Increasing Technological Advancements in Cultivation are the major Factors driving the Legal Cannabis Market
As stated in our extensive report; providing insights on Application, Product Type, Species, Strain, Purchase Channel, End User, and Region; the Global Legal Cannabis Market accounted for USD 12.8 Billion in 2021.
The growing demand for legal marijuana has been a primary factor in the growth of the market. Recently, a large number of countries have legalized the use of medical marijuana for treating various ailments. A number of studies carried out show that medical marijuana and its derivatives can be used to treat symptoms of various diseases, for e.g., it has been successfully used to treat patients with chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s, and other neurological diseases. The FDA and other such associations have now started accepting the marijuana derivatives for the prescription of diseases in which it has proven to be useful. This is another factor for the quick turnaround of its legal status in a lot of countries. North America (the U.S. and Canada) has gone a step further and has sanctioned the use of recreational marijuana as well and more than two-thirds of the U.S. states have legalized marijuana.
For instance, Canopy Growth, one of the world's largest cannabis companies, announced that it has completed the acquisition of The Supreme Cannabis Company and acquired 100% of the issued and outstanding common shares of Supreme.
Legal Cannabis Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Legal Cannabis Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in coming years owing to high demand for legal cannabis. Additionally, this region has majority of medical cannabis users thus helping flourish the market in coming years. Countries such as the U.S. & Canada are considered to be the most global importers of medical cannabis and hence huge growth in cannabis market in North America. These are few of the reasons is expected to grow in coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of medical cannabis. North America held the largest share of the Legal Cannabis Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability Research and Development (R&D) facilities, underdeveloped healthcare infrastructure and social constraints.
Major players of the Global Legal Cannabis Market such as Canopy Growth Corporation (Canada), Aphria Inc. (Canada), Aurora marijuana Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), Cronos Group Inc. (Canada), OrganiGram Holding Inc. (Canada), VIVO marijuana Inc. (Canada), Tikun Olam Ltd. (Israel), The Green Organic Dutchman Holdings Ltd. (Canada), Terra Tech Corp. (U.S.), Medical Cannabis Inc. (U.S.), Stenocare A/S (Denmark), Cannabis Science Inc. (U.S.), HEXO Corp. (Canada). and others.
Browse the full Report - Legal Cannabis Market Size, Share & Trends Analysis Report by Application (Medical, Adult Use), by Product Type (Flower, Oil and Tinctures), by Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), by Strain (THC-dominant, CBD-dominant, Balanced THC and CBD), by Purchase Channel (Online, Offline), by End User (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centres), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)