Global Legal Marijuana Market Report and Forecast 2023-2031

Global Legal Marijuana Market Report and Forecast 2023-2031

Global Legal Marijuana Market Outlook

The global legal marijuana market size attained a value of USD 24.9 billion in 2022. The market is likely to grow at a CAGR of 21% during the forecast period of 2023-2031 to attain a value of USD 138.4 billion by 2031.

Legal Marijuana Market: Introduction

Marijuana, often referred to as cannabis, is a psychoactive drug derived from the Cannabis plant. It has been used for both medicinal and recreational purposes for thousands of years, with early records of use dating back to ancient civilizations in China and India. While it was considered illegal in many parts of the world throughout the 20th century due to concerns about addiction and potential negative mental health effects, the perception and legal status of marijuana have dramatically changed in recent years.

Many jurisdictions around the world have begun to decriminalize or legalize the use of marijuana, primarily for medical reasons, but also for recreational use in some cases. As of my last update in 2021, a number of states in the USA, along with countries such as Canada and Uruguay, have fully legalized the use of marijuana.

Uses

Medical: Medical marijuana refers to the use of the whole cannabis plant or its basic extracts to treat symptoms of illness and other conditions. It is used to alleviate symptoms such as chronic pain, nausea and vomiting due to chemotherapy, and muscle spasticity from multiple sclerosis. In some cases, it is also used for conditions like epilepsy, Crohn's disease, and PTSD.
Recreational: Recreational use of marijuana refers to its use without a medical justification. People consume marijuana for its psychoactive and physiological effects, which can include heightened mood or euphoria, relaxation, and an increase in appetite.
Benefits

Medical Benefits: The primary benefits of marijuana are related to its medical use. As mentioned, it has been proven effective for treating a variety of medical conditions. It can offer pain relief where other pain medications are not effective or have harmful side effects.
Economic Benefits: Legalizing marijuana opens up a new sector of the economy. It leads to the creation of jobs in marijuana cultivation, distribution, and sales, and generates significant tax revenue for states and countries where it's legal.
Social and Criminal Justice Benefits: Legalization can lead to a decrease in arrests and convictions for drug offenses, helping to reduce the strain on the criminal justice system. It can also address some racial and social inequalities, as drug laws have historically been enforced disproportionately against marginalized communities.
Regulation and Safety: Legalization allows for regulation, which can make using marijuana safer. Regulators can control the quality and safety of the product, ensure that the product is free from harmful additives, and mandate childproof packaging and warning labels.
Despite these benefits, it is important to note that marijuana use is not without risks and potential negative effects, including dependency, mental health issues, and impaired driving. Public health strategies and education are essential components of any policy aimed at legalizing marijuana.

Legal Marijuana Market Segmentations

The market can be categorised into type, species, product, distribution channel, application, and region.

Market Breakup by Type

Medical Marijuana
Recreational Marijuana
Market Breakup by Species

Sativa
Indica
Hybrid
Market Breakup by Product

Buds
Oils
Tinctures
Others
Market Breakup by Distribution Channel

Pharmacy Stores
Online
Others
Market Breakup by Application

Chronic Pain
Mental Disorder
Cancer
Others
Legal Marijuana Market Breakup by Region

North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Italy
Others
Asia Pacific
China
Japan
India
ASEAN
Australia
Others
Latin America
Brazil
Argentina
Mexico
Others
Middle East and Africa
Saudi Arabia
United Arab Emirates
Nigeria
South Africa
Others

Legal Marijuana Market Scenario

The legal marijuana market has seen a dramatic increase over the past several years. As more countries and United States move towards legalizing or decriminalizing marijuana, the market continues to expand and evolve. Initially, the market was driven primarily by medical marijuana, but as more regions permit recreational use, this segment has seen significant growth.

In North America, the United States and Canada are leading the way in the legal marijuana market. In the United States, more and more states are legalizing marijuana for medical and recreational use. Each state has its own set of regulations, leading to a somewhat fragmented market. Canada, on the other hand, legalized marijuana at the national level in 2018, becoming the first G7 nation to do so.

Europe and Latin America are also emerging as significant markets for legal marijuana. Countries like Germany and Italy have established medical marijuana programs, while others like the Netherlands have a long history of lenient laws towards marijuana use. In Latin America, countries like Uruguay and Mexico are setting precedents with their own approaches to legalization.

Despite the growth, the legal marijuana market still faces challenges. Regulatory uncertainties, lack of standardization, and complex supply chain management are some of the primary obstacles. However, the market also offers many opportunities. The development of novel product offerings, increased research and development, and the implementation of cannabis in various industrial applications present exciting growth prospects.

The business landscape is also evolving rapidly, with consolidation through mergers and acquisitions, strategic partnerships, and new entrants coming into the market. Many companies are focusing on research and development to introduce new strains of marijuana with various medical and recreational attributes.

With all of these dynamics in play, the legal marijuana market is poised for continued growth and evolution. It represents a significant opportunity for businesses, governments, and consumers alike. However, it's important for all stakeholders to navigate this emerging market responsibly, taking into account the potential public health and societal implications of marijuana use.

Key Players in the Global Legal Marijuana Market

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

Canopy Growth Corporation
Tilray Brands Inc.
Aurora Cannabis
Maricann Group Inc
Jazz Pharmaceuticals plc
VIVO Cannabis Inc
Dr. Hemp Me.
Hemp Production Services
Medical Marijuana, Inc.
Gaia Herbs Farm
Lexaria Corp.