Global Legal Marijuana Market is set to surpass a valuation of USD 4 Bn by the year 2024, reflecting a strong CAGR of 22.03%. Legal marijuana is witnessing a fast uptake in regions such as North America and Europe. This is primarily owing to the introduction of new frameworks. Moreover, commercialization of the marijuana under certain regulations has further broadened its application spectrum. Legal marijuana is attracting significant commercial interest. Legal marijuana has several medical benefits, which is driving its popularity in the pharmaceutical industry. Legal marijuana is increasingly prescribed as recreational medicine. Over the year, the investments in marijuana research and development has increased. This has led to introduction of new cannabis products. Such factors are deeply influencing the market growth.
MRFR in its report has profiled of some of the top-notch companies operating in the Global Legal Marijuana Market which include AMERICANN, Inc. (U.S.), ABATTIS BIOCEUTICALS Corp (Canada), Canopy Growth (Canada), Medicine Man (U.S.), GW Pharmaceuticals (U.K.), INSYS Therapeutics (U.S.) and Novus Acquisition & Development (U.S.)
The segmental analysis of the Global Legal Marijuana Market has been conducted based on type and application.
On the basis of type, the market has been segment has been segmented into hybrid, sativa, indica and others. The sativa segment is expected to retain its top-position over the forecast period. In terms of revenue, the segment accounts for more than 50% share of the market. Sativa is a recreational marijuana, which can help in fighting depression and indolence. It helps in stimulating bodily functions and hence are being prescribed by medical practitioners.
On the basis of application, the market has been segmented into medical use and other use. The medical use segment accounts for the lion’s share in terms of revenue. The segment currently accounts for close to two-third share of the market. The other uses segment is also expected to witness a healthy growth during the forecast period. Legal marijuana is can help in healing skin disorders, reduce body fat among others. Legal marijuana has a high application potential.
On the basis of region, the global legal marijuana market has been segmented into Europe, North America and Rest of World (RoW). North America dominates the global legal marijuana market both in terms of value and volume. The region currently accounts for the more that 85% market share. North America is expected to remain the undisputed leader in the global legal marijuana market. In 2019, the market in North America was valued at USD 1.6 Bn and the figure is expected to further over 2024.
Europe is also viewed as a fast-growing market for legal marijuana. Increased acceptance of legal marijuana is various European countries is supporting the growth of the market in the region.
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