Legal marijuana, also known as cannabis, refers to the psychoactive drug from the Cannabis plant which is being increasingly legalized for both medical and recreational use across various countries. Legal marijuana is available in different forms and used for alleviating chronic pain, reducing nausea during chemotherapy, and decreasing epilepsy-related seizures. The global legal marijuana market offers an alternative for pharmaceutical companies and is gaining popularity due to its therapeutic properties. Various marijuana products are sold in legal dispensaries such as dried cannabis flowers, edibles like gummies and cookies, patches, tinctures, oils, and vape cartridges.

The global legal marijuana market is estimated to be valued at US$ 17.4 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the growth of the legal marijuana market is the increasing legalization of marijuana in more countries and states. In recent years, many nations have relaxed their cannabis laws and decriminalized recreational and medical use, thereby opening new avenues for marijuana companies. Countries like Canada, Mexico, Germany, Luxembourg, and South Korea have either legalized cannabis or have eased restrictions on its use and possession. In the US as well, more states are approving the use of marijuana, with 19 states permitting adult-use so far. This growing acceptance and legalization of marijuana is expected to boost the market size over the forecast period.

Segment Analysis
The global legal marijuana market is dominated by the recreational sub-segment. Recreational marijuana represents about two-thirds of total sales as more states are legalizing it for adult use. Medical marijuana demand also remains robust with strong growth prospects, especially as more clinical research demonstrates its efficacy for various medical conditions and as more insurance companies agree to cover it.

Key Takeaways
The Global Legal Marijuana Market Size is expected to witness high growth over the coming years.

Regional analysis: North America currently dominates the legal marijuana market, accounting for over 80% of the global sales in 2023. This is largely due to cannabis legalization at the state level in major US markets like California, Colorado, Washington etc. as well as nationwide legalization in Canada. However, the Asia Pacific region is expected to witness the highest growth during the forecast period. Countries like Australia, South Korea, Thailand and others have legalized marijuana for medical use in recent years. This is expected to drive strong demand growth from the region.

Key players operating in the legal marijuana market are Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group. These players are focusing on automated material handling solutions and logistics equipment to tap growth opportunities from the expanding legal cannabis market across North America and other global regions.

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