Legal Marijuana Market Revenue Driven by Increased Legalization of Marijuana For Medical Purposes: Reports and Data
Increasing incidences of chronic diseases, rising medical applications of marijuana, technological advancements in marijuana processing are some key factors expected to drive market growth
Reports and Data has published its latest report titled “Legal Marijuana Market, By Product Type (Marijuana Flower, Extracts), By Strain (CBD-dominant, THC-dominant, Balanced CBD and THC), By Application (Recreational, Medical, Cosmetics, Others), By Species (Sativa, Indica, Hybrid), and By Region, Forecast to 2028”
According to the latest report by Reports and Data, the global legal marijuana market size was USD 19.82 billion in 2020 and is expected to reach USD 98.57 Billion in 2028 and register a revenue CAGR of 22.4% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Marijuana is a mixture of stems, dried-out leaves, seeds and flowers of the hemp plant. Increasing demand for cannabis oil, changing individual’s perceptions towards marijuana consumption for both recreational and medical purposes are major factors drives legal marijuana market revenue growth over the forecast period. Medical marijuana has been approved in some countries and is undergoing clinical studies. For instance, Nabiximols (Sativex®), a mouth spray used for treating the neuropathic and spasticity pain that may accompany various sclerosis, combines tetrahydrocannabinol (THC) with another chemical found in marijuana known as cannabidiol (CBD). It is currently available in the Canada, United Kingdom, and several European countries
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In addition, increasing new start-ups and private investments on cannabis or marijuana manufacturing is another factor expected to boost market revenue growth. FlowHub, PotBot, Ardent, Tokken, MassRoots, New Frontier are some few marijuana startups. Tokken, a marijuana startup, offers banking services to help marijuana businesses succeed. The Colorado-based firm sellers and farmers have access to much-needed financial infrastructure, since it acts as a legally compliant intermediary. However, side effects of marijuana and unfavorable government regulations are major factors expected to restrain legal marijuana market revenue growth during the forecast period. The health effects of marijuana, includes breathing problems, hallucinations and paranoia.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Medical Segment to Lead in Terms of Revenue Share:
Medical segment is expected to account for largest revenue share in the global market over the forecast period due to increasing research activities on medicinal properties of marijuana and its constituents. Medical marijuana (also called as medical cannabis) refers to derivatives of the Cannabis sativa plant that are used to treat symptoms associated with certain medical diseases. Many active chemicals can be found in Cannabis sativa. Cannabidiol (CBD) and delta-9 tetrahydrocannabinol (THC) are the most well-known.
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Sativa Segment to Register Significant Revenue Growth:
Sativa segment is expected to register significant revenue growth over the forecast period. Sativa has a lower CBD content and a higher THC content. Sativa can make you feel ‘high,’ improve your creativity, or put you in an enthusiastic mood. It has an anti-anxiety impact as well. Users of sativa species may feel energetic and creative rather than relaxed and sleepy, which is increasing demand for sativa among the individuals.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to ongoing research activities of marijuana on medical purposes, and technological advancements in marijuana production use in United States, Canada, and Mexico. In the US, medical marijuana is most commonly used to treat pain. While marijuana isn’t strong enough to treat severe pain (for example, post-surgical pain), it is quite successful in treating chronic pain, which affects millions of Americans, particularly as they get older.
Europe Accounted for Largest Revenue Share in 2020:
Europe is expected to account for largest revenue share in the global market in 2020 over the forecast period attributable to increased legalization of marijuana in the countries of the region. For instance, in December 2021, Malta, the smallest member nation of the EU, is on track to become the first European country to legalise marijuana, with lawmakers expecting to pass a reform measure on Tuesday (December 14, 2021) that the president has agreed to sign.
Major Companies in the Market Include:
- CanniMed Therapeutics Inc.
- Canopy Growth Corporation
- Cannabis Sativa, Inc.
- GW Pharmaceuticals Plc
- Aphria Inc.
- Medical Marijuana, Inc.
- Lexaria Corporation
- OrganiGram Holdings Inc.
- Tilray Inc.
- Cronos Group Inc.
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For the purpose of this report, Reports and Data has segmented global legal marijuana market based on product type, strain, application, species, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Marijuana Flower
Strain Outlook (Revenue, USD Billion; 2018-2028)
- Balanced CBD and THC
Application Outlook (Revenue, USD Billion; 2018-2028)
- Mental Disorders
- Chronic Pain
Species Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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