The Legal Marijuana Market to surpass USD 178.50 billion by 2030 from USD 21.16 billion in 2020 at a CAGR of 26.55% in the coming years, i.e., 2020-30.
Legalization of marijuana in multiple nations has fueled the comprehensive growth for the Legal Marijuana Market. The legalization of marijuana has provided market opportunities to standardize the cultivation and sales through applications. These macro factors also aid in affecting unions and black-market brokers out of business, owing to the reduction of assorted crime rates. Increasing the use of Nebulizers is also propelling the consumption of marijuana. Stronger formulae of marijuana counting sinsemilla and concentrated resins are progressively fueling the growth for the Legal Marijuana Market.
Marijuana (cannabis), a green, gray, or brown mixture of dried, shredded leaves, stems, seeds, and flowers of the hemp plant. Cannabis sativa is used as a psychoactive (mind alerting) recreational drug, for certain medical disorders and religious and divine purposes. Sinsemilla, hash/hashish (resinous form), and hash oil (sticky black liquid) are stouter forms of marijuana. Medicinal marijuana is used for the treatment of important diseases such as stress, anxiety, panic attacks, and Parkinson’s disorders. Marijuana is also used to brew tea and, mainly when it is sold or consumed for remedial purposes, is frequently mixed into foods (edibles) such as brownies, cookies, or candies. Nebulizers are also increasingly used to consume marijuana.
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Legal Marijuana Market: Key Players
- VIVO Cannabis Inc.
- Dr. Hemp Me
- Medical Marijuana, Inc.
- Spring Creek Labs
- Hemp Life Today
- Moon Mother Hemp Company
- Hemp Production Services
- Royal CBD
- CV Sciences
- Hudson Valley Hemp
Legal Marijuana Market: Segments
Medical Marijuana segment to grow with the highest CAGR during 2020-30
The legal Marijuana market is segmented by Type into Recreation Marijuana and Medical Marijuana. The Medical Marijuana segment is projected to amplify the growth of the Global Legal Marijuana Market, due to the rising adoption of Medical marijuana in hospitals. The medical use of marijuana is increased in America as the number of people accepting the policy reforms of legalizing medical marijuana. This has legitimately allowed the adults to use the pills for recreational use. Excess consumption of marijuana owing to the authorized use of the drug has impelled the Legal Marijuana Market to grow promptly.
Chronic Pain segment to grow with the highest CAGR during 2020-30
Legal Marijuana Market is segmented by Application into Chronic Pain, Mental Disorders, Cancer, and Others. The Chronic Pain segment registered for the major revenue share due to mounting awareness and an increase in social adoption of the pharmaceutical use of cannabis. Additionally, the Mental Disorder segment is predicted to witness the fastest growth over the forecast period owing to the rising enduring population suffering from stress and anxiety.
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Market Dynamics
Drivers
Research & Development and Clinical Trials activities
Research & Development and clinical trial activities tend to extend the Global Legal Marijuana Market. Further commercialization of cannabis-based symptoms is expected to promote the growth of the Legal Marijuana Market. In addition to this, the progressively aging inhabitants across the globe are playing a major role to push the demand for medical marijuana as the role in driving the demand for medical marijuana as geriatric patients are more expected to develop with to develop chronic illnesses and entail more physician visits. Escalate usage of marijuana by adults has also projected to drive the market over the forecasted period.
Restraints
Common Side Effects of Marijuana
Mounted talkativeness and laughter sporadic with periods of meditative dreaminess, stupor, and sleepiness is projected to obstruct the growth of the Global Legal Marijuana Market. In addition, stern government regulations allied to the usage of marijuana owing to its short-term and long-term side effects on health is a prime factor challenging the growth of the Legal Marijuana Market.
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Legal Marijuana Market- Regional analysis
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
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Legal Marijuana Market – Product Segment
- By Type
- By Species
- By Application
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