Legal Marijuana Market | Industry Analysis and Business Growth and Forecast 2020 to 2024
Research Reports
Jan 05, 2021
Market Insight
Global Legal Marijuana Market is projected to reach USD 32.34 billion at a CAGR of 4.11% by the end of Forecast Period. In North America, legal marijuana is majorly consumed in the U.S. and Canada. North America alone captures 58% market share followed by Canada in the year 2016.
Increasing legalization of marijuana in different countries is encouraging the growth of legal marijuana market. Thus, the application of legal marijuana in medical sector is witnessing a rapid growth at a global level. Moreover, marijuana oil and hemp seeds are now also being used in personal care products and are found to heal skin conditions including psoriasis, skin rashes, and eczema, which is adding fuel to the growth of the legal marijuana market.
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Based on the type of the Legal Marijuana, sativa is dominating the market holding a global market share of 56.3% and is expected to grow substantially over the forecast period. However, Indica segment is expected to account for a steady growth in the legal marijuana market over the forecast period 2016-2024. Researchers are taking efforts to bring out value added products from the cannabis strains, which is contributing in the growth of legal marijuana market. Increasing awareness of the health benefits associated with the legal marijuana is propelling the growth of this market.
Leading Players
This report includes a study of strategies such as Mergers, Acquisitions and Product Launches by the major legal marijuana market players. It further includes product portfolios, developments of leading players, which includes
Some of the leading players in the Global Legal Marijuana Industry Abattis Bioceuticals Corp (Canada), Medicine Man (U.S.), AmeriCann, Inc. (U.S.), Novus Acquisition & Development (U.S.), GW Pharmaceuticals (U.K.), Canopy Growth (Canada) and Insys Therapeutics (U.S.)
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