Legal Cannabis Market Size, Share, Growth, And Industry Analysis, By Type (Cannabis Concentrates, Cannabis Infused Foods, Cannabis Seeds), By Application (Medicinal Use, Recreational Use, Cannabis Infused Foods), Regional Forecast To 2033

LEGAL CANNABIS MARKET REPORT OVERVIEW

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The global legal cannabis market size was USD 33.24 billion in 2024, & the market is expected to reach USD 292.6 billion in 2033, exhibiting a CAGR of 27.34% during the forecast period.

mCig, CBD American Shaman, NuLeaf Naturals, Pharmahemp, Aurora Cannabis are the top companies operating in the legal cannabis market.

The global COVID-19 pandemic has been unprecedented and staggering, with legal cannabis experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Cannabis refers to a collection of three psychoactive plants: Cannabis sativa, Cannabis indica,Cannabis ruderalis and Cannabis sativa. When the petals of these seedlings are collected and dried, one of the world's most common drugs is produced. Some refer it asweed, others pot, and still others marijuana. As marijuana becomes acceptable in more places, new names for it emerge. People are increasingly utilizingthe word cannabis to mentionmarijuana. Cannabis contains the active chemicals known as cannabinoids, which have drug-like effects throughout the cell, along with thenervous system followed by theimmune system. Cannabis could help treat cancer symptoms or cancer treatment side effects including nausea and vomiting pain, and cachexia.

COVID-19 Impact: Interruption in Supply Chains to Decline Market Share

The eruption of coronavirus illness (COVID-19)did act as a humongous restriction mostly onlegal cannabis market growth in 2020, as supply chains have been interrupted because of international limitations and utilization has declined due to global government lockdowns. COVID-19 is an extremely contagious disease characterized by flu-like symptoms such as fever, coughing, and difficulty breathing. A shutdown, boundary shutdown, lockdowns, followed byother forms of suppression have only exacerbated the situation. To cope with this pandemic scenario, all travel and outdoor activities weresuspended. Because of health and safety concerns, all of the individuals werestaying at home, which has a negative impact on the cannabis marketand on everyother market for consumer goods. Due to the global lockdown caused by the Covid-19 pandemic, the production of different drugs inside the markethas been halted. This has hampered the growth of the market in recent months and is expected to continue in 2021. The main reason for the drop in total income was the government-imposed prohibition on cross-border trade due to the continuing pandemic. Consumers were stockpiling due to concerns about the scarcity of cannabis and similar items.

LATEST TRENDS

"Help Relieve the Toxicity of Chemotherapy to Intensify Market Magnification "

Cannabishas been used to treat contractionand other seizure syndromes for decades, and a recent study found that it can help reduce symptoms and seizure frequently. Legal cannabis has not only been used to help relieve the toxicity of chemotherapy, but research findings have also shown that it can inhibit cellular proliferation and induce death of cells incancer cell lines, and it has innumerable anti-cancer effects that really can actually mitigate a range of cancers, cure tumors, and advantage the immune system. Beyond these advantages, there are many more that are being explored and tested and is furthermore believed to benefit the legal cannabis market share.

LEGAL CANNABIS MARKET SEGMENTATION

• By Type Analysis

According to type, the market can be segmented into cannabis concentratescannabis infused foods, cannabis seeds

Cannabis concentrates is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into medicinal use, recreational use, cannabis infused foods

Medicinal use the leading part of the application segment

DRIVING FACTORS

"Usage of the Consumer Goods for Medical Purpose to Boost Market Share"

Cannabis and its originalconsumption have risen dramatically in recent years. CBD for medical purposes has grown in popularity, and several governments around the world are developing policies to govern its use and distribution. The Cannabis Actmade legal cannabis use in Canada, and the government launched the CCS (Canadian Cannabis Survey)in 2017, which has been performed annually since then. In 2020, 14% of those aged 16 and up claimed to use cannabis for medical purposes.

"Significant Increase in Acceptance and Legalization to Expand Market Forwarding"

Since the pandemic, both medical and recreational marijuana have seen a significant increase in acceptance and legalization. Medical marijuana is legal in a lot of countries, including the United States, Canada, Italy,Croatia, and Australia. Many countries are legalizing marijuana production as well as household use. Ecuador, for example, has now legalizedlegalcannabis cultivation. The growing legalcannabis consumer base, as well as the legal purchase of marijuana followed byother legalcannabis products, have decriminalized possession and sale in regulated quantities.

RESTRAINING FACTORS

"Chances of Mental Disorders Deplete Market Advancement"

Not everyone's cannabis experience is positive. It frequently causes anxiety, fear, panic, or paranoia. Cannabis use may increase thechances of developing severe depression or exacerbate the symptoms of prevailingexisting mental disorders. Therefore, the above-mentioned fact will act as a hindrance in the market growth.

LEGAL CANNABIS MARKET REGIONAL INSIGHTS

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"Increasing Rate of Consumption to Market Growth in North America and Asia Pacific "

The legal cannabis market in North America is being driven by factors such as the increasing count of legalization and to cure several cancer diseases. The various countries allowing cannabis production for internal and household use has increased. Canada is the first to legalize cannabis and implement regulatory protocols. The current legal cannabismarket forimport and export is limited; the market will change only when pharmaceutical companies show interest in developing API grade Cannabidiol and an institution such as the WHO develops trade policies governing its use, generation, and selling bothimport, exportof cannabis.

Anxiety is the most common condition for which people have used CBD in the Asia Pacific region, and a preclinical study discovered that CBD might be beneficial in treating symptoms of anxiety, severe anxiety, social anxiety, intense disorder, and post-traumatic traumatic stress.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. Themarket report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market areexpected to benefit from substantial growth opportunities in the near future.

List of Top Legal Cannabis Companies

• mCig (U.S.)
• CBD American Shaman (U.S.)
• NuLeaf Naturals (U.S.)
• Pharmahemp (U.S.)
• Aurora Cannabis (Canada)
• United Cannabis (U.S.)
• Canopy Growth Corporation (Canada)
• Mentor Capital (U.S.)
• Bhang Corporation (Canada)
• Meadow Care (U.S.)
• Medical Marijuana (U.S.)
• Cannoid (U.S.)
• Terra Tech (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.