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Legal Marijuana Market by Product Type (Buds, Cannabis Extracts), Species (Sativa, Indica), Strains (THC, CBD), Purchase Channel, Application (Medical, Recreational), End-Use Industries, and Geography - Global Forecast to 2025
Report ID: MRFB - 104321 Pages: 362 Sep-2019 Formats*: PDF Category: Food and Beverages Delivery: 2 to 4 Hours Download Free Sample ReportGrowing legalization of marijuana across the globe, growing medicinal applications of marijuana, rising geriatric population who need treatment for chronic diseases, and technological advancements in cultivation are the key factors driving the growth of the legal marijuana market.
The use of marijuana as a recreational drug has been outlawed in many countries across the globe. As a result of long-fought legalization efforts, several countries such as Uruguay and Canada, as well as several states in the U.S., have legalized the production, sale, and possession of marijuana for recreational and medical usage. The broad legalization of marijuana in this fashion can have numerous effects on the economy and society in which it is legalized. Legalization gives governments the opportunity to regulate marijuana cultivation and sales by application, thereby ensuring its contribution towards country’s GDP. Legalization also helps in moving cartels and black-market dealers out of business; and reducing associated crime rates.
Marijuana legalization has had a positive effect on public health and safety. The major objective of marijuana legalization in Canada include the protection of public health and safety. According to the Centre for Addiction and Mental Health (Canada), legalization combined with strict healthâ€focused regulation, provides an opportunity to reduce the harms associated with marijuana use. After legalization, existing frequent marijuana consumers expect to buy more often than they do today. At the same time, the less frequent consumers also expect to purchase products more often and spend significantly more when they do. Thus, increasing legalization will lead to growth in demand for marijuana, thereby driving the growth of global legal marijuana market.
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Based on product type, buds/cannabis flower accounted for the largest share of the global legal marijuana market in 2018. The large share of this segment is mainly attributed to the presence of large number of tobacco smokers. However, marijuana extract is expected to witness a rapid growth during the forecast period from 2019 to 2025.
Based on application, legal marijuana market is segmented into three major segments, namely medical, recreational, and cosmetics and others. Medical application segment accounted for the largest share of the global legal marijuana market in 2018. The large share of this segment is mainly attributed to increasing demand of marijuana for relieving pain in various health conditions such as cancer, AIDS, seizures, and other diseases; and growing research on medicinal marijuana across the globe. However, recreational application segment is expected to witness a rapid growth during the forecast period. This growth is primarily attributed to the growth in number of consumers after legalization and growing trend of consuming marijuana as a substitution to alcohol.
Based on strains, legal marijuana market is segmented into three major segments, namely THC-dominant, CBD-dominant, and Balanced THC and CBD. THC-dominant segment accounted for the largest share of the global legal marijuana market in 2018, which is mainly attributed to its wide-range medicinal properties such as analgesic, antianxiety, antibacterial, anticancer, antidepressant, antiemetic, anti-inflammatory, antinausea, and antispasmodic.
This research report analyzes major geographies and provides comprehensive analysis of regions. The North America commanded the largest market share of the global legal marijuana market in 2018, followed by Latin America, the Middle East and Africa, Europe, and Asia-Pacific. The largest share of this region is attributed to the technological advancements in marijuana production and processing, large base of marijuana consumers, changing perceptions towards marijuana consumption for both medical and recreational purposes, and increasing investments from leading players.
Key Players
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016–2019). The key players profiled in the global legal marijuana market report are 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.), and HEXO Corp. (Canada).
Published Date: Oct-2024
Published Date: Nov-2024
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