According to a new market research report published by Global Insight Services “Legal Marijuana Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Since the early 1900s, marijuana has been regulated as a drug in the United States, with laws prohibiting its use, sale, and cultivation. In recent years, however, a number of states have legalized marijuana for medical or recreational use. This change in policy has led to a new industry of legal marijuana businesses, which are developing innovative technologies to support the cultivation, sale, and use of marijuana.
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Key Players
- Canopy Growth Corporation
- Aurora Cannabis
- Aphria Inc.
- Tilray
- Green Organic Dutchman Holdings Ltd.
- The Cronos Group
- MedReleaf Corp.
- Hydropothecary
Key Trends
The legal marijuana market is growing rapidly as more and more states legalize the use of marijuana for medicinal and recreational purposes. The market is expected to continue to grow in the coming years as more states legalize marijuana and as the stigma surrounding marijuana use continues to dissipate.
Some of the key trends in the legal marijuana market include:
1. Increased demand for high-quality marijuana: As the legal marijuana market grows, there is an increasing demand for high-quality marijuana. This is especially true for medical marijuana patients who need a consistent and potent product.
2. More sophisticated cultivation methods: As the demand for high-quality marijuana increases, growers are using more sophisticated cultivation methods to produce better yields. This includes using hydroponic systems and LED lighting.
3. Increased use of marijuana concentrates: Marijuana concentrates are becoming increasingly popular as they offer a more potent and efficient way to consume marijuana. This is especially true for medical marijuana patients who need a high dose of THC.
4. Development of new delivery methods: There is a growing demand for new and innovative ways to consume marijuana. This includes the development of new delivery methods such as cannabis-infused edibles and topicals.
5. Expansion of the retail market: As the legal marijuana market grows, so does the retail market. More and more dispensaries are opening up across the country, making it easier for consumers to access marijuana.
6. Growth of the online market: The online market for legal marijuana is also growing rapidly. This is due to the fact that it is easier and more convenient to purchase marijuana online.
Key Drivers
The therapeutic applications of marijuana are expected to drive the market growth. The plant contains more than 100 active cannabinoids, which are responsible for its therapeutic effects. These cannabinoids interact with the endocannabinoid system of the human body, which is responsible for regulating various physiological and cognitive processes. The therapeutic benefits of marijuana include pain relief, anti-inflammatory, anti-anxiety, and anti-seizure properties.
The recreational use of marijuana is another key driver of the legal marijuana market. The use of marijuana for recreation is legal in several countries including Canada, Uruguay, and some states in the US. The recreational use of marijuana is associated with several benefits such as stress relief, increased creativity, and improved sleep. In addition, the legalization of recreational marijuana is expected to drive the market growth.
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Market Segments
By Product Type
- Flower
- Oil and Tinctures
By Application
- Medical
- Chronic Pain
- Cancer
- 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
- Adult Use
Reasons to buy Legal Marijuana Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
About Global Insight Services:
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