Legal Marijuana Market Growing with 21.1% CAGR Globally
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 XX billion in 2018 and is expected to reach USD XX billion in 2026, growing at a CAGR of 21.2% 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.
- Based on the product type, the concentrate segment is predicted to hold nearly 25% in the global legal marijuana market in 2018
- Based on the application, The cancer segment is expected to grow at the highest CAGR of around 28.5% in the global legal marijuana market
- In 2018, North America is expected to hold the highest market share of 46% in the global legal marijuana market
- In September 2018 Aphria Inc. has acquired LATAM Holdings. This acquisition would provide the business expansion across Colombia, Argentina, Jamaica, and Brazil in South America and the Caribbean.
- In October 2018, Canopy Growth Corporation's wholly-owned subsidiary, Spectrum Cannabis (Canada), signed up a partnership agreement with the Ontario Long Term Care Association (OLTCA) for the Pilot cannabis study in Canada.