CHICAGO, March 17, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market research has published a report on the "Legal Marijuana Market" which covers several regions including the USA, Europe, China, Japan, India, South East Asia, and more. The report provides a comprehensive analysis of the market's opportunities and risks and helps decision-makers make strategic and tactical decisions with confidence. A systematic analysis of patents and major market players has been carried out in the excellent Legal Marijuana report to provide a competitive landscape. This market report offers market segmentation in the most-detailed pattern. A high-level market analysis of major segments has been performed in the report and opportunities are identified. The market report not only deals with major industrial categories but also different associated segments such as services, technologies, & applications. What is more, the comprehensive Legal Marijuana market research report provides market data in such a way that it also considers new product development from beginning to launch.
After identifying trends in consumer and supply chain dynamics, marketing, promotional and sales strategies are interpreted accordingly for an utmost success. A high quality Legal Marijuana market report helps in finding out prospective in new geographical markets and performs market analysis to successfully get bigger into them. The report is also helpful to gain knowledge and insights about the new regulatory environment which suits to the organization. To design Legal Marijuana market survey report at its best, DBMR team works with respect to opportunities, challenges, drivers, market structures, and competitive landscape for maximum success of the clients.
Data Bridge Market Research analyses that the legal marijuana market, which was USD 27.7 billion in 2022, would rise to USD 127.49 million by 2030 and is expected to undergo a CAGR of 21% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Marijuana signifies the dried leaves, stems, flowers, and seeds from the cannabis sativa or cannabis indica plant. It is also commonly known as cannabis. This plant is generally used as a recreational drug for numerous diseases. The legality of marijuana for recreational and medical is being done across many regions concerning its cultivation, possession, and distribution.
In the past few years, the use of marijuana as a recreational drug has been proven in many countries. Countries such as Uruguay, Canada, and numerous U.S. states have legalized the production, sale, and ownership of marijuana for medical and recreational usage. Several studies were carried out, which showed that medical marijuana and its derivatives could be used to treat symptoms of numerous diseases such as chemotherapy-induced nausea, chronic pain, Parkinson's, Alzheimer's, and other neurological diseases.
Recent Development
- In 2022, HYTN Innovations Inc. entered into a manufacturing and sales agreement with Promethean BioPharma. Through this agreement, the company has successfully created, and exported cannabis nano-emulsions that include its proprietary Elevation Technology in the medical cannabis market in Australia.
Competitive Landscape
The research promotes high-end commercialization and profit-steering opportunities, and it takes market dimensions and volatility into account.
This section of the report also focuses on accurately decoding the competitive landscape with astute high-end identification of frontline players, complete with an in-depth analytical study of their business choices and investment discretion, to ensure thoroughly impeccable investor participation and noteworthy growth prospects.
To ensure a smooth ride and hopeful business returns despite numerous odds and unprecedented hurdles, this research has carefully gauged facts pertaining to portfolio advancements, geographical presence, and other essential market details.
Some of the major players operating in the legal marijuana market are:
- VIVO Cannabis Inc. (Canada)
- Dr. Hemp Me. (Ireland)
- QC Infusion (U.S.),
- Hemp Production Services (Canada)
- Green Roads (U.S.)
- Royal CBD (U.S.)
- CV Sciences, Inc. (U.S.)
- Gaia Herbs Farm (U.S.)
- SPRING CREEK LABS (U.S.)
- Isodiol International Inc (Canada)
- Medical Marijuana, Inc. (U.S.)
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The investment made in the study would provide you access to information such as:
- Legal Marijuana Market [Global – Broken-down into regions]
- Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
- Country wise Market Size Split [of important countries with major market share]
- Market Share and Revenue/Sales by leading players
- Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter’s Five Forces, etc.
- Legal Marijuana Market Size
- Market Size by application/industry verticals
- Market Projections/Forecast
Opportunities for Key Players:
- Increasing Healthcare Expenditure Provided by Organizations
There is huge healthcare spending by various organizations that enhances the market growth. For instance, Verano Holdings, the Cannabis multistate operator, has received an additional USD 100 million under its credit agreement for multiple strategic initiatives and fund expansion. The main asset in the acquisition will be the vertical medical marijuana business based in New York, one of the only licensed operations in that state. Thus, this factor increases the market growth.
- Increasing Industrial Development
With the legalization of marijuana, a lot of countries are paving the way for its cultivation to cut imports and gain revenue in the form of taxes. This, in turn, led to an increasing number of jobs in the industry and many more companies are focusing in this territory. Numerous startups in the U.S. and Europe are now primarily focusing on alternate uses of cannabis other than recreational and medicinal. Thus, all these factors led to significant industrial expansion worldwide. This factor boosts market growth.
Key Market Segments Covered in Legal Marijuana Industry Research
Species
- Sativa
- Indica
- Hybrid
Strains
- THC
- CBD
Type
- Recreational Marijuana
Application
- Chronic Pain
- Mental Disorders
- Cancer
Product Type
- Buds / marijuana Flower
- Cannabis Extracts
- Oil
- Tinctures
Purchase Channel
- Online
- Offline
End-User
- Pharmaceutical
- Food
- Beverages
- Tobacco
- Personal Care
- Research and Development Centers
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Market Drivers:
- Higher Demand for Marijuana Oils
The increasing demand for marijuana oil is enhancing market growth. The majority of countries have legalized marijuana for its medicinal properties. Marijuana oil and tinctures are being studied on a huge scale for multiple indications in many countries. This is also anticipated to evolve as the fastest-growing segment due to recent legalizations for medical cannabis and its derivatives. Oils extracted from cannabis are used for the treatment of vomiting and nausea occurring due to cancer. Thus, these devices are boosting the market's growth.
- Utilization of Marijuana in Chronic Disorders
Cannabis derivatives have been widely studied for their analgesic use in chronic disorders. It has shown far better results with few side effects compared to the regular medicines being prescribed till now. It has proven to decrease arthritic pain considerably with negligible side effects. With the rise in awareness of medical cannabis and its derivatives, the market is anticipated to grow progressively over the forecast period. Thus, this factor will boost market growth.
Legal Marijuana Market Regional Analysis/Insights:
The countries covered in the legal marijuana market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the legal marijuana market due to government regulations and the legalization of marijuana for medical and adult (recreational) use within the region. It is further boosted by the presence of most of the major market players in the cannabis market. The demand and supply have increased, with more than two-thirds of the U.S. falling under the legal territory for cannabis
Asia-Pacific is expected to grow significantly due to the increasing demand in these regions. Numerous countries are legalizing cannabis in the Asia Pacific region. Countries with a large elderly population will fast approve the legalization process due to its medicinal value, which can increase the industry's growth in the region.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Legal Marijuana Market: Regulations
- Market Overview
- Global Legal Marijuana Market, By Species
- Global Legal Marijuana Market, By Strains
- Global Legal Marijuana Market, By Type
- Global Legal Marijuana Market, By Application
- Global Legal Marijuana Market, By Product Type
- Global Legal Marijuana Market, By Purchase Channel
- Global Legal Marijuana Market, By End-User
- Global Legal Marijuana Market, By Region
- Global Legal Marijuana Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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