Though cannabis is popular across the globe, it is an illegally utilized drug as its use for various purposes is banned by myriad governments worldwide.
Legalized Cannabis Market
Though cannabis is popular across the globe, it is an illegally utilized drug as its use for various purposes is banned by myriad governments worldwide. The product is referred by names such as marijuana and hemp. In fact, hemp is used for psychological disorders as it has non-psychotic effects on patients. Marijuana is used for medical or therapeutic purpose as well as recreational use.
Today, many developed nations are legalizing the usage of the product for medical as well as recreational purposes. This, in turn, will generate new avenues for the players to proliferate their business. Apart from this, the escalating need for legalized cannabis in medical treatment and the pharmaceutical industry will further amplify the growth trends of the legalized cannabis market. Medical experts and renowned physicians are of the view that legalized cannabis can effectively treat neuropsychiatric anxiety, pain, and sleep disorders. Even clinical trials have successfully supported their view. This can multiply the demand for the product over the upcoming years.
On the other hand, medical research has found that legalized cannabis can reduce pain for treating ailments such as cancer and epilepsy. Additionally, the product offers multifaceted sensory appeal to the customers. All these aforementioned factors will amplify the growth trajectory of the legalized cannabis business. Furthermore, legalized cannabis is finding a slew of applications in personal, cosmetics, baked food items, drinks, and tinctures.
Moreover, altering lifestyles and busy work schedules have made consumers use legalized cannabis, thereby offering them comfort against symptoms of depression including insomnia, irritation, and sadness. Legalized cannabis can also offer relief to patients suffering from arthritis and inflammatory joints, thereby resulting in strong demand for the product. Nevertheless, growing cases of drug trafficking, crime, and illegal import & use of cannabis may hamper the market growth in the future.
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The legalized cannabis market can be segmented into product type, end-user, compound, and form. Product type-wise, the market is classified into cannabis herb and cannabis resin. Based on the end-user, the legalized cannabis market can be sectored into recreational and medicinal uses. On the basis of the compound, the market is divided into THC-Dominant, Balanced THC & CBD, and CBD-Dominant. Form-wise, the industry is categorized into raw and processed forms.
Based on the region, the global legalized cannabis market can be divided into five main regions: Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Nearly thirty-four states in the United States of America have passed legislation legalizing cannabis for medical purposes and ten states among these thirty-four have legalized cannabis for both therapeutic uses as well as recreational purposes. In 2018, Canada legalized the farming, acquisition, and use of cannabis as well as its by-products. With most of the states in the U.S. and country of Canada legalizing the use of cannabis, it is more likely that the legalized cannabis market in North America will gain traction in the forthcoming years.
Uruguay became the first country in the world to legalize the use of cannabis, thereby opening the gates for the cannabis business in the Latin American region. This, in turn, will encourage the market players to invest in the region and thus will help the legalized cannabis market in Latin America to flourish and have bright growth prospects.
Reportedly, European and Australian governments are also keen on legalizing the use of cannabis for medical purposes after studying the pros & cons of the product on human health.
A few of the main participants in legalized cannabis market are Dixie Elixirs, The Cronos Group, Canopy Growth Corporation, Aurora Cannabis, ABcann Medicinals, Inc., Aphria, Maricann Group, Inc., and ABcann Medicinals, Inc.
One of the major factors driving the growth of the global legalized cannabis market Increasing acceptance of medical cannabis: Medical cannabis is becoming increasingly accepted as a valid treatment option for a variety of medical conditions, including chronic pain, nausea related to chemotherapy, and multiple sclerosis. This is driving the growth of the global legalized cannabis market.
The use of cannabis and its derivatives, such as marijuana and hemp, for recreational, medical, or industrial purposes that is sanctioned by a state or federal government is referred to as "legalised cannabis." This can include permitting the production of cannabis for personal use, the selling of cannabis products in licenced storefronts or online, the possession of limited amounts of cannabis for recreational use, and the cultivation of cannabis for personal use. While some states have legalised cannabis for both medical and recreational use, others have limited their approval of the drug to its use in the treatment of medical conditions.
Few of the main participants in legalized cannabis market are Dixie Elixirs, The Cronos Group, Canopy Growth Corporation, Aurora Cannabis, ABcann Medicinals, Inc., Aphria, Maricann Group, Inc., and ABcann Medicinals, Inc.