Legal Cannabis Market Scope
Marijuana also called as cannabis, herb, pot, grass, bud, ganja, Mary Jane, and a vast number of other slang terms, it is a greenish-gray mixture of the dried flowers of Cannabis sativa. Cannabis includes sinsemilla and concentrated resins which are a stronger form of cannabis containing high doses of marijuana’s active elements which includes honeylike hash oil, waxy budder, and hard amberlike shatter. These resins are gradually common among those who use them both recreationally and medically. Changes in cannabis policies across states legalizing marijuana for medical and/or recreational use recommend that cannabis is gaining larger acceptance in our society. Marijuana legalization considers the practical uses of marijuana, especially for medical use.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Canopy Growth Corporation (United States), Aphria, Inc. (United States), Aurora Cannabis (Canada), Wayland Group (Canada), Tilray (Canada), The Cronos Group (Canada), Organigram Holding, Inc. (Canada), GW Pharmaceuticals, plc. (United Kingdom), Lexaria Corp. (Canada) and Medicine Man Technology (United States) |
CAGR | % |
Research Analyst at AMA estimates that Canadian and United States Players will contribute to the maximum growth of Global Legal Cannabis market throughout the predicted period.
Canopy Growth Corporation (United States), Aphria, Inc. (United States), Aurora Cannabis (Canada), Wayland Group (Canada), Tilray (Canada), The Cronos Group (Canada), Organigram Holding, Inc. (Canada), GW Pharmaceuticals, plc. (United Kingdom), Lexaria Corp. (Canada) and Medicine Man Technology (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are United Cannabis (United States), Terra Tech Corp (Canada), NuLeaf Naturals (United States) and mCig Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Legal Cannabis market by Type , by Application (Chronic Pain, Mental Disorders, Cancer and Others) and Region with country level break-up.
On the basis of geography, the market of Legal Cannabis has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
On May 2, 2019- Canopy Growth has announce that it has acquired German-based, Bionorica SE-founded C3 Cannabinoid Compound Company (“C3”) in a transformative deal that will see established single cannabinoid medicines brought together with the world’s leading full-spectrum medical cannabis offering.
Canada had recently passed a nationwide legalization of recreational cannabis use, following Uruguay to become the second country to do so. According to CBC, Canada is one of only two countries, besides the Netherlands, that exports cannabis products, which allows companies in Canada to gain instant revenue from recent medical cannabis
Influencing Trend:
Rising Need for Effective Pain Management Remedies and Legalization of Medicinal Cannabis Led To a Significant Decrease in the Black Market
Market Growth Drivers:
Increasing Use of Cannabis for Medical Use and Increasing Disease Burden of Chronic Pain
Challenges:
Strict Rules and Regulations Regarding the Product Sale and Cultivation
Restraints:
Excess Consumption of Cannabis affects the Brain
Opportunities:
Government Earnings through Taxation
Key Target Audience
Manufacturers of Cannabis, Suppliers of Cannabis, Wholesalers, Distributors, and Retailers of Cannabis, Healthcare Industry, Recreational Industry, Research Organization and Governmental Bodies