The global cannabis market is projected to grow from $28.266 billion in 2021 to $197.74 billion in 2028 at a CAGR of 32.04% in forecast period, 2021-2028
Marijuana is yielded from the dried flowers and leaves of the cannabis plant (hemp, weed, dope, or cannabis),this contains both psychoactive compounds like Tetrahydrocannabinol, also known as THC, and non-psychoactive active compounds like cannabidiol (CBD).
Tetrahydrocannabinol (THC). The compound is responsible for the mind-altering effects of marijuana (CBD). To add the fact, that this is the drugs that are abused the most frequently all over the world. The seeds, leaves, and stems of the plant contribute only a very small amount to the final product.
According to Facts and Factors new research report titled Legal Marijuana Market by Product Type (Buds/marijuana Flower, Cannabis Extracts, Oil, Tinctures) & Others, Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), Strains (THC, CBD, Balanced THC and CBD), Purchase Channel (Online, Offline), Application (Medical, Recreational, Cosmetics) & Others, End-Use Industries (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centers), and Geography – Global & Regional Industry Perspectives, Comprehensive Industry Analysis, and Forecast 2020 – 2026 in its research database.
Also, the demand of global legal marijuana market size share in terms of revenue was valued to be USD 22 billion in 2020 and it is expected to surpass around USD 97 billion mark by 2026, growing at a Compound Annual Growth Rate (CAGR) of approximately 28% during the forecast period 2021 to 2026.
Moreover, marijuana organization is gaining momentum around the world. This momentum is driven primarily by the increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked and consumed drugs worldwide.
The demand for legalized marijuana is rapidly increasing, especially in countries where marijuana for medicinal purposes and for food & beverages is legal. CBD isolates will see even more development in the coming years thanks to a recent novel food ruling in Europe. Furthermore, children who consume cannabis are only prescribed oil because it has proven to be effective in the treatment of conditions such as epilepsy. Owing to shifts in government policy, the market for legal marijuana is expected to skyrocket. Several new cannabis start-ups are pursuing R&D, research, and manufacturing. The privatization of cannabis retail stores is anticipated in several provinces.
Several provinces that previously selected a single supplier are now encouraging several suppliers to submit bids. Over the forecast period, these factors are expected to drive the market. The increasing legalization of cannabis in several countries is a major factor driving market development. Marijuana’s efficacy for medicinal purposes is gaining traction around the world as a result of recent legalizations in several countries. Medicinal hemp is used to treat chronic diseases like cancer, arthropathy, and neurological conditions like depression, panic attacks, Alzheimer’s disease, and Parkinson’s disease. The high prevalence of cancer is expected to be a critical factor driving the need for marijuana legalization.