Legal Marijuana Market by Product Type (Flower, Concentrates, Oil, Tinctures), Application (Medical, Recreational, Tetrahydrocannabinol (THC)-Dominant), Compound (Cannabidiol (CBD)-Dominant, Balanced THC and CBD): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026831 | Pages: 100 | Industry: Pharmaceuticals | Date: Oct 2022 | Type: Global

The market crossed the US$ 15825.10 million mark in 2022 and is expected to hit US$ 77213.89 million by 2030, recording a CAGR of 21.9% during the forecast period. 

Surge in the medical marijuana products.

 The use of marijuana in medical application has attracted various research industries and companies. Various marijuana-based products have been approved or are in clinical trials. For instance, nabiximols (Sativex) is an approved drug commercialized in Canada. Nabiximols is a cannabis extract used to treat spasticity and neuropathic pain related to multiple sclerosis. It is formulated with THC and other cannabidiol (CBD). In February 2020, CanaQuest Medical Corp, a Canadian company, applied for the approval of the production and commercialization of Mentabinol to Health Canada. Mentabinol is a THC-based product, and its approval application has been filed under the Cannabis Act. An increase in approval of the above-mentioned marijuana-based products by the FDA is driving the growth of the medical marijuana market.

 

Within the report, the market is segmented into type, application, and compound. The market is segmented based on type: flower, concentrates, oil, and tinctures. Based on application, the market is segmented into oncology, cardiology, cosmeceuticals/plastic surgery, dental, and others. Based on application, the market is segmented into medical and recreational. Based on the compound, the market is segmented into Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant and Balanced THC and CBD. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Improvements in federal laws will fuel the growth of the market will drive the growth of the market.

Countries in America have legalized the use and cultivation of medical cannabis. For instance, in 2018, the Government of Canada passed the Cannabis Act, which created a strict legal framework for controlling the production, distribution, sale, and possession of cannabis across Canada. In the US, as of February 2022, marijuana was legalized in 37 states and the District of Columbia. In the past years, Mexico, Luxembourg, and Lesotho, among others, have joined the list of countries to legalize the use of marijuana for medical applications. Therefore, the growing acceptance, cultivation, and production of medical marijuana in developing countries is contributing significantly to the growth of the medical marijuana market.

An increase in R & D will drive the growth of the market.

Many companies are entering the fields of R&D development, cannabis testing, and production. Several jurisdictions in Canada are moving forward with cannabis retail businesses. Many provinces that formerly picked a single provider are now soliciting bids from many vendors. These factors are expected to increase the growth of the market. For instance, in February 2021, Gov Phil Murphy approved three measures legalizing recreational cannabis for people aged 21 or older in New Jersey, the U.S. This increased the commercial viability. Furthermore, growing design and creative product delivery options are expected to drive the market over the forecast period.

Recent strategic developments in the legal marijuana market

The legal marijuana market has undergone several significant developments, and a few of these have been mentioned below:

  • On 12 June 2019, Tikun Olam, the world’s first licensed cannabis company, launched its first hemp-based product line, Tikun Hemp, in the United States. This is the first hemp-based product line to bare the company’s name.
  • On 27 September 2022, the Canopy Growth Corporation entered into agreements to divest its retail business across Canada, including the stores operating under the Tweed and Tokyo Smoke retail banners. The announcement reinforces the Company’s focus on advancing its path to profitability as a premium brand-focused cannabis and consumer packaged goods (CPG) company.
  • In August 2019, Canopy Growth Corporation announced that it partnered with one of the largest global sellers of premium cannabis accessories, Greenlane Holdings, Inc, (“Greenlane”), giving Greenlane exclusive distribution rights of Storz & Bickel vaporizers throughout the United States.

Several players drive the legal marijuana market by implementing strategic investments, new launches, mergers & acquisitions, and partnerships. Canopy Growth Corporation; Aurora Cannabis Inc.; Medmen; Terra Tech Corp; Aphria Inc.; Vivo Cannabis Inc.; Chronos Group Inc.; Medical Marijuana, Inc; Stenocare; Tikun Olam. are among the prominent players operating in the market.

The target audience for the report:

  • Pharmaceuticals associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • End users
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented based on:

  • Product Type:
  • Flower
  • Concentrates
  • Oil
  • Tinctures
  • Application:
  • Medical
  • Recreational
  • Tetrahydrocannabinol (THC)-Dominant
  • Compound:
  • Cannabidiol (CBD)-Dominant
  • Balanced THC and CBD
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Canopy Growth Corporation
    • Aurora Cannabis Inc
    • Medmen
    • Terra Tech Corp
    • Aphria Inc.
    • Vivo Cannabis Inc.
    • Chronos Group Inc.
    • Medical Marijuana, Inc
    • Stenocare
    • Tikun Olam.

The List of Companies
- Canopy Growth Corporation
- Aurora Cannabis Inc
- Medmen
- Terra Tech Corp
- Aphria Inc.
- Vivo Cannabis Inc.
- Chronos Group Inc.
- Medical Marijuana, Inc
- Stenocare
- Tikun Olam.

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