IMARC Group, a leading market research company, has recently releases report titled “Legal Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global legal cannabis market growth, size, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Legal Cannabis

Legal cannabis, also known as medical or recreational marijuana, are obtained through controlled cultivation, distribution, and consumption of the cannabis plant, in accordance with local, state, or national laws. It is available in various forms, including dried flowers, oils, tinctures, edibles, and topical creams. It contains tetrahydrocannabinol (THC) and cannabidiol (CBD), wherein THC promotes psychoactive effects, and CBD offers various potential therapeutic benefits. It helps alleviate symptoms of numerous health conditions, such as chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy. It is used in the production of textiles, paper, biodegradable plastics, and building materials.

How Big Is the High Legal Cannabis Market?

The global legal cannabis market size reached US$ 20.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 74.5 Billion by 2028, exhibiting a growth rate (CAGR) of 23.9% during 2023-2028.

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What are the growth prospects and trends in the legal cannabis industry?

The increasing awareness about the therapeutic potential of cannabis for various medical conditions, such as chronic pain, epilepsy, and anxiety, is driving its demand. Additionally, the rising utilization of CBD-infused products in the health and wellness sector is offering a favorable market outlook.

Apart from this, various cannabis companies are diversifying their product offerings, including edibles, beverages, topicals, and concentrates, to cater to a broader consumer base.

Furthermore, the governing authorities of several countries are implementing and refining regulations to ensure product safety and quality, which is strengthening the growth of the market. Moreover, ongoing scientific research is exploring new potential uses for cannabis and improving cultivation and extraction techniques.   

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Source:

  • Marijuana
  • Hemp

Breakup by Derivatives:

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)

Breakup by Distribution Channel:

  • Recreational Stores
  • Pharmacies
  • Online Stores
  • Others

Breakup by End User:

  • Medical Use
  • Recreational Use
  • Industrial Use

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Aurora Cannabis Inc.
  • Cannabis Sativa Inc.
  • Canopy Growth Corporation
  • Green Thumb Industries
  • GW Pharmaceuticals plc (Jazz Pharmaceuticals plc)
  • HEXO Corp.
  • Organigram Holdings Inc.
  • Sundial Growers Inc.
  • The Cronos Group
  • The Green Organic Dutchman Holdings Ltd.
  • The Scotts Miracle-Gro Company
  • Tilray
  • VIVO Cannabis Inc.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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