Legal Cannabis Market - Industry Size, Share, Growth & Forecast

Global Legal Cannabis Market are expected to register a CAGR of approx. 24% over the period of 2022-2028. The legal cannabis market is growing due to cannabis being used medically to treat patients with a variety of chronic conditions, such as Parkinson's, Alzheimer's, and other neurological diseases around the globe. For instance, according to the National Health Service United Kingdom 2019, there were about 28 million people in the United Kingdom with chronic pain, with around 10-14% of them experiencing moderate-to-severe disabling pain. Owing to these glaring statistics the demand for legal cannabis is anticipated to grow in the forthcoming years as the increasing volume of patients suffering from various types of chronic pain and diseases boosted the growth of the legal cannabis industry. According to UnivDatos Market Insights (UMI)’ research report “global Legal cannabis market”, the market is expected to witness a robust growth during the forecast period 2022-2028F. Moreover, an increasing number of R&D and clinical trial activities is fueling the demand for the legal cannabis market. Furthermore, children affected by disorders such as epilepsy are encouraged to use cannabis-infused oil is expected to drive the market for legal cannabis market in the coming years.

𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 - https://univdatos.com/get-a-free-sample-form-php/?product_id=35199

Based on the source, the legal cannabis market is segmented into marijuana and hemp. The marijuana segment accounted for a significant market share in 2021 and it is estimated that it will grow rapidly during the projected timeframe due to the increasing rate of legalization. The use of medical marijuana is acceptable in a number of countries including the U.S., Canada, Italy, etc.

Based on the end-user, the market is fragmented into medical use, recreational use, and industrial use. The medical use segment grabbed a considerable market share in 2021, and it is expected to grow at a significant CAGR during the forecast period Studies are being conducted to determine the strength and effectiveness of cannabis and its derivatives for treating a variety of conditions, which has led to a rise in the use of medical cannabis around the globe.

North America witnessed extensive growth

For a better understanding of the market adoption of the legal cannabis market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the legal cannabis industry owing to the growing various medical cannabis and therapeutic uses of cannabis products as well as the potential impact of cannabis legalization on the U.S. economy. For instance, in February 2020, Verda Innovations, a medical cannabis-based company in the U.S. announced the launch of its legal cannabis e-commerce and delivery platform in Canada, and U.S. Launch of such online platforms is one of the major factors expanding growth. Thus, increase in the number of countries legalizing it and an increase in the number of prescriptions filled for medicinal marijuana biopharmaceutical companies and the diagnostics industry owing to the presence of well-established market players and frequent product launches in the region.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Legal cannabis market are Canopy Growth Corporation; Jazz Pharmaceuticals, Inc; Aurora Cannabis Inc; Tilray Inc; The Cronos Group; Sundial Growers Inc.; CARA THERAPEUTICS, INC; Medical Marijuana, Inc; Pfizer Inc.; and VIVO Cannabis Inc Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Legal Cannabis Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

Market Segmentations:

1. By Source (Marijuana, Hemp)

2. By Derivative (CBD, THC, Others)

3. By End-User (Medical Use, Recreational Use, Industrial Use)

4. By Region (North America, Europe, Asia-Pacific, Rest of the World)

5. By Company (Canopy Growth Corporation; Jazz Pharmaceuticals, Inc; Aurora Cannabis Inc; Tilray Inc; The Cronos Group; Sundial Growers Inc.; CARA THERAPEUTICS, INC; Medical Marijuana, Inc; Pfizer Inc.; VIVO Cannabis Inc)

Key questions answered in the study:

1. What are the current and future trends of the global Legal cannabis industry?

2. How the industry has been evolving in terms of source, derivative, and end-user?

3. How the competition has been shaping across the countries followed by their comparative factorial indexing?

4. What are the key growth drivers and challenges for the global Legal cannabis industry?

5. What is the customer orientation, purchase behavior, and expectations from the global Legal cannabis suppliers across various region and countries?