New York, NY, Aug. 16, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Legal Marijuana Market Share, Size, Trends, Industry Analysis Report, By Product (Buds, Oils & Concentrates, Tinctures; By Application; By Compound; By Mode of Delivery; By Region; Segment Forecast, 2023 – 2032” in its research database.

“As per the latest research analysis, the global legal marijuana market size/share will be valued at roughly USD 14,159.78 million in 2022, and its revenue is projected to reach about USD 61,927.86 Million By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 15.9% between 2023 and 2032.”

What is Legal Marijuana? How Big Is Legal Marijuana Market Size & Share?

Marijuana, also known as dope, weed, or pot, is a mixture of dried stems, flowers, leaves, and seeds from the cannabis plant. More than 100 substances, or cannabinoids, are found in the cannabis plant. Tetrahydrocannabinol (THC), a depressant or mind-altering molecule, and other active substances like cannabidiol (CBD) are among these substances.

Marijuana can be comforting and is used in medicines to relieve symptoms caused by chronic pain, chemotherapy, muscle spasms, and other medical ailments. Comprehensive research is being executed to study its medicinal applications and advantages. Also, historically, there have been regulatory restrictions on the cannabis sector. However, recent developments like legalizing cannabis for adult use and medical purposes in several nations are anticipated to propel legal marijuana market growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report Covers:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 110+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Requests.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Leaders Are:

• Cannabis Sativa Inc.
• Aphria Inc.
• Maricann Group Inc.
• Tikun Olam
• Lexaria Corp
• Organigram Holding Inc.
• GW Pharmaceuticals plc.
• Canopy Growth Corporation
• United Cannabis Corporation
• The Cronos Group
• Tilray Ltd.
• Aurora Cannabis
• ABcann Medicinals Inc

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Legal Marijuana Market: Report Scope

Prominent Growth Driving Factors

• Increased social acceptance: The revelation that medicinal marijuana is a workable substitute for conventional medicine and the rising social acceptance of marijuana are the main factors driving the expansion of the legal marijuana industry. Due to marijuana’s numerous medical benefits, the US Food and Drug Administration (FDA) has approved drugs that include it.
• Rising use in therapies: The legalization of marijuana for recreational and medical use and the rising use of these medicines to treat chronic diseases are driving the legal marijuana market demand. Also, it is anticipated that the market for legal marijuana will expand significantly due to changes in federal legislation.

Top Findings of the Report

• The increased therapeutic uses of cannabis, the growing older population with a need for chronic sickness treatment, technological developments in manufacturing, and the legalization of marijuana at a greater rate all contribute to the market’s expansion.
• The legal marijuana market segmentation is primarily based on the application, products, mode of delivery, compound, and region.
• North America dominated the market in 2022.

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Top Trends Influencing the Market

• Increasing prevalence of cancer: The rise in cancer cases has sparked research on THC-based medications for cancer treatment. Various pharmaceuticals based on THC and CBD have been approved or are undergoing clinical testing to treat muscle spasms and neuropathic pain. The legal marijuana market share expands as certain conditions become more common and medicinal marijuana is accepted as a legitimate treatment option.
• New business involvement: With an emphasis on development, production, and testing, new businesses are joining the cannabis market. Many Canadian provinces are promoting and commercializing cannabis retail enterprises, moving away from the model of a single provider and inviting bids from various providers. These changes are expected to improve the state of the legal marijuana market size globally.

Segmental Analysis

• The Buds Sector Accounts for the Largest Market Share

As it contains the highest concentrations of cannabinoids, including cannabidiol (CBD) and tetrahydrocannabinol (THC), which are the main compounds responsible for the psychoactive and medicinal effects of marijuana, buds accounted for the largest share over the forecast period in the legal marijuana industry.

Moreover, many people use dried cannabis buds for recreational and therapeutic purposes. Customers greatly pay for them because they can utilize them to prepare edibles, extracts, and smoking and vaping products. Also, even before cannabis was legal in some areas, buds have long been a component of the traditional marijuana market. Because of this, this market segment has a strong client base and distribution systems.

• Tetrahydrocannabinol (THC)-Dominant Sector Holds the Highest Share

THC is a psychoactive substance in marijuana and is well-known for having several therapeutic benefits. It reduces pain and has antibacterial, anti-inflammatory, anti-anxiety, anti-cancer, antidepressant, antiemetic, antinausea, and antitumor properties. These medicinal benefits have drawn a lot of attention, which has increased consumer interest in and demand for THC-dominant products.

Furthermore, patients turn to marijuana products with a high THC content for their possible therapeutic benefits when seeking treatment for anxiety, chronic pain, depression, inflammation, nausea, and other medical ailments. Because THC is so successful at addressing these health issues, it is used widely and helps explain why the THC-dominant part of the legal marijuana market is so prevalent.

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Geographical Overview

North America: The legal marijuana market in North America grew significantly due to developed government laws and the country’s relatively well-established legal framework for marijuana usage for both medical and adult purposes. This dominance resulted from several reasons, such as the presence of significant legalized marijuana producers and farmers in the area, the legalization of marijuana for recreational use, an increase in retail trade, and the quick growth of retail outlets throughout the region.

Browse the Detail Report “Legal Marijuana Market Share, Size, Trends, Industry Analysis Report, By Product (Buds, Oils & Concentrates, Tinctures; By Application; By Compound; By Mode of Delivery; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/legal-marijuana-market  

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Recent Developments

• A crucial turning point for the business was reached in 2022 when HYTN Innovations Inc. partnered with Promethean BioPharma for manufacturing and sales. This partnership made it possible to successfully produce and export cannabis nano-emulsions, including HYTN’s exclusive Elevation Technology, to the Australian medical marijuana market.
• Verano Holdings, a well-known multi-state cannabis business operator, obtained an extra USD 100 million through its loan arrangement in March 2022. The purpose of this money was to assist the company’s expansion plans and strategic ambitions.

The Report Answers Questions Such As

• What is the predicted industry size of legal marijuana?
• At what growth rate will the legal marijuana market be projected to grow during the forecast period?
• Which region is expected to account for the highest market share?
• What are the key factors driving the legal marijuana industry growth?
• Which leading companies are investing in the legal marijuana business?
• What are the upcoming trends in the market?
• What are the key opportunities in the global legal marijuana market?

Polaris Market Research has segmented the legal marijuana market report based on type, products, application, compound, mode of delivery, and region:

By Product Outlook

• Buds
• Oils & Concentrates
• Tinctures

By Application Outlook

• Medical
  • Chronic Pain
  • Arthritis
  • Migraine
  • Cancer
  • Others
• Industrial Hemp
• Recreational

By Compound Outlook

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC & CBD

By Mode of Delivery Outlook

• Capsules
• Concentrates
• Edibles
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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