The global legal cannabis market is estimated to arrive at USD 91.5 billion by 2028. It is projected to develop by 26.3% CAGR in the period of forecast.
The use of cannabis, in favor of medicinal function, is attaining impetus in some parts of the world, because of the latest corroboration. This is likely to augment the market for legal cannabis.
Medical cannabis is utilized for the therapy of diverse chronic circumstances, for example epilepsy, depression, arthritis, Parkinson’s disease, anxiety, cancer, Alzheimer’s disease, plus additional neurological situations. Therefore, an extensive range of application has initiated an augmented demand for the legal cannabis, meant for the cure of diverse chronic situations.
Besides, due to cannabis is gradually receiving consent in different nations, some nations like Uruguay, Canada and some states of the U.S., have officially recognized the cannabis for recreational use by the adults. This is expected to increase the legal cannabis market.
Since, the cannabis used for the recreational purpose is effortlessly available in the market with a tag of reasonable price; the demand for the product has substantially augmented. This is anticipated to boost cannabis agriculture; to fulfill the rising demand. The recreational-use section is likely to be the highest rising division, throughout the forecast period.
The marijuana section held the major revenue share of the market, in 2020, on the basis of sources. It is projected to show the highest development percentage for the period of the forecast. This can be credited to better alertness regarding its medicinal benefits, in addition to effortless availability.
The greater effectiveness of marijuana resulting CBD is one of the essential feature responsible for the greater share of the section. The use of cannabis, intended for medicinal purpose, has observed a growth along with the increasing support, between the scientific societies, because of its benefits in a variety of treatment procedures, which is estimated to increase the market for legal cannabis.
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Further key findings from the report suggest:
• Due to greater demand as well as optimistic approach for the cannabis, North America was the major local market, in 2020
• In 2020, the medical end-use section led the legal cannabis market. It will maintain the top place throughout the forecast years. This enlargement can be accredited to the growing elderly populace and rising demand for cannabis, used for a variety of medicinal functions, for example neurological complaints, mental sicknesses, chemotherapy generated vomiting & nausea, and administration of constant pain
• As a result of the rising global legalization of cannabis, the size of market is expected to be prized by USD 91.5 billion by 2028
Million Insights segmented the global legal cannabis market based on End Use, Derivatives, Sources, and Region.
Legal Cannabis Sources Outlook (Revenue, USD Million, 2014 - 2028)
• Oil and Tinctures
• Hemp CBD
• Industrial Hemp
Legal Cannabis Derivatives Outlook (Revenue, USD Million, 2014 - 2028)
Legal Cannabis End-use Outlook (Revenue, USD Million, 2014 - 2028)
• Medical Use
• Chronic Pain
• Depression and Anxiety
• Multiple Sclerosis
• Amyotrophic Lateral Sclerosis
• Post-Traumatic Stress Disorder (PTSD)
• Recreational Use
• Industrial Use
Legal Cannabis Regional Outlook (Revenue, USD Million, 2014 - 2028)
• North America
• New Zealan
• Latin America and Caribbean
Various companies for legal cannabis market are:
• The Scotts Company LLC
• Sundial Growers, Inc.
• Cronos Group
• GW Pharmaceuticals, plc
• Cara Therapeutics, Inc.
• Insys Therapeutics, Inc.
• Aphria, Inc.
• Canopy Growth Corp.