Growing marijuana adoption as a pharmaceutical product to treat severe medical conditions such as cancer, Parkinson's disease, Alzheimer's disease, arthritis, and other neurological conditions as well as growing intake of medical marijuana for chronic disease treatment and rapid rise in the legalization of marijuana across developed countries are the main growth factors for the legal marijuana market. The global legal marijuana market was valued at USD 10.0 billion in 2020 and is expected to reach USD 47.1 billion in 2027, growing at a CAGR of 24.9% during the forecast period.
Legal marijuana market growth has risen income considerably for dispensary owners as well as breeders and governments. Furthermore, for recreational purposes, the growing popularity of legal marijuana increases market competition and business prospects for several suppliers. In some regions, legalizing medical marijuana and decriminalizing it has led to a major fall in the black market as individuals resort to legal cannabis purchases for both medical and recreational use.
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Medical marijuana legalization in developing nations and growth in the expenditure for the development of legal marijuana across the healthcare sectors to meet the successful remedy for the cure of dangerous diseases such as cancer and bones joints are expected to increase the demand for medical marijuana as a replacement for traditional medicines. However, the development of this industry worldwide could be affected by rigorous regulatory and approval processes, complicated distribution channels and high product price. Vendors are introducing various products such as tablets based on marijuana and topical apps to boost marijuana sales. The key vendors are also engaged in developing cannabis-containing food products, which is the consumer's preferred mode of consumption.
In the global legal marijuana market, the high prices of legal marijuana and limited legalization of across the commercial sectors are expected to hamper the growth of the market during the forecast period.