansion in this area will be fueled by the legalization of cannabis and the growing number of patients who require medical cannabis. During the projection period, North America will account for 89 percent of market growth. The expansion of the target market is likely to be aided by favorable government laws and the launch of newer pharmaceuticals by drug makers. Major businesses’ increased investments in R&D operations, as well as their acquisition operations for company development, are likely to bolster the expansion of the legal marijuana market and meet business in North America.
Browse the full “Legal Marijuana Market by Product Type (Buds/marijuana Flower, Cannabis Extracts, Oil, Tinctures) & Others, Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), Strains (THC, CBD, Balanced THC, and CBD), Purchase Channel (Online, Offline), Application (Medical, Recreational, Cosmetics) & Others, End-Use Industries (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centers), and Geography – Global & Regional Industry Perspectives, Comprehensive Industry Analysis, and Forecasts, 2021 – 2026” report at https://www.fnfresearch.com/legal-marijuana-market
The global legal marijuana market is segmented as follows:
By Product Type:
- Buds/marijuana Flower
- Cannabis Extracts
- Cannabis Indica
- Cannabis Sativa
- Cannabis Hybrid
- Balanced THC and CBD
By Purchase Channel:
- Chronic Pain
- Mental Disorders
- Food, Beverages, and Tobacco
- Personal Care
- Research and Development Centers
Key Highlights of this Report:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
- Market Attractiveness Analysis and Key Investment Opportunity Analysis in the Market going forward
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
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