The marijuana market is growing throughout the world owing to the increasing demand for medicinal and recreational uses. Marijuana is extremely helpful in the treatment of Alzheimer’s disease, cancer, Parkinson's disease, arthritis, and various other neurological conditions.
The legalization of marijuana in different parts of the world leads to a remarkable decrease in the black market sale.
The legalization of marijuana for recreational and medical uses helps to generate more legal transactions in the stores. Due to the legal transaction, the governments across the globe are getting a good amount of money as a tax.
Marijuana is getting more recognition and popularity in medicinal uses which ensures the market growth in the near future. Countries like Germany, Israel, the USA, Canada, Australia, Spain, and Chile are the major contributor to the global Legal Marijuana industry.
The social recognition in various developed countries will inspire the developing countries to adopt the growing industry at earliest. As a result, the industry is expected to show a good growth rate in the coming days.
The study predicts that the industry will show an impressive Compound Annual Growth Rate (CAGR) during the next decade.
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The major manufacturers covered in this report
Aurora Cannabis Inc.
Market Segmentation of Global Legal Marijuana Market
The global Legal Marijuana market is segmented according to the product, application, and regions. On the basis of product type, the market can be segmented into an indoor, outdoor, and greenhouse. By application, the Legal Marijuana market can be classified into recreational and medical. Medical uses cover the largest market share in terms of revenue.
Geographical Market Segmentation of Global Legal Marijuana Market
The geographical segmentation of the global Legal Marijuana market includes different regions. Some of the regions are North America, Latin & Central America, Europe, Indo Pacific, and the Middle East and Africa region
Some of the focused countries are China, Mexico, Canada, Australia, India, Uruguay, Argentina, Israel, Germany, Japan, Brazil, South Korea, the USA, The UK, France, and ASIAN countries.
Currently, the North American region is leading the industry in terms of market share owing to the growing interest in various cannabis products. The per capita spending on marijuana has improved immensely during the last couple of years. Cannabis has legalized in 25 states across the United States. The legalization in important states like California, Washington, Columbia, Colorado, Oregon, and Alaska will help the industry to grow further.
The Europian market is producing Marijuana on a large scale for medicinal use purposes. Though it's illegal in most parts of the Indo Pacific region, marijuana consumed heavily in different forms across the region.
Current Happenings in Global Legal Marijuana Market
Recently, Canada legalized marijuana for recreational use. The country is planning to be a marijuana production hub in the globe. After legalization, the consumption of marijuana increased significantly. The country is anticipated to be a major marijuana exporting country in the near future. The retail sales of marijuana have increased by 14% in the month of July and for the first time reaching 100 million USD milestones in a month.
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Release ID: 88928453