CRI Report has released a report titled “Legal Marijuana System Market–Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 178.50 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 26.55% between 2020 and 2030. According to the report, the legalization of marijuana in multiple nations has fueled the comprehensive growth for the Legal Marijuana Market. The legalization of marijuana has provided market opportunities to standardize the cultivation and sales through applications. These macro factors also aid in affecting unions and black-market brokers out of business, owing to the reduction of assorted crime rates. Increasing use of Nebulizers is also propelling the consumption of marijuana. Stronger formulae of marijuana counting sinsemilla and concentrated resins are progressively fueling the growth for the Legal Marijuana Market.
The market report on Legal Marijuana Market includes in-depth insights as:
- The estimated value of the market was USD 21.16 billion in the year 2021.
- Legal Marijuana in North America held the largest market share in the year 2020.
- Based on Type, Medical Marijuana emerged as a key segment in the Legal Marijuana market.
- Based on Application, Chronic Pain and Mental Disorder emerged as a key segment in the Legal Marijuana market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“Research & Development and clinical trial activities tend to extend the Global Legal Marijuana Market. Further commercialization of cannabis-based symptoms is expected to promote the growth of the Legal Marijuana Market. In addition to this, the progressively aging inhabitants across the globe are playing a major role to push the demand for medical marijuana as role in driving the demand for medical marijuana as geriatric patients are more expected to develop with to develop chronic illnesses and entail more physician visits. Escalate usage of marijuana by adults has also projected to drive the market over the forecasted period”
Marijuana (cannabis), a green, gray, or brown mixture of dried, shredded leaves, stems, seeds, and flowers of the hemp plant Cannabis sativa is used as a psychoactive (mind alerting) recreational drug, for certain medical disorders and religious and divine purposes. Sinsemilla, hash/hashish (resinous form), and hash oil (sticky black liquid) are stouter forms of marijuana. Medicinal marijuana is used for the treatment of important diseases such as stress, anxiety, panic attacks, and Parkinson’s disorders. Marijuana is also used to brew tea and, mainly when it is sold or consumed for remedial purposes, is frequently mixed into foods (edibles) such as brownies, cookies, or candies. Nebulizers are also increasingly used to consume marijuana.
The legal Marijuana market is segmented by Type into Recreation Marijuana and Medical Marijuana. The Medical Marijuana segment is projected to amplify the growth of the Global Legal Marijuana Market, due to the rising adoption of Medical marijuana in hospitals. The medical use of marijuana is increased in America as the number of people accepting the policy reforms of legalizing medical marijuana. This has legitimately allowed the adults to use the pills for recreational use. Excess consumption of marijuana owing to the authorized use of the drug has impelled the Legal Marijuana Market to grow promptly.
Key Players in the Market
- Some of the key players operating in the Legal Marijuana Market are VIVO Cannabis Inc., Dr. Hemp Me, Medical Marijuana, Inc, Spring Creek Labs, Hemp Life Today, Moon Mother Hemp Company, Hemp Production Services, Royal CBD, CV Sciences, Hudson Valley Hemp.
Get Valuable Insights into Legal Marijuana Market.
In the new report, CRI Report thrives to present an unbiased analysis of the Legal Marijuana Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Legal Marijuana Market is bifurcated by Type into Recreation Marijuana and Medical Marijuana; By Species into Indica, Sativa, and Others; By Application into Chronic Pain, Mental Disorders, Cancer, Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.