The market size of the legal cannabis market in the world was estimated at USD 15 billion in 2022, and from 2023 to 2028, it is anticipated to rise at a CAGR of 20.5%.

LEGAL CANNABIS MARKET ANALYSIS (2023 - 2030)

The market size of the legal cannabis market in the world was estimated at USD 15 billion in 2022, and from 2023 to 2028, it is anticipated to rise at a CAGR of 20.5%.

Cannabis sativa plant leaves and flowering tops are used to make marijuana, a psychoactive narcotic drug that can be smoked, vaped, or absorbed for both recreational and therapeutic uses. Although it is permitted in some nations, marijuana is still prohibited in others. Since the late 1930s, when marijuana use was extensively outlawed, possession of marijuana has been restricted in many nations. Making cannabis use, distribution, ownership, and sale legal, especially for therapeutic purposes, is referred to as legalizing cannabis.

Medical cannabis legalization is the process of allowing the use of marijuana plants and its related products to treat a range of illnesses and conditions, such as chronic pain and nausea. It's used to manage pain and treat epilepsy, among other medical issues. The two varieties of medical marijuana are Cannabis Sativa and Cannabis indica, which are indigenous to the western hemisphere and central and south Asian regions, respectively.

The primary reasons why the industry is predicted to grow are the legalization of cannabis at an increasing rate and the acceptance of its usage in the medical community. Cannabis has been used medicinally for a long time, but not as a first resort. Cannabis has been utilized for a number of indications as a result of research into its potential therapeutic uses. Cannabis has been discovered to be a highly effective treatment for chronic pain and for alleviating chemotherapy-related nausea. Despite being legalized in more than two-thirds of states, the U.S. Substance Enforcement Administration (DEA) still lists marijuana as a Schedule I drug.

Cannabis will be accepted for recreational use in 19 states, two US territories, and the District of Columbia as of 2022. The use of the substance for medicinal purposes has been authorized in 37 states, four US territories, and DC. More states are anticipated to follow suit during the projection period, given the widespread interest in cannabis and its therapeutic advantages.

The majority of cannabis users in US states with legalized cannabis are above the age of 50. This demographic profile is anticipated to increase demand for cannabis in the country due to the increased risk of chronic diseases after the age of 50 and the therapeutic benefits of cannabis for such disorders. According to the US Government Accountability Office (under State Medical Marijuana Laws), Alzheimer's disease, anorexia, HIV/AIDS, glaucoma, cancer, arthritis, epilepsy, nausea, pain, cachexia, Crohn's disease, migraines, multiple sclerosis, spasticity, and wasting syndrome are among the symptoms and conditions that can be treated by cannabis. Future popularity and demand for cannabis are anticipated to rise as a result of ongoing research and product standardization for medical use.

Key Market Insights:

• Marijuana has the highest revenue share (almost 70.0%) in 2022 and is predicted to increase at the fastest rate over the projection period. The segment's expansion can be linked to the global legalization movement's accelerating pace. Since the epidemic, acceptance of and legalization of marijuana have increased significantly for both recreational and medical uses. Several nations, including the United States, Canada, Italy, the Czech Republic, Croatia, and Australia, have legalized the use of medical marijuana. Numerous nations have legalized the cultivation and domestic use of marijuana. For instance, marijuana cultivation is currently allowed in Ecuador.
• CBD had the highest revenue share of almost 65.0% in 2022. This expansion is the result of consumers and the scientific community accepting the effectiveness of CBD. Studies are continuously being conducted to ascertain CBD's potential applications outside of those that have already been mentioned. CBD has shown to be effective in treating nausea associated with chemotherapy and epileptic seizures, and it has fewer negative effects than conventionally given medications. Although the short-term effects of CBD on patients have been proven to be favorable, more research has to be done on its long-term effects in the treatment of anxiety and sleep disorders.
• The medical-use segment had the highest revenue share (more than 70.0%) in 2022. The potency and effectiveness of cannabis and its derivatives for treating a variety of illnesses are the subjects of several studies, which has led to a rise in the use of medical cannabis around the globe. The legalization of its usage has also been a major driver of market expansion. The medical use application is the largest sub-segment since it has received widespread acceptance. Medical professionals are now finding it simpler to prescribe to patients who request it as a result of the governments creating policies and regulations regarding its use. The stigma associated with cannabis use has considerably decreased as a result of increased public understanding of its advantages.
• In 2022, North America's revenue share was above 65.0%, which was the highest. Due to rules and regulations governing the commerce of cannabis, revenue is extremely regional. North America is the region with the most market shareholders because there are many established corporations there. GW Pharmaceuticals, Cronos Group, GrowGeneration, Creso Labs, Columbia Care, Green Thumb Industries, Innovative Industrial Properties, Trulieve Cannabis, and Curaleaf Holdings are some of the major participants in the industry.

Market Segmentation:

• By Source

  • Marijuana

    • Flowers
    • Oil and Tinctures
  • Hemp
    • Hemp CBD
    • Supplements
    • Industrial Hemp

• By Derivative

  • CBD
  • THC
  • Others

• By End-use

  • Medical Use
    • Cancer
    • Chronic Pain
    • Depression and Anxiety
    • Arthritis
    • Diabetes
    • Glaucoma
    • Migraines
    • Epilepsy
    • Multiple Sclerosis
    • AIDS
    • Amyotrophic Lateral Sclerosis
    • Alzheimer’s
    • Post-Traumatic Stress Disorder (PTSD)
    • Parkinson's
    • Tourette’s
    • Others
  • Recreational Use
  • Industrial Use

• By Region

  • North America
  • Europe
  • Asia-Pacific
  • Middle East and Africa
  • Latin America

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