OTTAWA, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The global legal marijuana market size was valued at USD 17.5 billion in 2019 and predicted to reach market value around USD 65.1 billion by 2027 expanding at a compound annual growth rate (CAGR) of around 17.8% during period 2020 to 2027.
Marijuana also known as cannabis is a brown, green or gray mix of shredded, dried leaves, seeds, stems and flowers of the hemp plant named Cannabis sativa. It is employed as a mind altering or psychoactive recreational drug for particular medical ailments, for spiritual and divine purposes. The cannabis industry involves legal operations regarding marijuana and hemp which is its non-intoxicating cousin.
Medical marijuana means application of cannabis as a physician suggested therapy for treatment of some health circumstances and symptoms. It is widely utilized for treating mental disorders, chronic pain conditions and diseases, arthritis, cancer treatment, migraine, and other medical situations. The indication for the legitimate medical application of cannabinoids or marijuana is limited to few indications, notably nausea or vomiting, HIV/AIDS cachexia, connected to neuropathic pain, chemotherapy, and spasticity in multiple sclerosis. These medical applications are stimulating the growth of legal marijuana market across the world. Marijuana legalization is a provocative and complicated issue that is nowadays the subject of thoughtful debate. Since 2012, 4 U.S. states have approved ballot initiatives to eliminate ban and authorize a for-profit commercial marijuana business.
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Growth Factors
Marijuana is becoming legal in cumulative number of states for both recreational and medical and application. Substantial disagreement present concerning the public health influence of these fluctuations. Rising number of research studies to discover innovative therapeutic uses will accelerate the medical marijuana market advancement in North America. However, non-uniformity and irregularities of cannabis testing standards will hinder market growth. Besides, deficiency of consciousness among the emergent nations plus lack of sufficient safety data will further restrict the growth of medical marijuana market. Though the market for cannabis is anticipated to experience substantial growth over the impending years, crop pricing might extremely hinder development of cannabis market. This might occur as more nations around the world look forward to commoditizing cannabis, that may lead downward trend for crop prices.
Report Highlights
- Despite growing acceptance of cannabis application across the globe, marijuana remains taboo and outlawed in most parts of Asia Pacific mostly on account of stigma neighboring it.
- North America grasp substantial revenue stake share in 2019 on account of growing popularity and adoption in growth in the U.S. and Canadian markets
- Europe medical cannabis market is predicted to witness substantial growth during estimate timeframe.
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Regional Snapshots
The advancement of North America medical marijuana sector is mostly supported by swelling need of medical cannabis for the treatment of numerous health conditions. Also, awareness programs directed by private and public associations and cumulative number of states legalizing medical application of cannabis will push business progress. For example, since 2014, 13 states in the U.S. legitimate the medical practice of cannabis. The legalization has boosted the need from both medical and recreational consumers.
Countries such as the U.S. and Canada, where adult application of marijuana has been legalized, have perceived a dynamic modification from patients electing for recreational cannabis than medical. This can be credited to the extensive variety, easy obtainability, and low prices. In nations where repayment for medical cannabis is not significant, this change in trend is much evidentiary. Since 1985, cannabis has been prohibited in China. Yet, species of cannabis named hemp is still grown in the nation and factually has been employed for fibre also ritual purposes inside Taoism. Furthermore, Thailand became the first nation in Southeast Asia to authorize consumption and growth of medical marijuana and started its first legal cannabis greenhouse in 2019.
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Key Players & Strategies
Vigorous growth in the global demand for cannabis has pushed the necessity to come up with improved product delivery systems also maintainable product strains. This need has thus stimulated various companies coming up with research and development which broadly examines numerous genetic improvement tactics for cannabis. For example, in March 2018, Hydropothecary collaborated with Segra to integrate plant tissue propagation in the cannabis plant production procedure, to aid surge the produce of healthier variant plants to meet the budding industry for recreational and medical cannabis.
Few notable players operating in the industry are Aurora Cannabis, Inc., Aphria, Inc Emerald Health Therapeutics Inc., Canopy Growth Corporation, and mCig, Inc among other. These participants are executing numerous strategies like novel product introduction, alliances, in order to grab high revenues take in medical marijuana sector. In 2015, Otsuka Pharmaceuticals and GW Pharmaceuticals publicized results of 3 US Phase 3 trials for the practice of Sativex for the pain management treatment in patients with advanced cancer who experience insufficient analgesia throughout optimized chronic opioid therapy.
Market Segmentation
By Marijuana Type
- Medical
- Adult Use
By Product Type
- Oils
- Buds
- Tinctures
By Application
- Mental Disorders
- Chronic Pain
- Cancer
- Others
By Regional
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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