Marijuana use as a recreational substance is illegal in several nations throughout the world. Numerous nations, including Uruguay and Canada, as well as several states in the USA, have legalized the production, sale, and possession of marijuana for recreational and medical purposes as a consequence of long-fought legalization efforts. The broad legalization of marijuana in this manner could have a variety of consequences for the economy and society of the countries where it is allowed. Legalization allows governments to manage marijuana cultivation and sales on a case-by-case basis, ensuring that it contributes to the country’s GDP. Legalization also aids in the dismantling of cartels and black-market dealers, as well as the reduction of associated crime rates.
The increased demand for legal marijuana, owing to the growing number of legal cannabis countries, is one of the primary drivers driving Legal Marijuana Market expansion. The use of medicinal marijuana for a variety of conditions is gaining traction around the world as a result of recent legalizations in several countries. Medical marijuana is issued to patients with chronic illnesses like Parkinson’s, cancer, Alzheimer’s, and a variety of neurological ailments.
Regulatory constraints have hampered the cannabis business for the most of its recent history. However, the market is expected to increase significantly during the projection period, because of recent trends and governments legalizing it for medical and adult use.
COVID-19 Impact Analysis:
The COVID-19 pandemic has disrupted the supply chain management of cannabis products. The import and export of practically every mainstream commodity, including cannabis, has been hampered by restrictions in major countries. However, due to the rising prevalence of medical diseases that require marijuana as a treatment, the number of patients choosing cannabis as a medicine continues to rise. In conclusion, the disruption in the supply chain caused by the pandemic is to be compensated by the broad legalization of marijauna across the globe.
Key Trends and Drivers:
- The market for legal marijuana is being driven by increased legalization of marijuana for medicinal and adult use, as well as the growing usage of these products for the treatment of chronic conditions.
- Because of the growing patient population suffering from stress and anxiety, the mental disorder segment is expected to increase at the quickest rate over the projected period.
- Companies and distributors are adapting quickly to satisfy the needs of the “mainstream” marijuana customer. Consumers can now choose from a growing number of items, including concentrates, infused products, and topicals, in addition to smoking flowers via joints, pipes, and bongs.
- In recent years, medical hemp has gotten a lot of interest around the world. Because of its therapeutic benefits, countries such as Germany, Finland, Israel, and Canada have taken unprecedented efforts to authorize medical marijuana use.
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Restraints and challenges:
- In several parts of North America, Africa, Australia, Europe, and South America, marijuana is officially designated and approved for medical use. However, it is still illegal in the majority of Middle Eastern and Asian countries.
- Smoking cannabis is predicted to hinder market expansion due to a plethora of contradictory findings. In addition, respiratory diseases are expected to pose a threat to the legal marijuana business in the coming years.
- Rigid approval procedures are seen as a substantial impediment to the legal marijuana market’s expansion. Furthermore, major corporations attempting to get into the legal Cannabis market will face challenges due to the strict and severely regulated guidelines of operation in many countries.
Segmentation:
By Type:
- Medical
- Recreation
By Product:
- Buds
- Oils
- Tinctures
By Application:
- Chronic Pain
- Mental Disorders
- Cancer
Key Players:
- Canopy Growth Corporation
- Aurora marijuana Inc.
- Maricann Group, Inc.
- Cronos Group Inc.
- Tilray
- Lexaria Corp.
- ABcann Medicinals Inc.
- CV Sciences Inc.
- Kazmira
- Hudson Valley Hemp LLC.
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