Legal Marijuana Market is Estimated to Witness High Growth Owing to Advancement in Agricultural Technology
The legal marijuana market involves the cultivation, processing, distribution, and sale of marijuana and its derivatives such as edibles and vapes which are legally approved for medical as well as adult-use. Marijuana offers several therapeutic benefits for patients suffering from chronic diseases such as cancer, AIDS, epilepsy, and neurological disorders. It helps relieve pain, symptoms of chemotherapy, reduces epileptic seizures, and acts as an appetite stimulant. With the growing adoption of advanced agricultural technology for indoor cultivation, producers are able to grow high-quality marijuana flowers and other derivatives. This has ensured consistency in taste and potency of products.
The Global legal marijuana market is estimated to be valued at US$ 20.05 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the legal marijuana market are Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group.
The Legal Marijuana Market Demand is witnessing significant growth opportunities due to the rising medicinal applications of marijuana and increasing legalization of cannabis for medical and adult use in many countries. Cannabidiol or CBD, the non-psychoactive compound found in marijuana is widely being used in making wellness products like oils, creams, and edibles.
Technological advancements like controlled environment agriculture, use of LED lights, and indoor vertical farming have helped improve marijuana cultivation. Automated cultivation and processing equipment enable large scale, standardized production while maintaining high quality.
Market Drivers
The major driver for the growth of legal marijuana market is the increasing legalization of medicinal and recreational marijuana in many regions. As more clinical evidence is found supporting the therapeutic use of marijuana, several countries are legalizing it for medical applications under strict regulations. As of now, over 40 countries have legalized medical marijuana with Canada and Uruguay legalizing it for adult use as well. The market will continue growing at a high rate driven by ongoing research and widening scope of applications.
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