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Global Legal Marijuana Market: Growth Projections, Key Drivers, and Trends to Watch by 2029

 


The global legal marijuana market is set to witness a growth rate of 20-25% in the next 5 years. Increasing legalization of marijuana for medical and recreational use; growing awareness of medical benefits of marijuana; rising consumer demand for recreational cannabis; increasing shift toward organic and natural products; and growing investment and advancements in cannabis-derived products are some of the key factors driving the legal marijuana market.

Legal marijuana refers to cannabis products approved for sale, possession, and use within a regulated framework, either for medicinal or recreational purposes. This status varies by country and region, with laws specifying guidelines on permissible uses, potency levels, age restrictions, and licensing requirements. Medicinal marijuana is prescribed to treat certain health conditions, leveraging compounds like THC and CBD for therapeutic effects, while recreational marijuana is used for personal enjoyment. The legal marijuana market includes products such as dried cannabis, oils, edibles, and topicals, all subject to quality control and compliance standards to ensure safe and regulated consumption.

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Increasing legalization of marijuana for medical and recreational use to propel market demand

Increasing marijuana legalization for medical and recreational use is a major driver of the legal marijuana market, as more regions recognize its therapeutic and economic potential. Legal frameworks have reduced the stigma, encouraging greater consumer acceptance and boosting demand. Medical legalization allows patients to access marijuana for conditions like chronic pain and anxiety, widening the market among healthcare providers. Recreational legalization further broadens the market, creating revenue opportunities through regulated dispensaries and cannabis-based products. Legalization also attracts investments, enables research, and fosters innovation in new product forms, creating a thriving, competitive market that continues to expand globally.

Growing investment and advancements in cannabis-derived products is driving the market growth

Growing investment and advancements in cannabis-derived products are fueling the legal marijuana market by driving innovation and expanding product variety. Increased funding has enabled research into the therapeutic benefits of cannabis compounds like CBD and THC, leading to a diverse range of products such as oils, edibles, topicals, and wellness supplements. Companies are innovating with new formulations and delivery methods, appealing to broader consumer demographics and meeting specific medical and recreational needs. Investment also supports the development of high-quality, standardized products that gain consumer trust and comply with regulations, further encouraging market growth and attracting new users.

Competitive Market Analysis

The global legal marijuana market is marked by the presence of established and emerging market players such as Canopy Growth Corporation, Aurora Cannabis Inc., Tilray Brands, Inc., The Cronos Group, Curaleaf Holdings, Inc., Green Thumb Industries (GTI), Trulieve, Maricann Inc., Organigram Holdings Inc., and Jazz Pharmaceuticals, Inc.; among others. Some of the key strategies adopted by market players include new product development, strategic partnerships and collaborations, and geographic expansion.

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Global Legal Marijuana Market Segmentation

This report by Medi-Tech Insights provides the size of the global legal marijuana market at the regional- and country-level from 2022 to 2029. The report further segments the market based on product, application, compound type, and distribution channel.

  • Market Size & Forecast (2022-2029), By Product, USD Million
    • Flowers
    • Oils and Extracts
    • Edibles
    • Topicals
    • Capsules and Tinctures
    • Others
  • Market Size & Forecast (2022-2029), By Application, USD Million
    • Medical Applications
      • Pain Management
        • Neuropathic
        • Inflammatory
      • Mental Disorders
        • Post-Traumatic Stress Disorder (PTSD)
        • Depression and Anxiety
        • Attention-Deficit/Hyperactivity Disorder (ADHD)
        • Other Mental Disorders
      • Neurological Disorders
        • Epilepsy
        • Alzheimer’s Disease
        • Parkinson's Disease
        • Huntington’s Disease
        • Other Neurological Disorders
      • Chronic Diseases
      • Other Medical Applications
    • Recreational Applications
  • Market Size & Forecast (2022-2029), By Compound Type, USD Million
    • Tetrahydrocannabinol (THC)-Dominant
    • Cannabidiol (CBD)- Dominant
    • Balanced THC/CBD
  • Market Size & Forecast (2022-2029), By Distribution Channel, USD Million
  •  
    • Dispensaries
    • E-commerce platforms
    • Pharmacies
    • Supermarkets and Retail Stores
    • Others
  • Market Size & Forecast (2022-2029), By Region, USD Million
    • North America
      • US
      • Canada
    • Europe
      • UK
      • Germany
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Rest of Asia Pacific
    • Latin America
    • Middle East & Africa

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

Contact:

Ruta Halde
Associate, Medi-Tech Insights
 +32 498 86 80 79
 info@meditechinsights.com 

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