The latest report by IMARC Group, titled" Legal Cannabis Market Report by Source (Marijuana, Hemp), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)), Distribution Channel (Recreational Stores, Pharmacies, Online Stores, and Others), End User (Medical Use, Recreational Use, Industrial Use), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the market. The global legal cannabis market size reached US$ 26.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 144.3 Billion by 2032, exhibiting a growth rate (CAGR) of 20.3% during 2024-2032.

Factors Affecting the Growth of the Legal Cannabis Industry:

• Expanding Legalization and Decriminalization: 

The ongoing trend of expanding legalization and decriminalization of cannabis is a significant driver for the legal cannabis market. Numerous countries and states are adopting regulatory frameworks to govern the use of cannabis for both medical and recreational purposes. This shift is influenced by increasing public support, the potential for substantial economic benefits through taxation and job creation, and the desire to reduce the legal system's burden associated with prosecuting cannabis-related offenses. As regions move toward legalization, they provide a safer and more regulated environment for cannabis use, which in turn reduces black market activity. The trend is evident in places such as Canada, multiple states in the USA, and several European countries. As more jurisdictions follow suit, the legal cannabis market is expected to experience rapid growth, with businesses and investors eager to capitalize on the expanding opportunities.

• Increasing Medical Use and Research: 

The recognition of cannabis for its medicinal properties is a critical driver of the legal cannabis market. Medical cannabis is increasingly being prescribed for a variety of conditions, including chronic pain, epilepsy, multiple sclerosis, and anxiety, as research highlights its potential therapeutic benefits. This has led to significant growth in the medical cannabis segment, supported by legislative changes that facilitate its prescription and use. Moreover, ongoing research and development efforts are discovering new medical applications for cannabis, further expanding its market potential. Pharmaceutical companies and research institutions are investing heavily in clinical trials and product development, seeking to harness the full medical potential of cannabis. This growing body of scientific evidence supports wider medical use and helps in shifting public and regulatory perspectives, fostering a more favorable environment for the growth of the legal cannabis market.

• Growing Consumer Awareness and Acceptance

Increasing consumer awareness and acceptance of cannabis products are pivotal drivers of the legal cannabis market. Educational initiatives, marketing campaigns, and positive media portrayals are reducing the stigma associated with cannabis use and highlighting its benefits. Consumers are becoming more informed about the various uses of cannabis, both recreational and medicinal, which is broadening its appeal across different demographic groups. This growing acceptance is particularly strong among younger generations and is supported by a cultural shift towards natural and holistic health solutions. As a result, there is a rising demand for a diverse range of cannabis products, from edibles and oils to topicals and vapes. This trend is encouraging innovation and product development within the industry, attracting investments, and driving market growth. The normalization of cannabis use in society is thus a key factor in the expanding legal cannabis market.

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Leading Companies Operating in the Global Legal Cannabis Market

• Aurora Cannabis Inc.
• Cannabis Sativa Inc.
• Canopy Growth Corporation
• Green Thumb Industries
• GW Pharmaceuticals plc (Jazz Pharmaceutical plc)
• HEXO Corp.
• Organigram Holdings Inc.
• Sundial Growers Inc.
• The Cronos Group
• The Green Organic Dutchman Holdings Ltd.
• The Scotts Mircale-Gro company
• Tilray
• VIVO Cannabis Inc

Legal Cannabis Market Report Segmentation:

By Source:

• Marijuana
• Hemp

Marijuana represents the leading segment due to the widespread legalization for both medical and recreational use.

By Derivatives:

• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)

Cannabidiol (CBD) accounts for the largest market share owing to its extensive therapeutic benefits and non-psychoactive properties.

By Distribution Channel:

• Recreational Stores
• Pharmacies
• Online Stores
• Others

Pharmacies represent the largest segment as they provide safe, regulated, and convenient access to medical cannabis products.

By End User:

• Medical Use
• Recreational Use
• Industrial Use

Medical use holds the majority of the market share on account of the increasing recognition of cannabis for treating various health conditions.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America's dominance in the legal cannabis market is attributed to early legalization, robust regulatory frameworks, and high consumer acceptance.

Global Legal Cannabis Market Trends:

The global legal cannabis market is experiencing significant growth driven by the expanding legalization and decriminalization of cannabis across various countries and states that have significantly reduced the stigma associated with its use, opening up new market opportunities. This regulatory shift is driven by increasing public support and the recognition of cannabis’s economic benefits, including job creation and tax revenue. Apart from this, the growing recognition of cannabis for its medicinal properties has escalated its medical use. Research highlights its potential in treating conditions such as chronic pain, epilepsy, and anxiety, prompting more healthcare providers to prescribe medical cannabis. Furthermore, ongoing research continues to uncover new therapeutic applications that have augmented product demand, thus contributing to market growth. 

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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