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Legal Marijuana Market By Product Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031

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    Report

  • 230 Pages
  • January 2023
  • Region: Global
  • Allied Market Research
  • ID: 5751176
Marijuana is also known as cannabis. The demand for legal marijuana is rising as a result of government policy changes. New businesses are currently testing and producing cannabis, among other things. The legal marijuana market is also positively impacted by increase in awareness, the prevalence of medical illnesses, and the therapeutic value of marijuana. Furthermore, one of the key factors propelling the expansion of the legal marijuana market is the rise in the number of nations that have legalized marijuana. The legalization of cannabis in several nations in terms of its production, possession, and distribution also contributes to the expansion of the market.

However, a number of nations have put stringent restrictions on the use of marijuana because of its unfavorable side effects, which can hurt the medicinal marijuana industry. The recreational use of marijuana can have a detrimental effect on human health, which can hinder the marijuana market during the forecast period. Nevertheless, the Asia Pacific region's move toward legalizing cannabis can offer the sector a profitable chance for expansion.

The increase in number of nations that have approved the use of medicinal marijuana in various parts of the world is one of the main causes that is boosting the rate of cannabis use in therapeutic applications. Cannabis legalization and strict, health-focused regulations offer a chance to lessen the negative effects of marijuana usage, according to the Centre for Addiction and Mental Health (Canada).

The COVID-19 outbreak disturbed the administration of the cannabis products' supply chain. It had a negative effect on the legal marijuana market. The supply of cannabis in dispensaries decreased due of lockdowns being implemented worldwide. The COVID-19 pandemic had a major impact on export and commerce. The supply chain breakdown had an impact on both the import and export industries. More patients are anticipated to use cannabis as a form of treatment in the post-COVID scenario.

The key players profiled in this report include Aurora Cannabis, Maricann Group, Inc.,GW Pharmaceuticals, plc., Aphria, Inc., Tilray, The Cronos Group, ABcann Medicinals, Inc.Canopy Growth Corporation,Lexaria Corp., and Organigram Holding, Inc.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the legal marijuana market analysis from 2021 to 2031 to identify the prevailing legal marijuana market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the legal marijuana market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global legal marijuana market trends, key players, market segments, application areas, and market growth Strategies.

Key Market Segments

By Product Type

  • Flower Buds
  • Oils
  • Tinctures

By Application

  • Recreational
  • Medical

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest Of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest Of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • United Arab Emirates
  • South Africa
  • Rest Of LAMEA

Key Market Players

  • Canopy Growth Corporation
  • Aphria, Inc.
  • Aurora Cannabis Inc.
  • Maricann Group, Inc.
  • Gw Pharmaceuticals, Plc.
  • United Cannabis Corporation
  • Organigram Holdings, Inc.
  • Abcann Medicinals, Inc.
  • Lexaria Corp.
  • Tilray

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities
3.5. COVID-19 Impact Analysis on the market
3.6. Key Regulation Analysis
3.7. Market Share Analysis
3.8. Patent Landscape
3.9. Regulatory Guidelines
3.10. Value Chain Analysis

CHAPTER 4: LEGAL MARIJUANA MARKET, BY PRODUCT TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Flower Buds
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Oils
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
4.4. Tinctures
4.4.1. Key market trends, growth factors and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market share analysis by country
4.5. Others
4.5.1. Key market trends, growth factors and opportunities
4.5.2. Market size and forecast, by region
4.5.3. Market share analysis by country

CHAPTER 5: LEGAL MARIJUANA MARKET, BY APPLICATION
5.1. Overview
5.1.1. Market size and forecast
5.2. Recreational
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Medical
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country

CHAPTER 6: LEGAL MARIJUANA MARKET, BY REGION
6.1. Overview
6.1.1. Market size and forecast By Region
6.2. North America
6.2.1. Key trends and opportunities
6.2.2. Market size and forecast, by Product Type
6.2.3. Market size and forecast, by Application
6.2.4. Market size and forecast, by country
6.2.4.1. U.S.
6.2.4.1.1. Key market trends, growth factors and opportunities
6.2.4.1.2. Market size and forecast, by Product Type
6.2.4.1.3. Market size and forecast, by Application
6.2.4.2. Canada
6.2.4.2.1. Key market trends, growth factors and opportunities
6.2.4.2.2. Market size and forecast, by Product Type
6.2.4.2.3. Market size and forecast, by Application
6.2.4.3. Mexico
6.2.4.3.1. Key market trends, growth factors and opportunities
6.2.4.3.2. Market size and forecast, by Product Type
6.2.4.3.3. Market size and forecast, by Application
6.3. Europe
6.3.1. Key trends and opportunities
6.3.2. Market size and forecast, by Product Type
6.3.3. Market size and forecast, by Application
6.3.4. Market size and forecast, by country
6.3.4.1. Germany
6.3.4.1.1. Key market trends, growth factors and opportunities
6.3.4.1.2. Market size and forecast, by Product Type
6.3.4.1.3. Market size and forecast, by Application
6.3.4.2. UK
6.3.4.2.1. Key market trends, growth factors and opportunities
6.3.4.2.2. Market size and forecast, by Product Type
6.3.4.2.3. Market size and forecast, by Application
6.3.4.3. France
6.3.4.3.1. Key market trends, growth factors and opportunities
6.3.4.3.2. Market size and forecast, by Product Type
6.3.4.3.3. Market size and forecast, by Application
6.3.4.4. Spain
6.3.4.4.1. Key market trends, growth factors and opportunities
6.3.4.4.2. Market size and forecast, by Product Type
6.3.4.4.3. Market size and forecast, by Application
6.3.4.5. Italy
6.3.4.5.1. Key market trends, growth factors and opportunities
6.3.4.5.2. Market size and forecast, by Product Type
6.3.4.5.3. Market size and forecast, by Application
6.3.4.6. Rest of Europe
6.3.4.6.1. Key market trends, growth factors and opportunities
6.3.4.6.2. Market size and forecast, by Product Type
6.3.4.6.3. Market size and forecast, by Application
6.4. Asia-Pacific
6.4.1. Key trends and opportunities
6.4.2. Market size and forecast, by Product Type
6.4.3. Market size and forecast, by Application
6.4.4. Market size and forecast, by country
6.4.4.1. China
6.4.4.1.1. Key market trends, growth factors and opportunities
6.4.4.1.2. Market size and forecast, by Product Type
6.4.4.1.3. Market size and forecast, by Application
6.4.4.2. Japan
6.4.4.2.1. Key market trends, growth factors and opportunities
6.4.4.2.2. Market size and forecast, by Product Type
6.4.4.2.3. Market size and forecast, by Application
6.4.4.3. India
6.4.4.3.1. Key market trends, growth factors and opportunities
6.4.4.3.2. Market size and forecast, by Product Type
6.4.4.3.3. Market size and forecast, by Application
6.4.4.4. South Korea
6.4.4.4.1. Key market trends, growth factors and opportunities
6.4.4.4.2. Market size and forecast, by Product Type
6.4.4.4.3. Market size and forecast, by Application
6.4.4.5. Australia
6.4.4.5.1. Key market trends, growth factors and opportunities
6.4.4.5.2. Market size and forecast, by Product Type
6.4.4.5.3. Market size and forecast, by Application
6.4.4.6. Rest of Asia-Pacific
6.4.4.6.1. Key market trends, growth factors and opportunities
6.4.4.6.2. Market size and forecast, by Product Type
6.4.4.6.3. Market size and forecast, by Application
6.5. LAMEA
6.5.1. Key trends and opportunities
6.5.2. Market size and forecast, by Product Type
6.5.3. Market size and forecast, by Application
6.5.4. Market size and forecast, by country
6.5.4.1. Brazil
6.5.4.1.1. Key market trends, growth factors and opportunities
6.5.4.1.2. Market size and forecast, by Product Type
6.5.4.1.3. Market size and forecast, by Application
6.5.4.2. Saudi Arabia
6.5.4.2.1. Key market trends, growth factors and opportunities
6.5.4.2.2. Market size and forecast, by Product Type
6.5.4.2.3. Market size and forecast, by Application
6.5.4.3. United Arab Emirates
6.5.4.3.1. Key market trends, growth factors and opportunities
6.5.4.3.2. Market size and forecast, by Product Type
6.5.4.3.3. Market size and forecast, by Application
6.5.4.4. South Africa
6.5.4.4.1. Key market trends, growth factors and opportunities
6.5.4.4.2. Market size and forecast, by Product Type
6.5.4.4.3. Market size and forecast, by Application
6.5.4.5. Rest of LAMEA
6.5.4.5.1. Key market trends, growth factors and opportunities
6.5.4.5.2. Market size and forecast, by Product Type
6.5.4.5.3. Market size and forecast, by Application

CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. Introduction
7.2. Top winning Strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top player positioning, 2021

CHAPTER 8: COMPANY PROFILES
8.1. Canopy Growth Corporation
8.1.1. Company overview
8.1.2. Key Executives
8.1.3. Company snapshot
8.2. Aphria, Inc.
8.2.1. Company overview
8.2.2. Key Executives
8.2.3. Company snapshot
8.3. Aurora Cannabis Inc.
8.3.1. Company overview
8.3.2. Key Executives
8.3.3. Company snapshot
8.4. Maricann Group, Inc.
8.4.1. Company overview
8.4.2. Key Executives
8.4.3. Company snapshot
8.5. Gw Pharmaceuticals, Plc.
8.5.1. Company overview
8.5.2. Key Executives
8.5.3. Company snapshot
8.6. United Cannabis Corporation
8.6.1. Company overview
8.6.2. Key Executives
8.6.3. Company snapshot
8.7. Organigram Holdings, Inc.
8.7.1. Company overview
8.7.2. Key Executives
8.7.3. Company snapshot
8.8. Abcann Medicinals, Inc.
8.8.1. Company overview
8.8.2. Key Executives
8.8.3. Company snapshot
8.9. Lexaria Corp.
8.9.1. Company overview
8.9.2. Key Executives
8.9.3. Company snapshot
8.10. Tilray
8.10.1. Company overview
8.10.2. Key Executives
8.10.3. Company snapshot

List of Tables
Table 01. Global Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 02. Legal Marijuana Market for Flower Buds, by Region, 2021-2031 ($Billion)
Table 03. Legal Marijuana Market for Oils, by Region, 2021-2031 ($Billion)
Table 04. Legal Marijuana Market for Tinctures, by Region, 2021-2031 ($Billion)
Table 05. Legal Marijuana Market for Others, by Region, 2021-2031 ($Billion)
Table 06. Global Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 07. Legal Marijuana Market for Recreational, by Region, 2021-2031 ($Billion)
Table 08. Legal Marijuana Market for Medical, by Region, 2021-2031 ($Billion)
Table 09. Legal Marijuana Market, by Region, 2021-2031 ($Billion)
Table 10. North America Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 11. North America Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 12. North America Legal Marijuana Market, by Country, 2021-2031 ($Billion)
Table 13. U.S. Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 14. U.S. Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 15. Canada Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 16. Canada Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 17. Mexico Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 18. Mexico Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 19. Europe Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 20. Europe Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 21. Europe Legal Marijuana Market, by Country, 2021-2031 ($Billion)
Table 22. Germany Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 23. Germany Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 24. UK Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 25. UK Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 26. France Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 27. France Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 28. Spain Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 29. Spain Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 30. Italy Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 31. Italy Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 32. Rest of Europe Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 33. Rest of Europe Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 34. Asia-Pacific Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 35. Asia-Pacific Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 36. Asia-Pacific Legal Marijuana Market, by Country, 2021-2031 ($Billion)
Table 37. China Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 38. China Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 39. Japan Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 40. Japan Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 41. India Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 42. India Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 43. South Korea Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 44. South Korea Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 45. Australia Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 46. Australia Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 47. Rest of Asia-Pacific Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 48. Rest of Asia-Pacific Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 49. LAMEA Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 50. LAMEA Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 51. LAMEA Legal Marijuana Market, by Country, 2021-2031 ($Billion)
Table 52. Brazil Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 53. Brazil Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 54. Saudi Arabia Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 55. Saudi Arabia Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 56. United Arab Emirates Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 57. United Arab Emirates Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 58. South Africa Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 59. South Africa Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 60. Rest of LAMEA Legal Marijuana Market, by Product Type, 2021-2031 ($Billion)
Table 61. Rest of LAMEA Legal Marijuana Market, by Application, 2021-2031 ($Billion)
Table 62. Canopy Growth Corporation: Key Executives
Table 63. Canopy Growth Corporation: Company Snapshot
Table 64. Aphria, Inc.: Key Executives
Table 65. Aphria, Inc.: Company Snapshot
Table 66. Aurora Cannabis Inc.: Key Executives
Table 67. Aurora Cannabis Inc.: Company Snapshot
Table 68. Maricann Group, Inc.: Key Executives
Table 69. Maricann Group, Inc.: Company Snapshot
Table 70. Gw Pharmaceuticals, PLC.: Key Executives
Table 71. Gw Pharmaceuticals, PLC.: Company Snapshot
Table 72. United Cannabis Corporation: Key Executives
Table 73. United Cannabis Corporation: Company Snapshot
Table 74. Organigram Holdings, Inc.: Key Executives
Table 75. Organigram Holdings, Inc.: Company Snapshot
Table 76. Abcann Medicinals, Inc.: Key Executives
Table 77. Abcann Medicinals, Inc.: Company Snapshot
Table 78. Lexaria Corp.: Key Executives
Table 79. Lexaria Corp.: Company Snapshot
Table 80. Tilray: Key Executives
Table 81. Tilray: Company Snapshot

List of Figures
Figure 01. Legal Marijuana Market, 2021-2031
Figure 02. Segmentation of Legal Marijuana Market, 2021-2031
Figure 03. Top Investment Pockets in Legal Marijuana Market (2022-2031)
Figure 04. Porter Five-1
Figure 05. Porter Five-2
Figure 06. Porter Five-3
Figure 07. Porter Five-4
Figure 08. Porter Five-5
Figure 09. Drivers, Restraints and Opportunities: Globallegal Marijuana Market
Figure 10. Impact of Key Regulation: Legal Marijuana Market
Figure 11. Market Share Analysis: Legal Marijuana Market
Figure 12. Patent Analysis by Company
Figure 13. Patent Analysis by Country
Figure 14. Regulatory Guidelines: Legal Marijuana Market
Figure 15. Value Chain Analysis: Legal Marijuana Market
Figure 16. Legal Marijuana Market, by Product Type, 2021(%)
Figure 17. Comparative Share Analysis of Legal Marijuana Market for Flower Buds, by Country 2021-2031(%)
Figure 18. Comparative Share Analysis of Legal Marijuana Market for Oils, by Country 2021-2031(%)
Figure 19. Comparative Share Analysis of Legal Marijuana Market for Tinctures, by Country 2021-2031(%)
Figure 20. Comparative Share Analysis of Legal Marijuana Market for Others, by Country 2021-2031(%)
Figure 21. Legal Marijuana Market, by Application, 2021(%)
Figure 22. Comparative Share Analysis of Legal Marijuana Market for Recreational, by Country 2021-2031(%)
Figure 23. Comparative Share Analysis of Legal Marijuana Market for Medical, by Country 2021-2031(%)
Figure 24. Legal Marijuana Market by Region, 2021
Figure 25. U.S. Legal Marijuana Market, 2021-2031 ($Billion)
Figure 26. Canada Legal Marijuana Market, 2021-2031 ($Billion)
Figure 27. Mexico Legal Marijuana Market, 2021-2031 ($Billion)
Figure 28. Germany Legal Marijuana Market, 2021-2031 ($Billion)
Figure 29. UK Legal Marijuana Market, 2021-2031 ($Billion)
Figure 30. France Legal Marijuana Market, 2021-2031 ($Billion)
Figure 31. Spain Legal Marijuana Market, 2021-2031 ($Billion)
Figure 32. Italy Legal Marijuana Market, 2021-2031 ($Billion)
Figure 33. Rest of Europe Legal Marijuana Market, 2021-2031 ($Billion)
Figure 34. China Legal Marijuana Market, 2021-2031 ($Billion)
Figure 35. Japan Legal Marijuana Market, 2021-2031 ($Billion)
Figure 36. India Legal Marijuana Market, 2021-2031 ($Billion)
Figure 37. South Korea Legal Marijuana Market, 2021-2031 ($Billion)
Figure 38. Australia Legal Marijuana Market, 2021-2031 ($Billion)
Figure 39. Rest of Asia-Pacific Legal Marijuana Market, 2021-2031 ($Billion)
Figure 40. Brazil Legal Marijuana Market, 2021-2031 ($Billion)
Figure 41. Saudi Arabia Legal Marijuana Market, 2021-2031 ($Billion)
Figure 42. United Arab Emirates Legal Marijuana Market, 2021-2031 ($Billion)
Figure 43. South Africa Legal Marijuana Market, 2021-2031 ($Billion)
Figure 44. Rest of LAMEA Legal Marijuana Market, 2021-2031 ($Billion)
Figure 45. Top Winning Strategies, by Year
Figure 46. Top Winning Strategies, by Development
Figure 47. Top Winning Strategies, by Company
Figure 48. Product Mapping of Top 10 Players
Figure 49. Competitive Dashboard
Figure 50. Competitive Heatmap: Legal Marijuana Market
Figure 51. Top Player Positioning, 2021

Executive Summary

According to the report titled, 'Legal Marijuana Market,' the legal marijuana market was valued at $17.50 billion in 2021, and is estimated to reach $80.1 billion by 2031, growing at a CAGR of 16.9% from 2022 to 2031.

Marijuana is also known as cannabis. The cannabis plant can also be used to make extracts, which are active compounds that have drug-like effects on the immune system, central nervous system, and other parts. Cannabis is used to alleviate cancer symptoms and cancer treatment side effects, including pain, nausea, and cachexia (loss of body weight and muscle mass). In addition to being used to make tea, marijuana is frequently added to baked goods like brownies, cookies, or chocolates, especially when it is used medicinally. Additionally, the use of vaporizers to consume marijuana is growing. Sinsemilla and concentrated resins with high concentrations of the psychoactive components of marijuana, such as honey-like hash oil, waxy budder, and hard amber-like shatter, are stronger varieties of the drug. These resins are becoming more and more well-liked among those who use them for recreational and therapeutic purposes.

One of the major factors that drives the growth of the legal marijuana market is the legalization of the use of medical marijuana for treating several diseases across various countries. Many studies conducted across the globe have proven that medical marijuana and its products can be used to cure patients with Parkinson’s, chronic pain, Alzheimer’s, chemotherapy-induced nausea, and other neurological diseases. Several states in the U.S. and the majority of Canada have approved the usage of recreational marijuana. These factors are anticipated to drive the market growth for legal marijuana during the forecast period.

Even though THC and marijuana have been legalized in several states, they are still prohibited at the federal level. Marijuana is a rapidly expanding industry in the states where it is legal, with sales to adults over 21 occurring in retail stores, wineries, breweries, coffee shops, dispensaries, online, as well as through home cultivation. The main drawbacks of marijuana are partly a result of its illegal status. Because it is unlawful to cultivate, sell, or purchase marijuana, persons may be subject to legal action. Additionally, consumers may never be aware of the precise active ingredients in the marijuana they are consuming.

When tolerance sets in and marijuana is misused, the most detrimental effects of marijuana become apparent. When a person develops resistance to a drug's effects, they often up their dosage, which increases the risk of marijuana addiction and other side effects. The level of tolerance also suggests that the user will suffer from marijuana withdrawal symptoms while abstaining from drugs.

An increase in the usage of marijuana and its legalization is projected to create several growth opportunities for the key players in the market. The Food and Drug Administration and other associations are now accepting marijuana products for the treatment of diseases, which it has demonstrated to be effective. This is expected to act as another factor for the rapid turnaround of marijuana’s legal status in several countries. Furthermore, more than two-thirds of the U.S. states have legalized marijuana. All these factors are predicted to generate numerous growth opportunities for the key players active in the market.

The legal marijuana market is segmented on the basis of product type, application, and region. On the basis of product type, the market is classified into stainless flower buds, oils, tinctures, and others. On the basis of application, it is divided into recreational and medical. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, Italy, France, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).

The key players profiled in the study include Aurora Cannabis, Maricann Group, Inc., GW Pharmaceuticals, plc., Aphria, Inc., Tilray, The Cronos Group, ABcann Medicinals, Inc., Canopy Growth Corporation, Lexaria Corp., and Organigram Holding, Inc. The market players are actively engaged in the adoption of various Strategies such as acquisitions, product launches, and expansion to remain competitive and gain an advantage over competitors in the market. For instance, on December 21, 2020, Tilray and Aphria announced a merger to form the largest global cannabis company.

Key Market Insights

On the basis of product type, the flower buds segment was the highest revenue contributor to the market. However, the oils segment is estimated to be the fastest growing segment during the forecast period.

On the basis of application, the medical segment dominated the global market. However, the recreational segment is expected to be the fastest growing during the forecast time.

On the basis of region, North America was the highest revenue contributor in 2021 and is estimated to expand at a high CAGR during the forecast period

Companies Mentioned

  • Canopy Growth Corporation
  • Aphria, Inc.
  • Aurora Cannabis Inc.
  • Maricann Group, Inc.
  • Gw Pharmaceuticals, Plc.
  • United Cannabis Corporation
  • Organigram Holdings, Inc.
  • Abcann Medicinals, Inc.
  • Lexaria Corp.
  • Tilray

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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