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.” The study provides a detailed analysis of the industry, including the global legal cannabis market size, share, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Legal Cannabis
Legal cannabis, often referred to as medical or recreational marijuana, is used for medical or recreational purposes within the boundaries of specific laws and regulations established by a governing authority. It is known for its potential to alleviate chronic pain, making it a viable option for individuals suffering from conditions like arthritis, migraines, and neuropathy. It provides relief from anxiety, depression, and post-traumatic stress disorder, as it comprises cannabidiol (CBD), providing an alternative to traditional medications. It is beneficial for patients with epilepsy and other seizure disorders. It can help cancer patients undergoing chemotherapy to manage severe nausea and vomiting while improving their overall quality of life. It is known to stimulate appetite, which can be crucial for individuals suffering from conditions like acquired immunodeficiency syndrome (AIDS) caused by the human immunodeficiency virus (HIV) or eating disorders. It assists in slowing down the progression of neurodegenerative diseases like Alzheimer's and Parkinson's and improve cognitive function of individuals. As it helps people get better sleep and improve their sleep patterns, the demand for legal cannabis is increasing across the globe.
How Big Is the 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.
Request Sample Copy of This Report: https://www.imarcgroup.com/legal-cannabis-market/requestsample
What are the growth prospects and trends in the legal cannabis industry?
At present, the legalization of cannabis allows for the regulation and quality control of cannabis products, ensuring that consumers have access to safe and tested products. This reduces the risks associated with unregulated and black-market cannabis. This shift in policy is also creating a robust framework for the industry to operate legally and is eliminating the stigma associated with cannabis. Besides this, the growing awareness among the masses about the benefits of cannabis, including pain management, anxiety relief, and seizure control is offering a favorable market outlook.
As more people are seeking alternative and natural remedies for various medical conditions, the demand for medical cannabis products is rising around the world. In addition, governing agencies of several countries are recognizing the economic potential of cannabis and are embracing its legalization to boost their economies, which is impelling the growth of the market. Apart from this, the increasing trend of cannabis tourism allows tourists to visit regions where cannabis is legal to experience its benefits. This, along with the escalating demand for wide varieties of cannabis products, such as edibles, tinctures, and topicals, is offering lucrative growth opportunities to industry investors.
Additionally, rising investments in legal cannabis from private and public sectors is fueling innovations in cultivation techniques, product development, and packaging, leading to improved product quality and consumer experience. In line with this, people are exploring the benefits of cannabis due to its wide acceptance across the globe, which is contributing to the growth of the market. Moreover, legalization of cannabis is allowing individuals to have access to regulated, safer products through legal channels, reducing the demand for illicit cannabis and redirecting revenue to legal businesses.
What is included in market 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163