LEGAL MARIJUANA MARKET ANALYSIS

Legal Marijuana MarketSize and Trends

The global legal marijuana market was valued at US$ 15.5 Bn in 2022 and is forecast to reach a value of US$ 40.9 Bn by 2030 at a CAGR of 13.0% between 2023 and 2030. The global legal marijuana market is experiencing strong growth owing to the surging pace of cannabis legalization and increase in prevalence of chronic and neurological disease. Moreover, favorable government initiatives/programs and growing medical applications of marijuana is expected to propel growth of the market. However, factors such as supply shortage of medical marijuana in various countries and legalization of medical marijuana only for selected indications are expected to hamper growth of the global legal marijuana market.

Global Legal Marijuana Market Trends:

High use of medical marijuana is a recent trend

Medical marijuana is a term for derivatives of Cannabis sativa plant that are used to ease symptoms caused by certain medical conditions. The U.S. Food & Drug Administration (FDA) has approved THC-based medications, dronabinol (Marinol) and nabilone (Cesamet), prescribed in pill form for the treatment of nausea in patients undergoing cancer chemotherapy and to stimulate appetite in patients with wasting syndrome due to AIDS. It is an affordable, natural alternative that lacks side effects and is used to treat certain medical conditions.

Increasing awareness among people is another trend

Medical marijuana is rapidly gaining popularity with the growing awareness among people about the benefits of marijuana in the chronic pain management. It is found to be an effective method for the treatment of chronic pain and that it is far safer than several other options. Chronic pain is the most common reason people cite for seeking medical marijuana. Moreover, over the years, the role of medicinal cannabis in the treatment of chronic pain has become an increasingly talked about topic. This trend is expected to continue over the forecast period.