Legal Marijuana Market 2022 Research Report by Size, Share, Revenue, Drivers, Trends, Challenges, Opportunities, manufactures, Types, Applications

Legal Marijuana Market crossed the US$ 15.82510 billion mark in 2022 and is expected to hit US$ 77.21389 billion by 2030, recording a CAGR of 21.9% during the forecast period. 

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.

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Key Players:

    • 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 latest Legal Marijuana Market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the most noticeable players in this market. The study offers a thorough analysis of the key persuading factors, market figures in terms of revenues, segmental data, regional data, and country-wise data. This study can be described as most wide-ranging documentation that comprises all the aspects of the evolving Smart home market.

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.

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

The research report provides deep insights into the market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of Legal Marijuana Market during the forecast period, i.e., 2022–2030. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.

The research provides answers to the following key questions:

  1. What is the estimated growth rate of the market for the forecast period 2022–2030? What will be the market size during the estimated period?
  2. What are the key driving forces responsible for shaping the fate of the Legal Marijuana Market during the forecast period?
  3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Smart home market?
  4. What are the prominent market trends influencing the development of the Legal Marijuana Market across different regions?
  5. What are the major threats and challenges likely to act as a barrier in the growth of the Smart home market?
  6. What are the major opportunities the market leaders can rely on to gain success and profitability?

The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Smart home market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Legal Marijuana Market segments and regions.

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