The rising authorization of cannabis across the globe is among the major aspects projected to stimulate the growth of the global legal marijuana market. Several countries are concentrating on legalizing cannabis and permitting the usage of marijuana for medicinal and recreational reasons. Countries like Canada, South Africa, Portugal, Australia, Jamaica, and others are also persuading the authorization of cannabis for medicinal reasons. Consequently, with more and more nations approving cannabis as a common drug, the global market for legal cannabis is projected to witness a considerable growth during the forecast period.
Medical marijuana is utilized for the treating chronic ailments, like cancer, arthritis, and neurological conditions like epilepsy, depression, anxiety, and Alzheimer’s & Parkinson’s disease. Thus, such a broad possibility of application is projected to positively influence the demand for the product in the coming period. Elevated incidence of cancer is also anticipated to be among the major reasons propelling the growth of the global legal marijuana market. Furthermore, the rising disease load of chronic pain and noteworthy side-effects related to the use of opioids are anticipated to boost the demand for legal cannabis as it has been proven to be a promising treatment for management of chronic pain.
In addition, the escalated usage of cutting-edge methods in cultivation of cannabis is among the major trends projected to attract attention, thus helping the market to flourish in the years to come. With the technological advancement, completely fortified laboratories with innovative facilities comprising controlled environment and sanitized chambers are being utilized for the cultivation of cannabis. Methods like the Sea of Green and Screen of Green are considerably enhancing the levels of production. Owing to this, the unremitting usage of advanced methods in cannabis cultivation is projected to fuel the demand for legal marijuana market during the forecast period.
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Furthermore, the swiftly flourishing market is stimulating the investor and market players in merger and acquisition activities. Presently, there are merely some firms able to carry out the end-to-end processing of medical marijuana and these firms are on the lookout for potential pharma and biotech firms with niche portfolio. In addition, huge-scale manufacturers with technical knowledge are also possible targets for firms seeking to join in their operations and benefit on the noteworthy cost savings. To cite, in March 2019, Altria Group, Inc. announced that around USD 1.8 billion has been spent by it in Cronos Group, Inc. The key motive of the expenditure is to lead, contend, and scale in the quickly flourishing cannabis industry. With this deal, 45% share is held by Altria in Cronos Group along with the capability to use warrants that could lift its share up to 55%. With this, Cronos would obtain a surplus $1.05 billion from Altria.