The growing approval of cannabis worldwide is a key reason anticipated to spur the demand for legalized cannabis, further driving the global legalized cannabis market growth. A number of nations are now making use of cannabis lawful and allowing marijuana use for medicinal and recreational applications. Nations like Canada, Portugal, Jamaica, Australia, South Africa, and others are also on the way to make cannabis legal for medicinal applications. Accordingly, with more and more countries giving a green signal to cannabis as an ordinary medication, the global legalize cannabis market is anticipated to register a substantial growth rate in the years to come.
The legalized use of cannabis for recreational and medical purposes is growing progressively with each passing year; nevertheless, it varies across nations, on the basis of the distribution, cultivation, medical submissions for its intake, and possession. In addition, with the increasing count of research and development activities for investigating the medicinal benefits of the marijuana plant are projected to drive the growth of the global legalized cannabis market during the forecast period. Presently, there’s also an upsurge in cannabis usage as a functional food, with asserted health advantages far outdoing what users can obtain from kombucha, turmeric, or kale.
Moreover, the number of individuals experiencing chronic conditions, such as migraine, arthritis, and cancer, moving to cannabis for alleviating their pain has been snowballing significantly, consequently expected to fuel the expansion of the global legalized cannabis market during the forecast period. Apart from this, several private companies and government associations are undertaking numerous initiatives to look into the medical advantages of cannabis. For example, the US government had avowed financial support of USD 3 million in September 2019 to investigate marijuana use for alleviating pain. The key motive of this study was to slash the opioid misuse and encounter the countrywide opioid addiction catastrophe. On the other hand, the loopholes and non-uniformity of cannabis-related standards are anticipated to hinder the expansion of the global market in the near future. Additionally, the dearth of knowledge among the emerging economies in conjunction with the lack of adequate safety records will further obstruct the growth of the global legalized cannabis market.
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Authorization of medical cannabis in some nations has resulted in a noteworthy drop in the black market, as individuals are opting to buy cannabis by legal approaches for adult and medical usage. To cite, In October 2018, the Canadian government had permitted the private intake of cannabis for recreational applications, nevertheless, restricting the amount an individual can hold to 30 g. Canada, with this milestone development, was the foremost of the G20 nations to completely decriminalize cannabis for non-medical adult consumption.