IMARC Group, a leading market research company, has recently releases report titled “Legal Cannabis Market Report by Source (Marijuana, Hemp), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)), Distribution Channel (Recreational Stores, Pharmacies, Online Stores, and Others), End User (Medical Use, Recreational Use, Industrial Use), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global legal cannabis market report.
How Big Is the High Legal Cannabis Market?
The global legal cannabis market size reached US$ 26.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 144.3 Billion by 2032, exhibiting a growth rate (CAGR) of 20.3% during 2024-2032.
Industry Overview of Legal Cannabis
Legal cannabis, also known as medical or recreational marijuana, are obtained through controlled cultivation, distribution, and consumption of the cannabis plant, in accordance with local, state, or national laws. It is available in various forms, including dried flowers, oils, tinctures, edibles, and topical creams. It contains tetrahydrocannabinol (THC) and cannabidiol (CBD), wherein THC promotes psychoactive effects, and CBD offers various potential therapeutic benefits. It helps alleviate symptoms of numerous health conditions, such as chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy. It is used in the production of textiles, paper, biodegradable plastics, and building materials.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/legal-cannabis-market/requestsample
What are the growth prospects and trends in the legal cannabis industry?
The increasing awareness about the therapeutic potential of cannabis for various medical conditions, such as chronic pain, epilepsy, and anxiety, is driving its demand. Additionally, the rising utilization of CBD-infused products in the health and wellness sector is offering a favorable market outlook.
Apart from this, various cannabis companies are diversifying their product offerings, including edibles, beverages, topicals, and concentrates, to cater to a broader consumer base.
Furthermore, the governing authorities of several countries are implementing and refining regulations to ensure product safety and quality, which is strengthening the growth of the market. Moreover, ongoing scientific research is exploring new potential uses for cannabis and improving cultivation and extraction techniques.
Leading Companies Operating in the Global Legal Cannabis Industry:
- 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
- VIVO Cannabis Inc.
Legal Cannabis Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Source:
- Marijuana
- Hemp
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Breakup by Distribution Channel:
- Recreational Stores
- Pharmacies
- Online Stores
- Others
Breakup by End User:
- Medical Use
- Recreational Use
- Industrial Use
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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