07-Dec-2021 | Zion Market Research
As per study of Zion Market Research study, Legal Marijuana industry accrued revenue of about US$ 10.1 billion in 2020 and is anticipated to garner earnings of approximately US$ 70.7 billion by 2028. Moreover, Legal Marijuana market is prognosis to record CAGR of nearly 27.1% in 2021-2028. Moreover, growth of legal marijuana market over assessment timeline is owing to rise in legalization of marijuana for medicinal use in large number of countries. In addition to this, marijuana is utilized for treating chronic ailments such as Cancer and Parkinson. Apparently, massive demand for marijuana for treating patients suffering from neurological disorders will generate new growth avenues for legal marijuana industry over forecasting period. In addition to this, massive popularity of cannabis oil for treating children having disorders such as epilepsy will embellish growth of legal marijuana market in years to come. Furthermore, supportive laws pertaining to licensing use of marijuana in countries such as Canada and the U.S. will steer elevation in growth of legal marijuana industry over forecasting period.
Medical Marijuana Segment To Record Rapid Growth Over 2021-2028
Expansion of medical marijuana segment over assessment period is owing to awareness about healthcare benefits about marijuana during treatment of pain. In addition to this, many nations have legalized use of medicinal marijuana, thereby enlarging growth scope of medical marijuana. Rise in demand for medical marijuana and its prescription depending on doctor’s physician, the product is likely to penetrate across more countries post legalization of its use. This, in turn, is projected to boost growth of segment over forecasting timespan.
Chronic Pain Segment To Dominate Application Landscape By 2028
Growth of chronic pain segment over forecast timespan is subject to rise in use of medicinal marijuana as well as its legalized use in treating chronic disorders as well as alleviating neck pain, arthritis pain, and neurogenic pain.
North America To Account Major Chunk Of Regional Market Share Over 2021-2028
Regional market growth over assessment period can be due to increase in number of states in the U.S. legalizing use of medical marijuana for treating patients suffering from chronic disorders. Reportedly, as many as eighteen states have legalized non-medicinal use of cannabis, while nearly 13 states have de-criminalized cannabis use in June 2021. Additionally, in October 2018, Canada became first country in G20 for legalizing recreational utilization of marijuana. For the record, Canadian government passed the Cannabis Act Bill C-45 that regulated cannabis production, distribution, and sale as well as possession. All such moves will further boost swift expansion of legal marijuana industry in North America.
Key players included in the study and favorably leveraging business space are Canopy Aphria, Inc., Bhang Corporation,Elixinol, CV Sciences, ABcann Medicinals, Inc., Aurora Cannabis, Growth Corporation, Tilray, Maricann Group, Inc., Folium Biosciences, Tikun Olam, Meadow Care, Organigram Holdings, Inc., IRIE CBD, The Cronos Group, and CBD American Shaman.
Browse the full “Legal Marijuana Market - By Application (Chronic Pain, Mental Disorders, And Cancer), By Type (Medical Marijuana And Recreational Marijuana), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/legal-marijuana-market
The global Legal Marijuana Market is segmented as follows:
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