Legal Cannabis Market Outlook
According to a new report by Expert Market Research titled, “Global Legal Cannabis Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global legal cannabis market is projected to grow at a CAGR of 23% between 2024 and 2032. Aided by the increasing legalisation of cannabis for both medical and recreational purposes worldwide and the growing recognition of its therapeutic benefits, the market is expected to grow significantly by 2032.
Cannabis, known for its psychoactive properties, has been a subject of legal and medical discourse for decades. Recently, a shift in regulatory attitudes and an increase in scientific research supporting its benefits have led to the legalisation of cannabis in several countries. This legalisation has opened new avenues for its use in the pharmaceutical, food and beverage, and personal care industries.
The medical cannabis sector, in particular, is driving the legal cannabis market growth, with cannabis being used to treat chronic pain, neurological disorders, and various mental health conditions. The expansion of cannabis legalisation is also contributing to the growth of the recreational market, as consumers increasingly recognise cannabis as an alternative to traditional leisure substances.
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One of the primary drivers of the legal cannabis market demand is the growing body of scientific research that supports its medical benefits. Cannabis is being increasingly adopted for the treatment of chronic pain, epilepsy, multiple sclerosis, and cancer-related symptoms, among other conditions. This is leading to a wider acceptance of cannabis in the healthcare sector and is driving its prescription for therapeutic purposes.
The development of diverse cannabis products, including oils, edibles, tinctures, and topicals, is another trend shaping the market. These products cater to a wide range of consumer preferences and are gaining popularity in both medical and recreational markets.
According to the legal cannabis market analysis, the legalisation and decriminalisation of cannabis in various countries have led to the emergence of a regulated and safer market. This regulatory shift is encouraging investment in cannabis research and development, cultivation, and distribution, further boosting the industry’s growth.
North America is a dominant player in the global market for legal cannabis, largely due to the widespread legalisation of medical and recreational cannabis in the United States and Canada. These countries have well-established regulatory frameworks and a growing consumer base, contributing significantly to the market’s expansion.
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Legal Cannabis Market Segmentation
The market can be divided based on products derived, application, distribution channel, and region.
Market Breakup by Products Derived
- Marijuana
- Industrial Hemp
Market Breakup by Application
- Marijuana
- Medical
- Migraine
- Arthritis
- Cancer
- Others
- Recreational Use
- Medical
- Industrial Hemp
- Personal Care
- Hemp CBD
- Food
- Consumer Textile
- Others
Market Breakup by Distribution Channel
- Regulated Dispensary
- Recreational Stores
- Stand-Alone Retailer
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global legal cannabis market. Some of the major players explored in the report by Expert Market Research are as follows:
- Canopy Growth Corporation
- Aurora Cannabis Enterprises Inc.
- Maricann Inc.
- Others
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