Global Legal Cannabis Markets Analysis 2021-2028 by Sources (Marijuana, Hemp), End-use (Recreational, Medical), Derivatives (CBD, THC) – ResearchAndMarkets.com

CANNANNEW REPORT

DUBLIN–(BUSINESS WIRE)–The “Global Legal Cannabis Market 2021-2028” report has been added to ResearchAndMarkets.com’s offering. The global legal cannabis market size is expected to reach USD 91.5 billion by 2028, registering a CAGR of 26.3% over the forecast period. Owing to recent legalization in several parts of the world, the usage of cannabis is gaining momentum for medical purpose. Medical cannabis is used for the treatment of various chronic conditions, such as Parkinson’s disease, Alzheimer’s disease, arthritis, cancer, depression, anxiety, epilepsy, and other neurological conditions. Thus, a wide application scope has led to an increased product demand for the treatment of various chronic conditions. In addition, due to cannabis being slowly accepted in various countries, some developed countries, such as Canada, Uruguay, and certain states of the U.S., have gone a step further and legalized the recreational use of cannabis. As recreational cannabis is easily available in the market with an economical price tag, the demand for the same has increased exponentially. This is expected to increase cannabis cultivation to suffice the growing demand. However, the COVID-19 pandemic has adversely affected the market growth owing to the imposition of lockdown, limiting consumers from visiting brick-and-mortar shops. Based on the sources, the marijuana segment accounted for the highest revenue share in 2020 and is expected to exhibit the fastest growth rate during the forecast period. This can be attributed to increased awareness about its medical benefits and easy availability. For instance, Marijuana oil is used for the treatment of cancer and nausea and can also be used for the improvement of the sleep cycle and alleviating stress, pain, and anxiety. Decriminalization and legalization of medical marijuana in some countries have led to significant shrinkage in the black market. Moreover, the high efficacy of marijuana-derived CBD is one of the pivotal factors accountable…

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Source : Global Legal Cannabis Markets Analysis 2021-2028 by Sources (Marijuana, Hemp), End-use (Recreational, Medical), Derivatives (CBD, THC) – ResearchAndMarkets.com

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