Rising number of countries legalizing use of cannabis and increasing changes in government policies in order to support use of cannabis for medicinal use are key factors driving market growth

The global legal marijuana market size is expected to reach USD 98.57 Billion in 2028 and register a CAGR of 22.4% over the forecast period, according to the latest report by Reports and Data. Various countries across the globe have legalized cannabis, this coupled with increasing changes in government policies to support use of cannabis for medicinal use are some key factors expected to drive market revenue growth over the forecast period. In addition, rising number of research and development and clinical trial activities in the field globally is expected to contribute to revenue growth of the market going ahead.

Marijuana usage as a recreational use is banned in in various countries worldwide. As a result of long-fought legalization initiatives, several countries including Uruguay and Canada, and various states in the United States, already had legalized the cultivation, sale, and use of marijuana for medicinal and recreational uses. Increasing cannabis legalization could have a diverse range of effects on society and economy of countries where it is legal. Marijuana legalization enables the government to control production and sales on an application basis, ensuring that cannabis industry contributes to GDP of the country. Marijuana consumers now consider purchasing cannabis more frequently following legalization than before. Simultaneously, more customers are considering purchasing recreational marijuana more frequently. Additionally, recreational marijuana businesses' RD activities are expected to increase as the number of countries which have legalized marijuana continue to rise, thereby, bolstering legal marijuana industry growth. However, high risk of respiratory problems and cognition-related effects are expected to restrain market growth to a certain extent over the forecast period.

The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.

Key companies operating in the market and profiled in the report include:

CanniMed Therapeutics Inc., Canopy Growth Corporation, Cannabis Sativa, Inc., GW Pharmaceuticals Plc, Aphria Inc., Medical Marijuana, Inc., Lexaria Corporation, OrganiGram Holdings Inc., Tilray Inc., and Cronos Group Inc.

The Legal Marijuana Market market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.

Segments Covered in the report

Product Type Outlook (Revenue, USD billion; 2018-2028)

• Marijuana Flower
• Extracts
• Tinctures
• Oil
• Others

Strain Outlook (Revenue, USD billion; 2018-2028)

• CBD-dominant
• THC-dominant
• Balanced CBD and THC

Application Outlook (Revenue, USD billion; 2018-2028)

• Recreational
• Medical
• Mental Disorders
• Chronic Pain
• Cancer
• Others
• Cosmetics
• Others

Species Outlook (Revenue, USD billion; 2018-2028)

• Sativa
• Indica
• Hybrid

Key Regions Analyzed in the Report include:

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• Italy
• France
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Rest of MEA

Furthermore, it consists information about individual segment of the Legal Marijuana Market market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.

Some Key Highlights from the Report:

• Marijuana flower segment is expected to account for largest revenue share during the forecast period due to a growing weed industry as a result of an increase in tobacco smokers across the world, which is raising demand for marijuana flowers.
• THC-dominant segment is expected to register robust revenue growth over the forecast period due to growing usage of THC-dominant marijuana strains for the treatment of glaucoma, muscular spasticity, low appetite, insomnia, chronic pain, anxiety, and nausea.
• Medical segment is expected to register considerable revenue growth between 2021 and 2028. Growth of the segment is attributed to the increasing demand for marijuana to relieve pain in various health conditions such as cancer, seizures, AIDS, and other diseases.
• North America is expected to account for largest revenue share over the forecast period. Enlightened government regulations, as well as full legalization of marijuana for recreational and medical usages in the U.S., Mexico, and Canada have bolstered market growth in this region.

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