The global legal marijuana market is anticipated to grow at a CAGR of around 14.7% during the forecast period 2020 to 2027 and to reach around US$ 64.2 Bn by 2027.
Market Dynamics
Substantial increase in the number of patients suffering from chronic pain and cancer and wide applicability of marijuana in the medical sector for treatment of various disorders such as mental disorders and cancer are major factors expected to drive the growth of the global market. According to U.S. Department of Health & Human Services, in 2019, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that frequently limited life or work activities. Government of developed countries is focused on legalizing cannabis in drug development. Various rules & regulations are been formed in order to streamline the use in marijuana. So far, there are 15 total recreational weed states, but 2021 may lead to a few more joining them. New York, New Mexico, and Minnesota are predicted to go fully legal. Every U.S. state except Nebraska and Idaho has passed at least some legislation allowing legal medical cannabis use.
Government is focused on implementing various regulations related to sale and marketing of cannabis. Agriculture Improvement Act of 2018, Pub. L. 115-334, (the 2018 Farm Bill) was signed into law on Dec. 20, 2018. Among other things, this new law changes certain federal authorities relating to the production and marketing of hemp, defined as "the plant Cannabis sativa L. and any part of that plant, including the seeds thereof and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of isomers, whether growing or not, with a delta-9 tetrahydrocannabinol concentration of not more than 0.3 percent on a dry weight basis.
In 2017, Member of Parliament Dr. Dharamvira Gandhi proposed a bill that would legalize and regulate cannabis. After that, the Indian government issued the first-ever medical cannabis cultivation license. Considering the medical benefits government of developing countries is legalizing the cannabis products Access to legal medicinal cannabis in Australia is granted under the Special Access Scheme. It's managed by the Therapeutic Goods Administration, and need a restricted prescription for it. Between the start of 2020 and May 31, more than 18,000 applications for medical cannabis were approved by the TGA.
Supportive government regulation is resulting in major player’s investment for development of new drugs this is expected to impact the growth of target market. In 2020, the FDA approved one cannabis-derived drug product: Epidiolex (cannabidiol), and three synthetic cannabis-related drug products: Marinol (dronabinol), Syndros (dronabinol), and Cesamet (nabilone). These approved drug products are only available with a prescription from a licensed healthcare provider. In addition, government earnings through taxation are further viewed as an opportunity by the developed countries to earn high revenues this is expected to augment the target market growth. In 2018, tax collections from US$ 345.2 Mn were raised in the state of California. Tax revenue allows municipal councils to fund numerous education and capital growth projects. Factors such as stringent government regulations related to drug approval and high cost of medicines are expected to hamper the growth of global legal marijuana market.
In addition, legalizations related to cannabis products in various countries is a challenge for the growth of target market. However, increasing government focus on legalization of marijuana production and increasing focus on awareness activities among consumers are factors expected to create new opportunities for players operating in the legal marijuana market over the forecast period. In addition, players focus on tracking the untapped market in developing countries is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share in the global market due to high patient pool suffering from chronic diseases. In addition, high investment by major players for R&D activities and government focus on increasing awareness among consumers are factors expected to impact the growth of target market. Business development activities through strategic acquisitions are anticipated to augment the regional market growth. In 2021, Curaleaf, a leading medical and wellness cannabis operator, acquired Emmac Life Sciences. The acquisition is expected to help the company to enhance the customer base and increase the revenue share.
Competitive Landscape
The global legal marijuana market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Legal Marijuana Market Segment Analysis, 2019
The global legal marijuana market is segmented into type, product, and application. The type segment is bifurcated into medical and adult use. Among type, medical use is expected to account major revenue share in the global market due to increasing major players spending on R&D activities and high focus on introduction of novel products. The application segment is divided into chronic pain, mental disorders, cancer, and others. Among application, the chronic pain segment is expected to account for major revenue share due to a substantial increase in the number of patients suffering from chronic pain disorder. Players operating in the global legal marijuana market are Canopy Growth Corporation, Aurora Cannabis, Aphria, Inc., Tilray, ABcann Medicinals, Inc., The Cronos Group, Maricann Group, Inc., Organigram Holding, Inc., Lexaria Corp.
Market Segmentation
Market By Type
Medical
Adult Use
Market By Product
Flower
Oil
Market By Application
Chronic Pain
Mental Disorders
Cancer
Others
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Legal Marijuana
1.1. Definition and Scope
1.1.1. Definition of Legal Marijuana
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Legal Marijuana Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Legal Marijuana Market By Type
1.2.3. Legal Marijuana Market By Product
1.2.4. Legal Marijuana Market By Application
1.2.5. Legal Marijuana Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Legal Marijuana Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Legal Marijuana Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Cost Structure Analysis
3.8.1. Price Trend of Key Raw Materials
3.8.2. Raw Material Suppliers
3.8.3. Proportion of Manufacturing Cost Structure
3.8.3.1. Raw Material
3.8.3.2. Labor Cost
3.8.3.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2019
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2019
4.2. R&D Status and Application Source of Legal Marijuana Major Manufacturers in 2019
CHAPTER 5. Legal Marijuana Market By Type
5.1. Introduction
5.2. Legal Marijuana Revenue By Type
5.2.1. Legal Marijuana Revenue (US$ Mn) and Forecast, By Type, 2016-2027
5.2.2. Medical
5.2.2.1. Medical Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3. Adult Use
5.2.3.1. Adult Use Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6. Legal Marijuana Market Revenue By Product
6.1. Introduction
6.2. Legal Marijuana Revenue (US$ Mn) By Product
6.2.1. Legal Marijuana Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
6.2.2. Flower
6.2.2.1. Flower Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3. Oil
6.2.3.1. Oil Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7. Legal Marijuana Market By Application
7.1. Introduction
7.2. Legal Marijuana Revenue (US$ Mn) By Application
7.2.1. Legal Marijuana Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
7.2.2. Chronic Pain
7.2.2.1. Chronic Pain Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.2.3. Mental Disorders
7.2.3.1. Mental Disorders Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.2.4. Cancer
7.2.4.1. Cancer Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.2.5. Others
7.2.5.1. Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 8. North America Legal Marijuana Market By Country
8.1. North America Legal Marijuana Overview
8.2. U.S.
8.2.1. U.S. Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
8.2.2. U.S. Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
8.2.3. U.S. Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.3. Canada
8.3.1. Canada Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
8.3.2. Canada Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
8.3.3. Canada Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.4. North America PEST Analysis
CHAPTER 9. Europe Legal Marijuana Market By Country
9.1. Europe Legal Marijuana Market Overview
9.2. U.K.
9.2.1. U.K. Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.2.2. U.K. Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
9.2.3. U.K. Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.3. Germany
9.3.1. Germany Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.3.2. Germany Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
9.3.3. Germany Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.4. France
9.4.1. France Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.4.2. France Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
9.4.3. France Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.5. Spain
9.5.1. Spain Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.5.2. Spain Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
9.5.3. Spain Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.6. Rest of Europe
9.6.1. Rest of Europe Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.6.2. Rest of Europe Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016-2027
9.6.3. Rest of Europe Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific Legal Marijuana Market By Country
10.1. Asia Pacific Legal Marijuana Market Overview
10.2. China
10.2.1. China Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.2.2. China Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.2.3. China Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.3. Japan
10.3.1. Japan Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.3.2. Japan Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.3.3. Japan Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.4. India
10.4.1. India Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.4.2. India Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.4.3. India Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.5. Australia
10.5.1. Australia Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.5.2. Australia Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.5.3. Australia Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.6. South Korea
10.6.1. South Korea Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.6.2. South Korea Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.6.3. South Korea Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.7.2. Rest of Asia-Pacific Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
10.7.3. Rest of Asia-Pacific Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Legal Marijuana Market By Country
11.1. Latin America Legal Marijuana Market Overview
11.2. Brazil
11.2.1. Brazil Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
11.2.2. Brazil Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
11.2.3. Brazil Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.3. Mexico
11.3.1. Mexico Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
11.3.2. Mexico Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
11.3.3. Mexico Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.4. Rest of Latin America
11.4.1. Rest of Latin America Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
11.4.2. Rest of Latin America Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 – 2027
11.4.3. Rest of Latin America Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 – 2027
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Legal Marijuana Market By Country
12.1. Middle East & Africa Legal Marijuana Market Overview
12.2. Saudi Arabia
12.2.1. Saudi Arabia Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
12.2.2. Saudi Arabia Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
12.2.3. Saudi Arabia Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.3. UAE
12.3.1. UAE Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
12.3.2. UAE Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
12.3.3. UAE Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Legal Marijuana Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
12.4.2. Rest of Middle East & Africa Legal Marijuana Market Revenue (US$ Mn) and Forecast By Product, 2016 - 2027
12.4.3. Rest of Middle East & Africa Legal Marijuana Market Revenue (US$ Mn) and Forecast By Application, 2016 – 2027
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. PLAYER ANALYSIS OF LEGAL MARIJUANA
13.1. Legal Marijuana Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Legal Marijuana Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. COMPANY PROFILE
14.1. Canopy Growth Corporation
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (US$ Mn), 2019
14.1.3.2. Canopy Growth Corporation 2019 Legal Marijuana Business Regional Distribution
14.1.4. Product/ Service and Specification
14.1.5. Recent Developments & Business Strategy
14.1.6. Manufacturing Plant Footprint Analysis
14.2. Aurora Cannabis
14.3. Aphria, Inc.
14.4. Tilray
14.5. ABcann Medicinals, Inc.
14.6. The Cronos Group
14.7. Maricann Group, Inc.
14.8. Organigram Holding, Inc.
14.9. Lexaria Corp
14.10. Others
