New York, 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.
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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.
The legal marijuana industry is still in its early stages, and it is likely that new technologies will continue to be developed to support it. As the industry grows, these technologies will help to ensure that marijuana is grown, sold, and used in a safe and compliant manner.
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.
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.
The increasing investments in the marijuana industry are expected to drive the market growth. Several companies are investing in the research and development of marijuana-based products. In addition, the increasing number of mergers and acquisitions in the marijuana industry is expected to drive the market growth.
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Restraints & Challenges
The legal marijuana market is still in its infancy, and there are many challenges that need to be addressed in order to ensure its long-term success.
One of the key challenges is the lack of standardization. With so many different states and countries legalizing marijuana, there is no one-size-fits-all approach to regulation. This can make it difficult for businesses to operate in multiple jurisdictions and can also lead to confusion for consumers.
Another challenge is the high cost of compliance. Due to the strict regulations surrounding the cultivation, production, and sale of marijuana, businesses need to invest heavily in compliance measures. This can make it difficult for small businesses to enter the market and can also drive up the price of marijuana products.
Market Segments
By Product Type
- Flower
- Oil and Tinctures
By Application
- Medical
- Chronic Pain
- Cancer
- Depression and Anxiety
- Arthritis
- Diabetes
Key Players
- Canopy Growth Corporation
- Aurora Cannabis
- Aphria Inc.
- Tilray
- Green Organic Dutchman Holdings Ltd.
- The Cronos Group
- MedReleaf Corp.
- Hydropothecary
- Maricann Group Inc.
- Supreme Cannabis Company Inc.
- Emblem Cannabis Corp.
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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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