Legal Marijuana Market to See Huge Demand by 2030: Canopy Growth, Aurora Cannabis, GW Pharmaceuticals
Published Via 11Press : According to HTF MI Latest Report, The Global Legal Marijuana Market is expected to see a growth rate of 25.0% and may see a market size of USD 102.2 Billion by 2028, currently pegged at USD 21.0 Billion.
Cannabis that is grown, sold, and consumed for medical or recreational purposes in nations or states where it is legal is referred to as legal marijuana. It usually consists of goods like dried marijuana flowers, oils, pills, edibles, and topical creams that mostly contain THC (tetrahydrocannabinol) and/or CBD (cannabidiol). The legal marijuana sector is heavily regulated, and businesses operating in it are subject to stringent rules and laws governing the production, packaging, labeling, distribution, and growing of cannabis. The market, which caters to both medical and recreational users, is expanding quickly as a result of shifting social perceptions about marijuana use, rising legalization, and the emergence of new goods and delivery systems.
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Legal Marijuana Market Key Players
Below are the most prominent enterprise Legal Marijuana industry players.
- Canopy Growth Corporation (Canada),
- Aurora Cannabis Inc. (Canada),
- GW Pharmaceuticals plc (United Kingdom),
- Tilray, Inc. (United States),
- Cronos Group Inc. (Canada),
- HEXO Corp (Canada),
- Green Thumb Industries Inc. (United States),
- Curaleaf Holdings, Inc. (United States),
- Trulieve Cannabis Corp. (United States),
- Aphria Inc. (United States),
- MedMen Enterprises Inc. (United States),
- Charlotte’s Web Holdings, Inc. (United States),
- OrganiGram Holdings Inc. (Canada),
- CannTrust Holdings Inc. (Canada),
- Harvest Health & Recreation Inc. (United States)
Legal Marijuana Market Key Business Segments
By Product Type
- Indoor,
- Greenhouse
By End Use Application
- Chronic Pain,
- Mental Disorders,
- Cancer, Others
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Market Growth Drivers
- Several reasons have contributed to the considerable rise of the worldwide legal marijuana market. The expanding acceptability of marijuana for both medical and recreational use in a number of nations is one of the main motivators.
- Additionally, the market is expanding because of the rising demand for marijuana-based medicines for the treatment of various medical problems, including chronic pain and anxiety.
- In addition, the legalization of marijuana in a number of nations has opened up new investment opportunities and increased market competitiveness, spurring the creation of new goods and technology.
- Additionally, the market is expanding as a result of the aging population and the rising tendency of cannabis use among millennials. The public’s perception of marijuana as a safer alternative to alcohol and tobacco is also helping to fuel the market’s expansion.
Influencing Trends
- The legal marijuana market is quickly developing with a number of new trends and innovations.
- The rising acceptance of cannabis-infused foods, drinks, and topicals is one of the most significant trends. The creation of high-potency concentrates and oils with more precise dosing and quicker onset times has also been made possible by the development of new extraction technologies.
- The increasing acceptance of medicinal marijuana in many nations is another noteworthy trend, which is spurring more study and the creation of novel strains and formulations that are intended to treat particular medical ailments.
- It is also becoming increasingly common for people to go to places where marijuana is legal, which is known as cannabis tourism. A lot of businesses are concentrating on lowering their carbon footprint and lessening their environmental impact, which is helping the adoption of sustainable and environmentally friendly agricultural practices gain momentum.
Challenges
- The global market for legal marijuana is experiencing growth challenges due to a number of variables. The absence of regulations and standards in many nations and regions is one of the main problems.
- Due to this, businesses find it challenging to grow and see a reduction in their capacity to create money. Furthermore, marijuana usage continues to be stigmatized in many parts of the world, which may reduce consumer demand.
- The hefty taxes and costs related to legal marijuana are another issue, which may detract from its appeal to both consumers and businesses.
- Additionally, the inability of enterprises involved in the marijuana industry to access banking services and financing choices may restrict their capacity to develop and compete with businesses in other sectors.
Major Development in the Legal Marijuana Market
Report Highlights
| Report Attributes | Details |
| CAGR | 25.0 % |
| Market Forecast (2029) | USD 102.2 Bn |
| Current Market Size (2022) | USD 21.0 Bn |
| Dominating Segment | Indoor |
| Major Players Profiled | Aurora Cannabis Inc. (Canada), GW Pharmaceuticals plc (United Kingdom), Tilray, Inc. (United States), Cronos Group Inc. (Canada), HEXO Corp (Canada), Green Thumb Industries Inc. (United States), Curaleaf Holdings, Inc. (United States), Trulieve Cannabis Corp. (United States), Aphria Inc. (United States), MedMen Enterprises Inc. (United States), Charlotte’s Web Holdings, Inc. (United States), OrganiGram Holdings Inc. (Canada), CannTrust Holdings Inc. (Canada), Harvest Health & Recreation Inc. (United States), Canopy Growth Corporation (Canada), |
| Base Year | 2022 |
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Regulatory Insights:
On November 8, 2022, Maryland voters supported the legalization of marijuana. On July 1, 2023, the amendment will go into effect, enabling adults aged 21 or older to possess and use up to 1.5 ounces of cannabis flower, 12 grams of cannabis concentrate, or a combined total of cannabis products containing no more than 750 mg THC.
This sum is referred to as the “personal use amount.” The new law also mandates data collection and studies on cannabis use, impaired driving, and other health and safety issues, establishes a process for expunging all cases where possession of fewer than 10 grams of cannabis is the only charge, increases the amount of cannabis that a person may possess that is subject to a civil fine rather than a criminal penalty, and establishes three new funds to address health effects related to legalizing adult cannabis use, increase participation in cannabis research, and address other issues.
Data Sources of Legal Marijuana Market Study
To examine the pertinent market dynamics in various parts of the world, HTF Market Intelligence has established a focused and practical research approach for the legal marijuana market. Additionally, our experts undertake thorough analyses of specific geographic areas to give clients and businesses the chance to compete in emerging markets and grow in the legal marijuana industry.
The analysis of the global legal marijuana market also demonstrates how the shifting player dynamics are influencing the market’s expansion. Additionally, our market researchers thoroughly examine the goods and services provided by various companies in the legal marijuana market that are vying for market dominance and presence.
Primary Data Collection Methods: Industry participants and appointees, subject-matter experts, and C-level executives of the legal marijuana industry are used to collecting primary data for the Legal Marijuana Market study through InMail, LinkedIn Groups, Survey Monkey, Google, and other professional forums.
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