Legal marijuana’s hiked usage in recreational and medical treatments has boomed the legal marijuana market worldwide. In addition to that, private and public investment for research and development of harmless forms for ingesting marijuana such as vapes, oils, tinctures and other edibles are anticipated to positively reinforce the market growth. Countries, especially Canada and the U.S., are striving hard for legalization of marijuana for recreational activities. These trends are bound to expand the legal marijuana market size.
Cannabinoids are the newest entrants in the medical cannabis industry. There are currently more than 100 cannabinoids types’ present and undergoing research for their future implementations.
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Growing number of companies participating in marijuana market will multiply the variety of marijuana for end users. Innovative products such as marijuana oil has caught attention over the past few years owing to its safety and effectiveness against smoking. As a result, upturn research in cannabis industry is leading the advent of marijuana strains. As per the Cannabis Act brought into force by the government of Canada since October 17, 2018, precise rules and regulations have been imposed on the sale, production, distribution and possession of marijuana. Similarly, even the U.S has legalized marijuana in 30 states and Washington DC.
The global cannabis market, based on segments is categorized into medical and recreational marijuana. The medical segment dominated the global market in terms of revenue by more than 80% in 2016. Required compulsion for treating conditions such as cancer-induced nausea, multiple sclerosis and chronic pain, has resulted in legalization of marijuana in several countries. Moreover, many countries are still in process for legalizing it while assimilating the enormous benefits it delivers. With scientific studies and clinical trials, positive conclusions for cannabis has been drawn that resulted in intensified use of cannabis for clinical use, which will bolster the legal marijuana industry.
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Another prevalent form of marijuana, bud structures, is expected to register a strong growth in legal marijuana market. Wider acceptability of buds owes to its cost-effectiveness compared to extracts or derivatives. Buds spectrum has expanded with time as it is highly preferred in smoking as well as in recreational market. This segment was valued at xx Bn in 2016 and expected grow further tremendously. Countries such as Columbia, Canada, U.S. and Israel have witnessed budding market players that emphasize on higher production output and escalating geographical reach.
The oil segment is anticipated to witness a massive growth over the forecast period. Hemp oil has increased demands in clinical use. Medical professionals who prescribe cannabis are apprehensive towards the quantity of cannabinoid intake. Fatal complications associated with smoking has discouraged physicians from prescribing it. Owing to this, medical sector prefer hemp extracts in form of oil or edibles, which is anticipated to be an influencing factor contributing to the market growth.
What to expect from the upcoming report on ‘Global Legal Marijuana Market’:
The report delivers Market analysis for the top geographical regions that are North America, Europe, Asia Pacific, Latin America and Middle East & Africa. It also takes in consideration factors responsible for vigorous growth in these regions.
The report presents a comprehensive view of economic factors which are significant in determining buying decisions, market trend, and market attractiveness are been calculated for market forecasting and estimation.
The report explores the key factors of opportunities, drivers and restraints enabling strategic decision making identification of potential market possible. It includes segmentation based on applications including Mental Disorders, Chronic Pain, Mental Disorders and Others.
The study also discusses various medical and recreational factors critical for the market growth.
The concluding analysis will assist stakeholders such as distributors and manufacturers in capturing and identifying markets with high potential.
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