Global Legal Marijuana Market to Grow at a CAGR of 21% During 2024-2032, Driven by the Favorable Government Policies

North America is a major contributor to the market growth of legal marijuana globally. Supported by favourable government policies, the United States has emerged as the largest market for legal marijuana across the globe. Medical marijuana is being preferred over opioid painkillers as a result of the large pool of patients with chronic pain and the growing geriatric population within the region.

The market growth of legal marijuana is expected to grow owing to the growing R&D activities related to cannabis across the globe over the forecast period. In 2019, Santé Cannabis, a pioneer in medical cannabis, announced a partnership with Spectrum Therapeutics, the medical division of Canopy Growth (NYSE: CGC), to launch the Prescriber Training Program, aimed to aid patients and physicians. This is predicted to positively influence the market growth of legal marijuana. Later, in 2020, Aphria Inc. (NASDAQ: APHA), a leading global cannabis company, announced its entry into a Strategic Supply Agreement with Canndoc Ltd., a subsidiary of InterCure Ltd. (TASE: INCR), one of the largest and most established medical cannabis producers in Israel. This is predicted to aid the market expansion of legal marijuana across the globe.

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Market Analysis by Type, Product, Distribution Channel, Application, and Region:

• By type, the market can be segmented into medical and recreational.

• The market on the basis of the product can be divided into buds, oil, and tinctures, among others.

• The distribution channels for legal marijuana in the market include pharmacy stores and online, among others.

• Based on the application, the industry can be divided into chronic pain, mental disorders, and cancer, among others.

• The regional markets for legal marijuana include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The favorable government policies and growing legalisation of cannabis are driving the market forward for legal marijuana. 

• The demand for the product is being fuelled by the increasing prevalence of chronic pain, cancer, and mental disorders.

• The increasing geriatric population, coupled with the increasing disposable incomes, is aiding the market growth. 

• Furthermore, the growing awareness regarding the therapeutic applications of the product is creating positive prospects for market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for legal marijuana for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, products, distribution channels, applications, and major regions of legal marijuana.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global legal marijuana market are Canopy Growth Corporation, Tilray Brands Inc., Aurora Cannabis, Maricann Group Inc, Jazz Pharmaceuticals plc, and VIVO Cannabis Inc, among others The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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