The 2022 global market size for legal marijuana market amounted to USD 26.96 Billion and is projected to reach USD 215.8 Billion by 2032, with a substantial revenue Compound Annual Growth Rate (CAGR) of 26% during the forecast period. The primary drivers of market revenue growth include the increasing legalization of marijuana in numerous countries and the growing popularity of cannabis for both medical and recreational purposes. The market for legal marijuana is further propelled by the escalating demand for marijuana-based products, encompassing edibles, oils, and tinctures.
One of the predominant factors contributing to the expansion of the legal marijuana market is the rising number of nations legalizing marijuana for both medical and recreational applications. As of 2021, nearly 40 countries have sanctioned marijuana for medicinal use, and 18 countries have endorsed its use for recreational purposes. This upward trend in acceptance is anticipated to bolster the demand for legal marijuana and significantly contribute to the continuous growth of market revenues.
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Some major companies included in the global legal marijuana market report are:
- Altria Group Inc.
- Aurora Cannabis Inc.
- CannTrust Holdings Inc.
- Cronos Group Inc.
- Cannabis Sativa Inc.
- Tilray Inc.
- Scotts Miracle-Gro Co.
- GW Pharmaceuticals plc
- Medical Marijuana Inc.
- Canopy Growth Corporation
- Aphria Inc.
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Key Factors Driving the Legal Marijuana Market:
- Global Legalization Trends: The ongoing trend of legalization of marijuana for both medical and recreational purposes across various countries is a primary driver of the legal marijuana market. Increasing acceptance of cannabis as a legitimate product has a direct impact on market expansion.
- Medical Cannabis Acceptance: The recognition and acceptance of marijuana for medical applications contribute significantly to market growth. Medical cannabis is increasingly acknowledged as a therapeutic option for various health conditions, driving demand and market revenues.
- Rising Popularity of Recreational Use: The growing social acceptance and popularity of cannabis for recreational purposes contribute to the expanding legal marijuana market. Changing societal attitudes toward recreational cannabis use positively influence market dynamics.
- Market Size and Revenue Growth: The substantial market size and the projection of significant revenue growth are key factors attracting investments and driving the expansion of the legal marijuana market. The market’s potential for high returns is a major incentive for industry participants.
- Diverse Product Offerings: The availability and diversity of marijuana-based products, including edibles, oils, tinctures, and other derivatives, contribute to increased consumer interest and drive market growth. Diversification of product offerings caters to a broad range of consumer preferences.
- Economic Opportunities: Legal marijuana presents economic opportunities in terms of job creation, tax revenue, and overall economic growth. Governments are recognizing the potential economic benefits associated with the legal marijuana industry, influencing regulatory decisions.
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