Legal Marijuana Market | Global Industry to Witness CAGR of 22.03% from 2018 to 2022 | Research Report by MRFR

Market Overview:

Due to the increasing demand and wide application of legal marijuana in medical sector, legal marijuana market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Legal Marijuana Market Research Report- Forecast to 2022’ that the legal marijuana market will demonstrate an exceptional CAGR.

Marijuana is derived dried leaves, stems, flowers or seed of Cannabis sativa or Cannabis indica plant. The consumption of marijuana is limited to certain countries where it is known as legal marijuana. Legalization of marijuana is done for both recreation and medicinal purposes in some countries; however, in most of the companies legalization of marijuana is limited only for medical purpose. Legal marijuana is used in the treatment of cancer, multiple sclerosis, and many other diseases which is further boosting its application in healthcare sector.

Scientists are constantly researching on the marijuana species to bring out value added products from the cannabis strains which is contributing in the growth of legal marijuana market. High demand of legal marijuana for recreational activity is supporting the growth of legal marijuana market over the forecast period. Increasing legalization of marijuana market in various countries is driving the market of legal marijuana market. High consumption in North America, mainly in the U.S. and Canada is influencing the market growth since last few years. There has been increasing consumption of legal marijuana in Turkey, Australia, Argentina and Philippines. Continuous research on the marijuana spices to bring out value added products from cannabis strains is contributing to the growth of legal marijuana market from past few years. However, any kind of use of marijuana is illegal in countries such as India, Japan, China and South East Asian Countries.

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Sativa is the major type of marijuana which is in huge demand as it helps in uplifting the emotions and also energizes the body thereby stimulating better functioning and increasing the inclination of medical professionals towards this strain. All such factors further boost the legal marijuana market at the global level.

Latest Industry Updates:

October 2017, Canada's Proposed Tax on Recreational Marijuana includes $1-per-gram tax ($0.80 in U.S. currency) on marijuana sales costing up to $10 a gram (or $8 U.S.). The tax for more expensive marijuana above $10 a gram would be a flat 10% and this excise-tax outline allows legal marijuana to be priced very similarly to that of black-market weed.

April 2017, In Canada, Prime Minister Justin Trudeau introduced legislation that would legalize recreational marijuana for adults ages 18 and above by July 1, 2018. The Canadian government has estimated that legalizing recreational cannabis would result in additional revenue of USD 5 billion to USD 7 billion each year, and it would complement the country's rapidly growing medical-cannabis industry. The revenue is expected to be used by Canadian provinces to regulate and police the production, distribution, and sale of recreational weed.

Competitive Analysis:

Legal marijuana market offers huge growth opportunities for the industrial players. The market is fragmented and marked by the presence of several large and small scale vendors in different regions. Key players are highly focusing on R&D to extract the different values of the legal marijuana and expand their business portfolio. R&D investments are evaluated to be contributing the major strategy share and is facilitating the companies to expand their business portfolio. Moreover, legalization of marijuana in various countries has opened doors for the growth of legal marijuana market. Most of the companies operating in this market are focusing on augmenting its capabilities and investing in research and development to offer products with better functionality. With manufacturers aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points from both supply and demand side.

The leading market players in the global legal marijuana market primarily are Medicine Man (U.S.), AmeriCann, Inc. (U.S.), Novus Acquisition & Development (U.S.), Abattis Bioceuticals Corp (Canada), GW Pharmaceuticals (U.K.), Canopy Growth (Canada), and Insys Therapeutics (U.S.) among many others.

Market Segments:

The global legal marijuana market has been divided into type, application, and region.

On The Basis Of Type: Indica Sativa, Hybrid, and Others

On The Basis Of Application: Medical Use, Recreational, and Others

On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.

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Regional Analysis:

The global legal marijuana market is segmented into North America, Europe, APAC, and Rest of the World (RoW). The Global market for legal marijuana has been witnessing continuous growth during the forecast period owing to its legal acceptance in various countries followed by increasing application of legal marijuana in medicinal use. Global legal marijuana market is highly dominated by North America.  Rest of the world will experience the highest growth at a rate during the given forecast period majorly in Australia, Turkey and Argentina. Legalization of marijuana in various countries is supporting the market growth of legal marijuana market at the global level. Moreover, increasing application of marijuana owing to the benefits associated with marijuana is driving the growth of the market from the last few years.