NEW
YORK, June 28, 2024 /PRNewswire/ -- The
global legal cannabis market size is estimated to grow by
USD 100.61 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 28.85% during the forecast period.
Rising number of countries decriminalizing and legalizing
cannabis is driving market growth, with a trend
towards use of advanced techniques in cannabis cultivation.
However, lack of funding and investment in cannabis market
poses a challenge. Key market players include Aurora Cannabis
Inc., Bhang Nation, Cannabinoid Creations, Cannoid LLC, Canopy
Growth Corp., CBD American Shaman., Cronos Group Inc., CV Sciences
Inc., Elixinol Wellness Ltd., Folium Biosciences, Jazz
Pharmaceuticals Plc, Medical Marijuana Inc., MediPharm Labs Inc.,
Mentor Capital Inc., PharmaHemp d.o.o., Tikun Olam, Tilray Brands
Inc., and Unrivaled Brands Inc..
![Technavio has announced its latest market research report titled Global legal cannabis market 2024-2028 Technavio has announced its latest market research report titled Global legal cannabis market 2024-2028](https://mma.prnewswire.com/media/2449872/Global_legal_cannabis_market_Infographic.jpg)
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Legal Cannabis
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
28.85%
|
Market growth
2024-2028
|
USD 100614.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
21.98
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
92%
|
Key
countries
|
US, Canada, Germany,
UK, and Australia
|
Key companies
profiled
|
Aurora Cannabis Inc.,
Bhang Nation, Cannabinoid Creations, Cannoid LLC, Canopy Growth
Corp., CBD American Shaman., Cronos Group Inc., CV Sciences Inc.,
Elixinol Wellness Ltd., Folium Biosciences, Jazz Pharmaceuticals
Plc, Medical Marijuana Inc., MediPharm Labs Inc., Mentor Capital
Inc., PharmaHemp d.o.o., Tikun Olam, Tilray Brands Inc., and
Unrivaled Brands Inc.
|
Market Driver
The legal cannabis market experiences growth due to advancements
in cannabis cultivation. Fully-equipped laboratories with sanitized
chambers and controlled environments facilitate the use of
techniques like Screen of Green and Sea of Green. These methods
enhance production levels and THC content in cannabis.
Marijuana-derived CBD oil products also benefit from these
techniques, increasing revenue in the sector. The application of
these advanced techniques is anticipated to boost yield and meet
escalating cannabis demand, driving market expansion during the
forecast period.
The legal cannabis market is experiencing significant growth
with various trends shaping its future. Environments and practices,
such as cultivation, packaging, and processing, are crucial aspects
of this industry. Cannabinoids, like CBD and THC, are popular
products in this market. Producers are focusing on improving yields
and quality through advanced techniques. Carbon dioxide and
hydrocarbon extraction methods are commonly used for extracting
these cannabinoids. Regulations, including those related to
labeling and testing, are essential for maintaining consumer trust
and safety. Medicial and recreational uses continue to drive
demand, with patients and consumers seeking relief from various
conditions. Overall, the legal cannabis market is a dynamic and
evolving industry, with innovation and compliance being key factors
for success.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The legal cannabis market faces challenges in securing
investments from various sources. In the US and Canada, banks and financial institutions have
been hesitant to provide loans or invest in cannabis vendors due to
regulatory and ethical concerns. This lack of banking options
results in high-interest rates for vendors and complications in
fund transfers and accounting. Furthermore, religious and moral
objections in Islamic and European countries limit investment
opportunities, hindering the market's growth.
- The legal cannabis market faces several challenges in various
areas. One significant challenge is regulation and compliance.
Cannabis businesses must adhere to strict regulations regarding
production, distribution, and sales. This includes obtaining proper
licenses, following safety protocols, and ensuring accurate
labeling and packaging. Another challenge is taxation and pricing.
With varying tax rates and costs, it can be difficult for
businesses to maintain profitability while also keeping prices
competitive. Additionally, marketing and advertising restrictions
limit the ability to effectively reach and target consumers.
Lastly, the stigma surrounding cannabis use can impact public
perception and acceptance, potentially hindering growth in the
market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This legal cannabis market report extensively covers market
segmentation by
- Product
- 1.1 Medical cannabis
- 1.2 Recreational cannabis
- Derivative Type
- 2.1 CBD
- 2.2 THC
- 2.3 Balanced THC and CBD
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Medical cannabis- The legal cannabis market is
experiencing significant growth. Businesses are entering this
sector, supplying various products such as edibles, oils, and
seeds. Regulations are in place to ensure quality and safety.
Consumers are purchasing legally, contributing to tax revenues.
This market is attracting investors and creating jobs. Businesses
are complying with laws, ensuring a stable and profitable
industry.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The legal cannabis market encompasses a wide range of products
derived from the Cannabis plant, which is classified as a Schedule
I drug in the medical field. CBD products, which contain little to
no THC, have gained significant attention due to their potential
therapeutic properties for various conditions, including epilepsy
seizures, chronic pain, and nausea. Pharmacists play a crucial role
in the prescription of medical cannabis for adults suffering from
chronic diseases. The medicinal properties of different species,
strains, and cultivation techniques can significantly impact the
therapeutic potential of these derivatives. CBD and THC are the two
primary compounds found in marijuana, each with distinct health
benefits and medical applications. The therapeutic potential of
cannabis is vast, extending to the treatment of epilepsy, multiple
sclerosis, and other chronic diseases. The cultivation of specific
strains with high CBD content and low THC levels is essential to
maximize the health benefits of these products.
Market Research Overview
The Legal Cannabis Market refers to the production,
distribution, and sale of cannabis and cannabis products in
accordance with the laws and regulations of specific jurisdictions.
This market encompasses various types of cannabis, including
marijuana and hemp, and a range of products such as flowers,
edibles, concentrates, and topicals. The industry is driven by
growing consumer demand for medicinal and recreational use, as well
as the increasing recognition of the economic potential of the
cannabis industry. The market is subject to strict regulations,
including licensing requirements, quality control measures, and
compliance with taxation laws. The use of advanced technologies,
such as automation and biotechnology, is also transforming the
industry. The market is expected to continue growing, driven by
expanding legalization efforts and evolving consumer
preferences.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Medical Cannabis
- Recreational Cannabis
- Derivative Type
-
- CBD
- THC
- Balanced THC And CBD
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio