Global Legal Marijuana Market is expected to reach USD 4.69 Billion by Forecast to 2023

Market Overview:

Marijuana is dried leaves, stems, flowers or seed of Cannabis sativa or Cannabis indica plant. The consumption of marijuana is limited to certain countries where it is known as legal marijuana. Major share of the legal marijuana consumption was witnessed in North America, which held 69.3% of market share in the year 2016. Legal marijuana is widely used in the medical sector for the treatment of various diseases such as cancer, multiple sclerosis, HIV/AIDS, and others. Scientists are constantly researching on the marijuana species to bring out value added products from the cannabis strains, which is contributing in the growth of legal marijuana market. The legal marijuana is experiencing high demand owing to its recreational activity, which is projected to support the growth of the legal marijuana market over the forecast period.   

Competitive Analysis

The major key players in legal marijuana are:

• Novus Acquisition & Development (U.S.)
• Abattis Bioceuticals Corp (Canada)
• GW Pharmaceuticals (U.K.)
• Canopy Growth (Canada)
• Medicine Man (U.S.)
• AmeriCann, Inc. (U.S.)
• Insys Therapeutics (U.S.)

Key players are highly focusing on R&D to extract the different values of the legal marijuana and expand their business portfolio. The R&D investments are evaluated to be contributing over 50% to strategy share and is facilitating the companies to expand their business portfolio. Moreover, legalization of marijuana in various countries has opened the doors for the growth of legal marijuana market.

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Market Forecast

The global market for legal marijuana has been experiencing high demand from the last few years and is projected to reach 2610 tons by 2022. Increasing legalization of marijuana market in various countries is driving the market of legal marijuana market. Owing to its health beneficial attributes such as treatment of cancer, multiple sclerosis, HIV/AIDS, inducing sleep in patients with chronic disorder, and others, the inclination of medical professionals towards legal marijuana has increased.

Based on the type, the sativa is expected to witness the highest growth rate of 12.89% on a global level. Indica segment of the legal marijuana holds the second largest share and is expected to grow rapidly during the forecast period. Moreover, owing to its various beneficial attributes, application of legal marijuana market expected to witness high growth in sector apart from medical sector over the forecast period.

By Downstream Analysis

Based on the type of the legal marijuana, sativa is dominating the market holding a global market share of 56.3% and is expected to grow substantially over the forecast period. However, Indica segment accounts for a steady growth in the legal marijuana market over the forecast period.

Potential application of the legal marijuana in medical sector have a positive impact on its market growth. Based on the application, the medical sector is dominating the market by holding a lion’s share. However, other uses segment likely to experience a higher growth rate of 13.08% over the forecast period.

Regional Analysis

Among the regions, North America is dominating the legal marijuana market with over 80% of the global market share and is projected to reach more than USD 3.6 billion by 2022. RoW is projected to witness the highest growth rate during the forecast period 2016-2022. The legalization of marijuana in various countries is supporting the market growth at a global level. Moreover, applications of legal marijuana are increasing owing to the associated benefits, which has been driving the growth of the market from the last few years. 

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Market Segmentation

Global Legal Marijuana Market is segmented by type, application, and regions.

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This release was published on openPR.