Press Release-Legal Cannabis Market to Reach Valuation of USD 48.3 Billion by 2028 - the Increasing Legalization of Cannabis and Increasing Social Adoption of Marijuana is Driving the Market Growth
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Legal Cannabis Market to Reach Valuation of USD 48.3 Billion by 2028 - the Increasing Legalization of Cannabis and Increasing Social Adoption of Marijuana is Driving the Market Growth
In terms of revenue, the Global Legal Cannabis Market is probable to reach USD 48.3 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 24.80% from 2022 to 2028.
The increasing awareness among consumers regarding the health benefits and the increase in medical applications are the major factors driving the growth of the Legal Cannabis Market during the forecast period. Additionally, the legalization of marijuana for adults and medical use, and the increasing acceptance of these products for chronic disease treatment are the other prime factors boosting the growth of the Legal Cannabis Market during the forecast period.
Key Highlights from the Report:
Market Dynamics:
The rise in research and development and technological innovations are expected to fuel the growth of the Legal Cannabis Market in the coming years. Furthermore, the covid-19 pandemic has severely affected the logistics network for the cannabis and its derivatives owing to the restrictions, the government-approved dispensaries were also facing shortages due to the disturbance of the supply chain network which is expected to fuel the demand for the Legal Cannabis Market during the forecast period.
Moreover, the patients are now opting for marijuana derivatives as a substitute for the previously prescription medicines being used which is driving the growth of the Legal Cannabis Market during the forecast period.
North America is the largest market. The Global Legal Cannabis Market is dominated by the North American region owing to the growing legalization of cannabis for the purpose of medical and adult applications. Similarly, the medical application is also witnessing growth as consumers are becoming more aware of the medical advantages associated with cannabis.
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Legal Cannabis Market to Reach Valuation of USD 48.3 Billion by 2028 - the Increasing Legalization of Cannabis and Increasing Social Adoption of Marijuana is Driving the Market Growth
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