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 market.
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.
Industry Overview of Legal Cannabis
psychoactive drug that possesses therapeutic benefits. Its properties aid in the reduction of persistent pain, the mitigation of anxiety, the management and prevention of diabetes, and the treatment of depression and inflammatory bowel diseases in individuals. Additionally, it is utilized to alleviate various symptoms and conditions like cancer, arthritis, migraines, glaucoma, epilepsy, Alzheimer's, Tourette's, Parkinson's, multiple sclerosis, amyotrophic lateral sclerosis (ALS), acquired immunodeficiency syndrome (AIDS), and post-traumatic stress disorder (PTSD).
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 cannabis market is being propelled by several factors, and one prominent factor is the growing trend of countries legalizing and decriminalizing its use. This shift in regulations has opened up new opportunities for the cannabis industry. Additionally, international organizations are acknowledging the potential benefits that cannabis or its derivatives can offer, leading to approvals for medications containing cannabidiol (CBD) to treat rare and difficult-to-control forms of epilepsy such as Lennox-Gastaut syndrome and Dravet syndrome. Furthermore, oral cannabinoids have proven effective in combating nausea and vomiting induced by chemotherapy in adults.
They also help alleviate spasticity symptoms in those with multiple sclerosis (MS). The pharmaceutical industry's success worldwide further contributes to the growth of the cannabis market, as companies focus on innovation, strategic partnerships, and collaborations with local businesses to expand their reach.
Moreover, the increasing number of medical cannabis dispensaries, which supply cannabis for therapeutic purposes based on recommendations from licensed healthcare professionals, is noteworthy. The rising global research and clinical trials, coupled with heightened awareness among individuals regarding the medical advantages of legal cannabis, are driving sales and profitability in the industry.
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 Pharmaceutical plc)
- HEXO Corp.
- Organigram Holdings Inc.
- Sundial Growers Inc.
- The Cronos Group
- The Green Organic Dutchman Holdings Ltd.
- The Scotts Mircale-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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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.
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