Yahoo Finance Legal Marijuana Market Value Predicted To Reach US$ 64.2 Billion By 2027 Covering Pre And Post COVID-19 Market Analysis: Acumen Research And Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Legal Marijuana Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 12, 2021 (GLOBE NEWSWIRE) -- The Global Legal Marijuana Market is anticipated to grow at a CAGR of around 14.7% during the forecast period 2020 to 2027 and to reach around US$ 64.2Bn by 2027.
Increasing applicability of marijuana in the medical sector and legalizations activities by various counties are major factors expected to drive the growth of the global legal marijuana market.
The market in North America is expected to account for a major revenue share in the global legal marijuana market due to the legalization of marijuana in the countries. So far, there are 15 total recreational weed states, but 2021 may lead to a few more joining them. New York, New Mexico, and Minnesota are predicted to go fully legal. Every U.S. state except for Nebraska and Idaho has passed at least some legislation allowing legal medical cannabis use. Government is focused on implementing various regulations related to the sale and marketing of cannabis. Agriculture Improvement Act of 2018, Pub. L. 115-334, (the 2018 Farm Bill) was signed into law on Dec. 20, 2018.
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Among other things, this new law changes certain federal authorities relating to the production and marketing of hemp, defined as "the plant Cannabis sativa L. and any part of that plant, including the seeds thereof and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of isomers, whether growing or not, with a delta-9 tetrahydrocannabinol concentration of not more than 0.3 percent on a dry weight basis. With the changing regulatory scenario and major players focus on acceptance of marijuana in various medical & food products is expected to augment the growth of the legal marijuana market.
In 2020, the FDA approved one cannabis-derived drug product: Epidiolex (cannabidiol), and three synthetic cannabis-related drug products: Marinol (dronabinol), Syndros (dronabinol), and Cesamet (nabilone). These approved drug products are only available with a prescription from a licensed healthcare provider.
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The market in Asia Pacific is expected to witness faster growth in the legal marijuana market due to government inclination towards acceptance of marijuana. In 2017, Member of Parliament of India Dr. Dharamvira Gandhi proposed a bill that would legalize and regulate cannabis. After that, the Indian government issued the first-ever medical cannabis cultivation license. Considering the medical benefits government of developing countries is legalizing the cannabis products Access to legal medicinal cannabis in Australia is granted under the Special Access Scheme. It's managed by the Therapeutic Goods Administration, and need a restricted prescription for it. Between the start of 2020 and May 31, more than 18,000 applications for medical cannabis were approved by the TGA.
Rapid technological advancements in drug discovery and wide applicability of marijuana in the medical sector such as treatment drugs for patients suffering from chronic illnesses, such as Parkinson's, cancer, Alzheimer's, and neurological disorders are major factors expected to drive the growth of global legal marijuana market. In addition, supportive government regulations and introduction of novel drugs by drug manufacturers are expected to support the growth of target market. Increasing investment by major players for R&D activities and increasing acquisition activities for business development by players are factors expected to augment the growth of the legal marijuana market. In 2021, Curaleaf, a leading medical and wellness cannabis operator, acquired Emmac Life Sciences.
The acquisition is expected to help the company to enhance the customer base and increase the revenue share. Factors such as stringent government regulations related to drug approval and high cost of medicines are expected to hamper the growth of global legal marijuana market. In addition, legalizations related to cannabis products in various countries is a challenge for the growth of target market. However, increasing government focus on legalization of marijuana production and increasing focus on awareness activities among consumers are factors expected to create new opportunities for players operating in the legal marijuana market over the forecast period. In addition, players focus on tracking the untapped market in developing countries is expected to support the revenue transaction of the target market.
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The global legal marijuana market is segmented into type, product and application. The type segment is bifurcated into medical and adult use. Among type the medical use is expected to account major revenue share in the global market due to increasing major players spending on R&D activities and high focus on introduction of novel products. The application segment is divided into chronic pain, mental disorders, cancer, and others. Among applications, the chronic pain segment is expected to account for a major revenue share due to a substantial increase in the number of patients suffering from chronic pain disorder. According to U.S. Department of Health & Human Services, in 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that frequently limited life or work activities.
Players operating in the global legal marijuana market are Canopy Growth Corporation; Aurora Cannabis; Aphria, Inc.; Tilray; ABcann Medicinals, Inc.; The Cronos Group; Maricann Group, Inc.; Organigram Holding, Inc.; Lexaria Corp. The market is highly competitive due to presence of large number of players operating on global level.
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