Global Legalized Cannabis Market: Overview
Though cannabis is popular across the globe, it is an illegally utilized drug as its use for various purposes is banned by myriad governments worldwide. The product is referred by names such as marijuana and hemp. In fact, hemp is used for psychological disorders as it has non-psychotic effects on the patients. Marijuana is used for medical or therapeutic purpose as well as recreational use.
Global Legalized Cannabis Market: Growth Factors
Today, many developed nations are legalizing the usage of the product for medical as well as recreational purpose. This, in turn, will generate new avenues for the players to proliferate their business. Apart from this, the escalating need for legalized cannabis in medical treatment and pharmaceutical industry will further amplify the growth trends of the legalized cannabis market. Medical experts and renowned physicians are of the view that legalized cannabis can effectively treat neuropsychiatric anxiety, pain, and sleep disorders. Even the clinical trials have successfully supported their view. This can multiply the demand for the product over the upcoming years.
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On the other hand, medical research has found that legalized cannabis can reduce pain for treating ailments such as cancer and epilepsy. Additionally, the product offers multifaceted sensory appeal to the customers. All these aforementioned factors will amplify the growth trajectory of the legalized cannabis business. Furthermore, legalized cannabis is finding a slew of applications in personal, cosmetics, baked food items, drinks, and tinctures.
Moreover, altering lifestyles and busy work schedules have made consumers to use legalized cannabis, thereby offering them comfort against symptoms of depression including insomnia, irritation, and sadness. Legalized cannabis can also offer relief to patients suffering from arthritis and inflammatory joints, thereby resulting in strong demand for the product. Nevertheless, growing cases of drug trafficking, crime, and illegal import & use of cannabis may hamper the market growth in the future.
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Global Legalized Cannabis Market: Segmentation
The legalized cannabis market can be segmented into product type, end-user, compound, and form. Product type wise, the market is classified into cannabis herb and cannabis resin. Based on the end-user, the legalized cannabis market can be sectored into recreational and medicinal uses. On the basis of the compound, the market is divided into THC-Dominant, Balanced THC & CBD, and CBD-Dominant. Form wise, the industry is categorized into raw and processed forms.
Global Legalized cannabis market: Regional Analysis
Based on the region, the global legalized cannabis market can be divided into five main regions: Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Nearly thirty-four states in the United States of America have passed legislation legalizing cannabis for medical purpose and ten states among these thirty-four have legalized cannabis for both therapeutic uses as well as recreational purpose. During 2018, Canada legalized the farming, acquisition, and use of cannabis as well as its by-products. With most of the states in the U.S. and country of Canada legalizing the use of cannabis, it is more likely that the legalized cannabis market in North America will gain traction in the forthcoming years.
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Uruguay became the first country in the world to legalize the use of cannabis, thereby opening the gates for the cannabis business in the Latin American region. This, in turn, will encourage the market players to invest in the region and thus will help the legalized cannabis market in Latin America to flourish and have bright growth prospects.
Reportedly, European and Australian governments are also keen on legalizing the use of cannabis for medical purpose after studying the pros & cons of the product on human health.
Global Legalized cannabis market: Competitive Players
Few of the main participants in legalized cannabis market are Dixie Elixirs, The Cronos Group, Canopy Growth Corporation, Aurora Cannabis, ABcann Medicinals, Inc., Aphria, Maricann Group, Inc., and ABcann Medicinals, Inc.
Global Legalized Cannabis Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific