The latest report on Legal Marijuana Market (by product type (buds, tinctures, and oil), application (mental disorders, chronic pain, cancer, other diseases), type (medical, and recreational)) provides complete and deep insights into the market dynamics and growth of legal marijuana industry. Latest information on market risks, industry chain structure legal marijuana cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential legal marijuana growth factors. According to the report, the global legal marijuana market is projected to grow at a CAGR of 28.09% over the forecast period of 2018-2024.
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Marijuana is a psychoactive drug derived from the Cannabis plant. It is used for medical or recreational purposes. Medical marijuana is used to treat a number of medical conditions and recreational marijuana is the pot that is used without medical justification. Recreational marijuana usually has more THC content than the medicinal variety. Sinsemilla, hashish and hash oil are stronger forms of marijuana. Legal marijuana is usually smoked as a cigarette, but vaporizers infused with cannabis are also available. Vaporizers are discreet alternatives to avoid inhalation of the drug. Marijuana consumer experiences a feeling of joy and relaxation after the consumption of marijuana. In addition, an increase in sight, hearing, and taste perceptions are observed in the marijuana users.
Rising Adoption of Marijuana as a Therapeutic and Medicinal Agent Primarily Drives the Growth of the Legal Marijuana Market
The rising adoption of marijuana as a therapeutic and medicinal agent primarily drives the growth of the legal marijuana market. Marijuana in used in medical application such as chronic pain, cancer, and mental disorder. The rise in the number of cancer patients also boosts the legal marijuana market. In addition, the legalization of retail establishments and cafes for recreational marijuana is anticipated to drive the growth of the legal marijuana market. Marijuana is mixed with edible products such as cookies, brownies, and chocolates, are popular marijuana products among those who prefer not to smoke the product.
Furthermore, the decrement in a number of young people who believe regular marijuana use is risky and the addictive potential of marijuana promotes the legal marijuana market growth. The legalization of marijuana is also anticipated to bridge a balance between suppliers and demand. The growth of the legal marijuana market is anticipated to create employment and tax revenues to a nation. However, the ill-effects of marijuana on the human body hampers the growth of this market. Moreover, the legalization of marijuana creates easy access to marijuana for research activities and this is expected to pave way for the development of medically beneficial marijuana products.
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North America Regions the Legal Marijuana Market
Among the regions, North America regions the legal marijuana market. In the U.S., around 30 states have legalized marijuana that has provided access to legal recreational marijuana to more than half the U.S. population. The rise of retail distributors and marijuana cafes also contributes to the growth of the legal marijuana market in this region. Among the North American countries, U.S. is the largest legal marketplace while Canada is the second and largest country with nationwide legal recreational marijuana. Additionally, the growing awareness about the medical benefits of marijuana drives the market growth in this region. In the Asia-Pacific region, the legalization of marijuana for medical purposes in South Korea, Thailand and Malaysia is expected to contribute to the growth of legal marijuana.
Segments in the Legal Marijuana Market
The report on global legal marijuana market covers segments such as product type, application, and type. On the basis of product type, the sub-markets include buds, tinctures, and oil. On the basis of application, the sub-markets include mental disorders, chronic pain, cancer, and other diseases. On the basis of type, the sub-markets include medical, and recreational.
Major Key Players of the Legal Marijuana Industry
The report provides profiles of the companies in the legal marijuana market such as Canopy Growth Corporation, Aurora Cannabis, Maricann Group, Inc., Aphria, Inc., The Cronos Group, Tilray, ABcann Global Corporation, Organigram Holdings, Inc, and Tikun Olam.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of legal marijuana.
- Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis, and the latest developments of the company.
- Infinium Global Research– Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.