Legal Marijuana Market is likely to register double digit CAGR during 2021-2031

PRESS RELEASE

Published March 13, 2023

Global Legal Marijuana Market report from Global Insight Services is the single authoritative source of intelligence on Legal Marijuana Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Since the early 1900s, marijuana has been regulated as a drug in the United States, with laws prohibiting its use, sale, and cultivation. In recent years, however, a number of states have legalized marijuana for medical or recreational use. This change in policy has led to a new industry of legal marijuana businesses, which are developing innovative technologies to support the cultivation, sale, and use of marijuana.

The legal marijuana industry is still in its early stages, and it is likely that new technologies will continue to be developed to support it. As the industry grows, these technologies will help to ensure that marijuana is grown, sold, and used in a safe and compliant manner.

Key Drivers

The therapeutic applications of marijuana are expected to drive the market growth. The plant contains more than 100 active cannabinoids, which are responsible for its therapeutic effects. These cannabinoids interact with the endocannabinoid system of the human body, which is responsible for regulating various physiological and cognitive processes. The therapeutic benefits of marijuana include pain relief, anti-inflammatory, anti-anxiety, and anti-seizure properties.

The recreational use of marijuana is another key driver of the legal marijuana market. The use of marijuana for recreation is legal in several countries including Canada, Uruguay, and some states in the US. The recreational use of marijuana is associated with several benefits such as stress relief, increased creativity, and improved sleep. In addition, the legalization of recreational marijuana is expected to drive the market growth.

The increasing investments in the marijuana industry are expected to drive the market growth. Several companies are investing in the research and development of marijuana-based products. In addition, the increasing number of mergers and acquisitions in the marijuana industry is expected to drive the market growth.

Key Trends

The legal marijuana market is growing rapidly as more and more states legalize the use of marijuana for medicinal and recreational purposes. The market is expected to continue to grow in the coming years as more states legalize marijuana and as the stigma surrounding marijuana use continues to dissipate.

Some of the key trends in the legal marijuana market include:

1. Increased demand for high-quality marijuana: As the legal marijuana market grows, there is an increasing demand for high-quality marijuana. This is especially true for medical marijuana patients who need a consistent and potent product.

2. More sophisticated cultivation methods: As the demand for high-quality marijuana increases, growers are using more sophisticated cultivation methods to produce better yields. This includes using hydroponic systems and LED lighting.

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Market Segments

By Product Type

By Species

  • Cannabis Indica
  • Cannabis Sativa
  • Cannabis Hybrid

Key Players

  • Canopy Growth Corporation
  • Aurora Cannabis
  • Aphria Inc.
  • Tilray
  •  Green Organic Dutchman Holdings Ltd.
  • The Cronos Group
  •  MedReleaf Corp.
  •  Hydropothecary
  •  Maricann Group Inc.
  •  Supreme Cannabis Company Inc.
  • Emblem Cannabis Corp.
  • CannTrust Holdings Inc.
  • Organigram Holdings Inc.

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