Legal Marijuana Market Outlook:
Marijuana, also known as cannabis, is a naturally occurring psychoactive drug extracted from the cannabis plant. Marijuana may be used for medical or recreational purposes. For medical purposes, it is used to reduce nausea and vomiting during chemotherapy as well as treat chronic pain, muscle spasms, and others. Thorough research is being undertaken to determine its medical applications and benefits. With its wide use for recreational purposes, it accords for a huge market value. The cannabis industry has been constrained by regulatory restrictions for most of recent history. However, with recent trends and governments legalizing medical and adult use, the market is anticipated to witness significant growth during the forecast period.
The Global Legal Marijuana Market is segmented on the basis of type, product type, application, and region. Based on type, the market is categorized into medical and recreational. Depending on product, it is fragmented into buds, oils, and tinctures. By application, it is segregated into chronic pain, neurological disorders, cancer, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Increase in legalization of marijuana in various countries is primarily driving the growth of the global legal marijuana market. In addition, acceptance of marijuana as a pharmaceutical product to treat several medical conditions, such as cancer, arthritis, stress, Alzheimer’s disease, Parkinson’s disease, and other neurological conditions is expected to drive the its demand in the near future. Moreover, surge in need for effective pain management remedies to treat rising cases of chronic pain among adults and geriatric population is anticipated to boost the market growth. However, social stigmatization of smoking and a few adverse effects of smoking cannabis, such as chronic cough, chronic obstructive pulmonary disease (COPD), and chronic bronchitis are the factors that hamper the market growth. In addition, implementation of stringent regulation regarding the marijuana product sale and cultivation in many countries limits the overall market growth. On the contrary, surge in hydroponically grown marijuana and ease in harvesting a superior quality marijuana are expected to offer remunerative opportunities for the legal marijuana market players.
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Comprehensive competitive analysis and profiles of major legal marijuana market players such as Canopy Growth Corporation, GW Pharmaceuticals, Plc., Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., The Cronos Group, Organigram Holding, Inc., ABcann Medicinals, Inc., The Hydropothecary Corp, and Lexaria Corp. is included in this report. The other players in the value chain includes Terra Tech Corp, MedReleaf Corp, Auxly Cannabis Group, Inc., CannTrust Holding, and others.
KEY BENEFITS FOR STAKEHOLDERS
- An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global legal marijuana market is provided.
- Region-wise and country-wise legal marijuana market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current market trends and future market potential from 2019 to 2026 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the legal marijuana market are profiled in this report, and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of global legal marijuana market.
KEY SEGMENTATION OF LEGAL MARIJUANA MARKET
- Chronic Pain
- Neurological Disorders
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
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