The latest report by IMARC Group, titled “Legal Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global legal cannabis market size reached US$ 20.7 Billion in 2022. Legal cannabis is a drug obtained from Cannabis Sativa, Indica, and Ruderalis plants. It has psychoactive properties that help relieve chronic pain, regulate and prevent diabetes, alleviate anxiety, and treat depression and inflammatory bowel diseases among individuals. It is also used in the treatment of cancer, multiple sclerosis, arthritis, glaucoma, epilepsy, migraines, Alzheimer’s, Tourette’s, Parkinson, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), and post-traumatic stress disorder (PTSD). Owing to these properties, legal cannabis finds extensive applications across the pharmaceutical industry across the globe.
Global Legal Cannabis Market Trends:
The market is primarily driven by the increasing number of countries legalizing and decriminalizing cannabis. In addition, oral cannabinoids are effective antiemetics for adults suffering from chemotherapy-induced nausea and vomiting. They are also used to treat spasticity symptoms in individuals with multiple sclerosis (MS)-related spasticity. This, coupled with the expanding pharmaceutical industry worldwide, is positively influencing market growth. Besides this, the market is also propelled by the rising approvals legalizing the use of medications containing cannabidiol (CBD) to treat rare epilepsy like Lennox-Gastaut and Dravet syndrome, which are difficult to control with other types of medication. Moreover, the increasing awareness among individuals regarding the medical benefits of legal cannabis and the rising number of research and clinical trials around the world are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 74.5 Billion by 2028, exhibiting a CAGR of 23.9% during the forecast period (2023-2028).
- Based on the source, the market has been categorized into marijuana and hemp.
- On the basis of derivatives, the market has been bifurcated into cannabidiol (CBD) and tetrahydrocannabinol (THC).
- Based on the distribution channel, the market has been classified into recreational stores, pharmacies, online stores, and others.
- On the basis of the end user, the market has been segmented into medicinal, recreational, and industrial use.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corporation, Green Thumb Industries, GW Pharmaceuticals plc (Jazz Pharmaceuticals plc), HEXO Corp., Organigram Holdings Inc., Sundial Growers Inc., The Cronos Group, The Green Organic Dutchman Holdings Ltd., The Scotts Miracle-Gro Company, Tilray Brands, Inc., and VIVO Cannabis Inc.
|Base Year of the Analysis
||Source, Derivatives, Distribution Channel, End User, Region
||North America, Asia-Pacific, Europe, Latin America, Middle East and Africa
||Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corporation, Green Thumb Industries, GW Pharmaceuticals plc (Jazz Pharmaceuticals plc), HEXO Corp., Organigram Holdings Inc., Sundial Growers Inc., The Cronos Group, The Green Organic Dutchman Holdings Ltd., The Scotts Miracle-Gro Company, Tilray and VIVO Cannabis Inc.
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