Legal Marijuana Market Determined To Reach USD 66.3 Billion By 2025
Posted by Neha Bora on September 24th, 2019
San Francisco, 24 September 2019: The Report Legal Marijuana Market Size, Share & Trends Analysis Report By Type (Medical Cannabis, Recreational Cannabis), By Product Type, By Medical Application (Cancer, Mental Disorders), And Segment Forecasts, 2019 – 2025
The global legal marijuana market size is expected to reach USD 66.3 billion by the end of 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 23.9% during the forecast period. Increasing legalization and use of marijuana in medical as well as recreational applications is expected to promote the growth.
Growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, Parkinson’s disease, Alzheimer’s disease, arthritis, and other neurological conditions is anticipated to drive demand for medical marijuana in the forthcoming years. Increasing need for pain management therapies and growing disease burden of chronic pain among elders is also expected to boost demand.
Legalization of medicinal marijuana and decriminalization in some countries has led to a significant decrease in the black market, as people are resorting to legally purchasing cannabis for medicinal as well as recreational use. Moreover, government earnings through taxation is further viewed as an opportunity for countries to earn revenues. Presence of a large customer pool and legalization of medical marijuana in U.S. and Canada is expected propel the product demand from North America.
However, legalization of medicinal cannabis in European countries, accompanied by stringent rules and regulations regarding the product sale and cultivation may limit the overall growth in Europe and in turn for the global market. Other promising markets for Cannabis are Australia, Germany, Poland, Colombia, Uruguay, and Israel. Israel is currently at the forefront of providing technology and knowledge transfer to the other world markets. As the newer markets such as the U.K. and Thailand create their legal structure for cannabis, the revenue growth is expected to witness significant growth. Moreover, countries like South Africa and New Zealand are discussing legalization for medicinal marijuana and may emerge as viable markets in the forthcoming years.
Access Research Report of Legal Marijuana Market @ www.grandviewresearch.com/industry-analysis/legal-marijuana-market
Further key findings from the report suggest:
Grand View Research has segmented the global legal marijuana market on the basis of marijuana type, product type, medical application, and region:
Legal Marijuana Type Outlook (Revenue, USD Million, 2014 - 2025)
Legal Marijuana Product Type Outlook (Revenue, USD Million, 2014 - 2025)
Legal Marijuana Medical Application Outlook (Revenue, USD Million, 2014 - 2025)
Legal Marijuana Regional Outlook (Revenue, USD Million, 2014 - 2025)
Access Press Release of Legal Marijuana Market @ www.grandviewresearch.com/press-release/global-legal-marijuana-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorNeha Bora
Joined: September 16th, 2019
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