Legal Marijuana Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028. Fast acceptance of medicinal marijuana increasing demand in medical sector such as glaucoma, asthma, respiratory disorders, Alzheimer’s disease, reduces muscle spasm, helps to decrease the disorder called Dravet’s syndrome and others are key drivers for growth of Global Legal Marijuana Market.
Marijuana is a greenish mixture of dried leaves torn leaves, stems, seeds, and flowers of the plant Cannabis sativa. Marijuana is also commonly known as Cannabis and Hemp. Marijuana contains more than 350 chemicals such as more than 30% Cannabinoids (CBD)and the mind-altering chemical Tetra Hydro Cannabinol (THC), which acts as psychoactive element.THC acts on particular brain cell receptors which react with natural THC-like chemicals. These natural chemicals play avital role in development and functioning of brain. When a person smokes marijuana, THC rapidly passes from the lungs into the blood. The blood carries the chemical to the brain and other organs through the body. When the person eats or drinks then body absorbs THC more slowly. In this case, they generally feel the effects after 1 hour. Marijuana is one of the superior modifications of cannabis, is used for recreational (psychoactive drugs) and medicinal purposes.Many countries are allowing the sale of marijuana for recreational purposes due to excessive tax revenue generated from the market. Also, consumption of marijuana in some countries is banned due to its addictive property and has been related with narcotics such as Heroin. They are frequently mixed into foods such as cookies, brownies, and candies. Stronger form of marijuana includes Sinsemilla from special cultivated female flowering plants and concentrated resins including high-doses of marijuana’s active ingredients includeshoney like hash oil, hard amber like shatter and waxy budderi.e., cannabis extracts with a creamy and buttery consistency.
Extracts can also be made from the cannabis. People can mix marijuana in food and edibles such as brownies, cookies, candy, brew it as a tea. Smoking or eating different forms of THC-rich resinsis a newly popular method of using Marijuana.
Short-Term Effects such as short-term memory problems, Severe anxiety, Very strange behavior, hearing or smelling things that aren’t there, psychosis, Panic, Hallucinations, Loss of sense of personal identity, Less reaction time, risk of heart attack, greater risk of stroke, difficulties in safe driving or playing sports and Sexual problems for males.
Long-Term Effects such as Drop in Intelligence Quotientup to 7 points if continued use started in teenage, Poor school performance and higher chance of dropping out, Impaired thinking, difficult to learn and perform complex tasks, decreased life satisfaction, Addiction about 8% of adults and 16% of people who started smoking as teenagers, Potential development of opiate abuse, Relationship problems, intimate partner violence, Antisocial behavior including robbery, Financial problems, Increased welfare dependence, Greater chances of not getting good jobs.
Global Legal Marijuana Market is segmented on the basis of Marijuana Type,Consumption Type, Applicationand Geography. On the Basis ofMarijuana Type, Global Legal Marijuana Market is classified asmedical and recreational.On the basis of Consumption Type Global Legal Marijuana Market is classified into Solid, Liquid, Inhalation and Topical. On the basis of ApplicationGlobal Legal Marijuana Market is classified as Chronic Pain, Mental Disorders, and Cancer, Others (AIDS, Amyotrophic Lateral Sclerosis and Parkinson ’s disease).
The regions covered in Global Legal Marijuana Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, Global Melanoma Drug Market sub divided in to U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Legal Marijuana Market reports cover prominent players like Medicine Man (U.S.), AmeriCann, Inc. (U.S.), Novus Acquisition & Development (U.S.), AbattisBioceuticals Corp (Canada), GW Pharmaceuticals (U.K.), Canopy Growth (Canada), Insys Therapeutics (U.S.)
Many health benefits associated with Marijuana is growing its application in the Pharmaceutical sector. The demand for legal Marijuana is increasing for recreational activity, which is driving the growth of the market.The Global Legal Marijuana Market is also driven byrising demand for Marijuana in medical sector, in the treatment of glaucoma; used to treat asthma respiratory complication slows progression of Alzheimer’s disease, reduces muscle spasm, decrease the chance of Dravet’s syndrome and others. In addition, growing occurrence of chronic diseases among population and various beneficial chemicals found in marijuana, which can be used for relief from chronic pain, reduce nausea & vomiting and increases hunger during chemotherapy are other factors likely to support growth of the Global Legal Marijuana Market. Moreover, rising mental disorder and presence of tetrahydrocannabinol (THC) in Marijuana can be used to cure mental disorder is other factor likely to boost growth of the Global Legal Marijuana Market.
In spite oflots of medical applications of Marijuana, it also causes addiction after long term consumption, creates hallucinations, thus this may hamper the market growth. However, stringent government regulations related to use of marijuana as it may have short term and long term side effects on health is a major factor restraining growth of the global legal marijuana market. Additionally, common side effects of Marijuana such as increased talkativeness and laughter alternating with periods of introspective dreaminess, fatigue and sleepiness is probably achallenge for growth of the Global Legal Marijuana Market.
Legalization of marijuana by developed countries for medical purposes where active chemical compounds in Marijuana can be used for treatment of various chronic diseases such as cancer AIDS, ALS, Crohn’s and Parkinson’s disease. Also increasing Research &Development activities and government spending on healthcare sector demands for cannabis for clinical use are major factors which drive the growth of the Global Legal Marijuana Market.
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
• Saudi Arabia
• South Africa
• Rest Of MEA
North America is expected to account for largest market (in terms of value and volume both) owing to legalization of Marijuana in developed countries, use of Marijuana in illegal drugs and Pharmaceutical sector and presence of key players in this region. This can be also attributed to increasing pool of patient suffering from chronic diseases, well developed healthcare sector and favorable reimbursement policies. Europe market accounts for second-largest revenue share in the global legal marijuana market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to register highest CAGR in terms of revenue over the forecast period, owing to increasing government expenditure on healthcare sector in emerging countries in this region.
Endless research on the Marijuana to show value-added products from cannabis strains have been contributing to the growth of the Global Legal Marijuana Market from the past few years.
Furthermore, increase in awareness through various government and NGO campaigns of disease and government initiatives for improving health care facilities are expected to boost the regional market to a certain extent.
|Forecast Period||2022 - 2028|
|Market Size in 2020:||XX|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 284.4 Billion|
|Tables, Charts & Figures:||175|
|Legal marijuana manufacturers||Medicine Man (U.S.),Novus Acquisition & Development (U.S.),AbattisBioceuticals Corp (Canada),GW Pharmaceuticals (U.K.),Canopy Growth (Canada),Insys Therapeutics, Green Thumb Industries, Cresco Labs, Innovative Industrial Properties, GrowGeneration, ScottsMiracle-Gro, Trulieve, and others.|
|Segments Covered||By Marijuana Type Analysis, By Consumption Type Analysis,By Application Analysis|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|