Legal Marijuana Market Report, By Type (Recreational, Medical), Crop Type (Cannabis Indica, Cannabis Sativa) Application (Chronic Pain, Mental Disorder, Cancer) and Geography- Global Market Share, Trend Analysis & Forecast

Marijuana or cannabis is a green, brown or grey mixture of dried, shredded leaves, stems, seeds and flowers of the hemp plant Cannabis sativa. Marijuana is utilized as a psychoactive leisure drug, for specific medical diseases and for holy and spiritual devotions. Some of the stronger forms of marijuana include sinsemilla, hash/hashish and hash oil.

As per the National Institute on Drug Abuse (NIDA), marijuana is the most consumed drug in the US. Various states in the US have now legally permitted the use of marijuana for medical or recreational use. Nevertheless, conferring to federal law, the ownership of marijuana (cannabis) is still prohibited in the US, except within permitted research settings.

Market Dynamics- Global Legal Marijuana Market

Growing legalization of marijuana in several nations is one of the key aspects impelling the market growth. The use of cannabis for therapeutic purposes is acquiring impetus globally because of the recent permissions in various countries. Medical marijuana is used for the treating of chronic diseases, such as cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, and Parkinson’s and Alzheimer’s disease. Such extensive opportunity of application is likely to drive the market growth.

Approved Products:

•   Marinol- Classified as Schedule III
•   Syndros- Classified as Schedule II
•   Cesamet- Classified as Schedule II
•   Sativex- It is not currently approved in the U.S. but is available in 30 different countries including Canada, U.K.,           Germany,         Denmark etc. 

Legal Marijuana Market Segmental Overview

The study analyses Global Legal Marijuana market based on type, crop type, application and geography. 

• By type, the market is categorized into recreational marijuana and medical marijuana. Medical segment is anticipated to dominate the market. Medical use of marijuana is strictly categorized as a medicine prescribed by a physician and the distribution of these medicines is regulated by the government. However, as the number of countries legalizing medical cannabis is increasing, the recreational segment is anticipated to grow swiftly over the forecast period.
• Based on crop type, the market is segmented into cannabis indica, cannabis sativa etc. As marijuana use for both medical and recreational purposes becomes legal in more and more states, there is a growing interest in the different effects that various types, including indica and sativa, can produce.
• The general perception about cannabis sativa is that it offers more energizing and creative high, though it can apt anxiety in some people. Sativa can also be helpful for people with depression, headaches, nausea, and appetite loss. Sativa plants tend to contain more THC than CBD.
• The market finds application in chronic pain, mental disorder, cancer etc. A large percentage of populace suffer from chronic pain management and thus chronic pain segment is anticipated to hold a major share of the market. However, mental disorder segment is projected to grow at a rapid pace during the estimated timeframe.  

Legal Marijuana Market by Geography

Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America Legal Marijuana market is likely to dominate the market over the forecast period owing to various aspects such as liberal government regulations and legalization of cannabis for medical as well as adult-use in U.S. and Canada have supported the regional market growth. 

Other favourable markets for cannabis are Australia, Germany, Poland, Colombia, Uruguay, and Israel. Latin American countries like Uruguay and Colombia are functioning towards becoming the potential suppliers in the global market. As the newer markets such as U.K. and Thailand generate their legal structure for cannabis, the revenue is expected to rise drastically. Moreover, countries like South Africa and New Zealand are conversing the legalization of medical marijuana and may arise as viable markets in the forthcoming years.

Global Legal Marijuana Market-Key Players

The major key players included in this market are Scotts Miracle-Gro Co., Canopy Growth Corp., GW Pharmaceuticals PLC, Aurora Cannabis Inc. Aphria Inc., MedReLeaf Corp., Sprott Inc., Insys Therapeutics Inc., CanniMed Therapeutics Inc., Cara Therapeutics and among others.