Legal Cannabis Market - Global Industry, Analysis, Size, Share, Growth, Trends, and Forecasts 2021 - 2031

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Legal Cannabis Market - Global Industry, Analysis, Size, Share, Growth, Trends, and Forecasts 2021 - 2031

Status : January, 2023 | Pharmaceutical

Report Digest

Legal Cannabis Market – Overview

The rising acceptance of cannabis as a plant with high medicinal value is projected to help the legal cannabis market witness significant growth rates in the forecast period set between 2021 and 2031. Cannabis has been proved to be extraordinarily successful in its capacity as a therapeutic medicine for chronic pain and in helping patients with nausea as a result of long exposure to chemotherapy. Such factors will promote the growth of the global legal cannabis market in the forecast period set between 2021 and 2031.

Cannabis is a flowering plant genus which has been consumed by people thousands of years back for its medicinal and therapeutic benefits. Cannabis has both spiritual and social utilization and is gaining recognition across several countries. According to the UN office on Drugs and Crime, cannabis is the most widely available product used as drugs worldwide. The recent COVID19 pandemic created lucrative growth opportunities for the global legal cannabis market on account of their rising demand.

The research report on the global legal cannabis market provides a qualitative and quantitative analysis of the market and its growth parameters such as drivers, restraints, challenges, and new growth opportunities. Moreover, the list of players, along with their key contributions such as latest innovations, new product launches, and players operating in this market are also provided in the legal cannabis market survey. The research report on legal cannabis market also throws light on the table of segmentation and mentions the names of the leading segment with factors supporting its growth. For more information on this market, log on to the company website.

Legal Cannabis Market – Competitive Landscape

There are many players functioning in the global legal cannabis market, thereby making the nature of market highly competitive. Leading players in the legal cannabis market are emphasizing on adoption of growth strategies, such as innovations in the current technologies, joint ventures, mergers and acquisitions, and more. Players are indulging in various strategies to file petitions under various governments so as to legalize the consumption of cannabis.

Some of the key players of the global Legal Cannabis market include:

  • Cara Therapeutics Inc.,
  • The Scotts Company LLC
  • Sundial Growers Inc.
  • Trulieve Cannabis
  • Cronos Group
  • Cresco Labs
  • Aurora Cannabis Inc.
  • GrowGeneration
  • Canopy Growth Corporation
  • VIVO Cannabis Inc.
  • Insys Therapeutics Inc.
  • Tilray
  • Columbia Care
  • Aphria Inc.
  • GW Pharmaceuticals Plc.
  • Other players

Legal Cannabis Market – Innovations

  • Two new merger and acquisition strategies were completed by Curaleaf in 2020 for expanding their foothold in the United States’ cannabis market.

Legal Cannabis Market – Growth Drivers

The increasing demand for medical marijuana or hemp is a key factor popularizing the cannabis market worldwide. Cannabis can be consumed by multiple methods such as smoking flowers with bongs, pipes, or joints, or by inhalation of the products which helps the THC or tetrahydrocannabinol to enter the body of the inhaler via lungs and eventually enter the bloodstream. As this happens, the patient witnesses’ mild altering effects which are studied to be soothing for people suffering from various diseases such as Alzheimer’s disease, and others. Furthermore, the increasing adoption of medical marijuana by the food and beverage industry and launch of interesting cannabis infused products such as cannabis chocolates, cannabis butter, and others will further help this market witness lucrative growth opportunities in the forecast period.

Legal Cannabis Market – Geographical Insights

North America emerged as the largest revenue generator in the global legal cannabis market on account of the presence of some established players. Besides this, a wide variety of consumers are focusing on sufficing to the increasing demand for cannabis product among clients is further expected to help this region continue dominating the market in the coming years. Canada emerged as the top nation in the market for legal cannabis on account of the high prevalence of various diseases such as cancer anorexia, Alzheimer’s disease, and others and increased consumption of legal cannabis by the aforementioned patient population. Europe ranks second in the global legal cannabis market on account of the increasing number of clinical trials for medical marijuana.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?