Legal Marijuana Market: Overview
The global legal marijuana market is likely to create immense growth opportunities owing to the increasing demand for medical marijuana across the globe for treating various diseases. It has been observed that it has helped to treat chronic pain, Parkinson’s, Alzheimer’s, nausea induced by chemotherapy, and other neurological disorders. Marijuana is being approved by FDA for the treatment of several ailments and has gained legal status in most countries.
On the basis of product type, the legal marijuana market can be segmented into oil, tinctures, and flower. Based on application the market can be bifurcated into medical and adult use. The application of marijuana in the treatment of arthritis, diabetes, glaucoma, cancer, epilepsy, migraine, AIDS, Alzheimer’s, Parkinson’s, depression, anxiety, and others.
The report curated by TMR includes all important aspects that impact the growth of the legal marijuana market. The various parameters on which the thorough analysis is based are industrial perspective, regional dynamics, competitive analysis, and key drivers. The insights into the market provide a clear direction to the CXOs and stakeholders to make proper decisions regarding investment and expansion plans.
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Legal Marijuana Market: Competitive Analysis
The key players operating in the legal marijuana market are focusing on the cultivation of cannabis and marijuana to extract more revenue share. The promotional activities and marketing strategies to create product awareness and understand the benefits of marijuana in treatment procedures may lead to significant growth of the legal marijuana market. The increasing research and development activities to formulate effective derivatives from marijuana may bring multiple growth opportunities for the growth of the legal marijuana market.
The key players in the legal marijuana market are ABcann Medicinals, Inc., Aurora Cannabis, Maricann Group Inc., Tilray, Organigram Holding, Inc., GW Pharmaceuticals, Tikun Olam, Ltd, and United Cannabis Corporation.
Legal Marijuana Market: Key drivers and Opportunities
The oil and tinctures segment is expected to gain traction owing to the medicinal properties of marijuana. The oils and tinctures are used extensively in most countries across the globe for the treatment of various chronic ailments. These oils are used to treat sleep disorders and relieve stress and anxiety. Additionally, Medical cannabis and its derivatives are used for the treatment of nausea caused because of cancer and vomiting sensation. The popularity of this oil among the major chunk of the global population may augment the growth of the legal marijuana market.
The effective results with minimum side effects can be attained through medical cannabis which has proved to be effective in treating arthritis. The preference for the use of legal marijuana by adults has augmented the growth of the legal marijuana market. Further, the consumer trend of using legal marijuana for recreation may propel the market growth. Also, the preference for marijuana has increased due to its cost-effectiveness and easy availability.
The exponential rise in sales of legal marijuana and applications from medicines to industries is likely to bring significant growth to the legal marijuana market.
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Legal Marijuana Market: Regional Perspective
The global legal marijuana market can be segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa based on the regions. North America is anticipated to show substantial growth owing to the extensive use of marijuana in medical, adult-use, and recreational use. The rising awareness about the use of marijuana for medicinal use is expected to emerge as a prime growth factor for the legal marijuana market in North America. In addition, the initiatives to encourage marijuana cultivation in some counties across the U.S. are estimated to bring promising growth for the global market. The legal marijuana market in Europe is anticipated to observe steady growth during the forecast period of 2021-2031.
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