Marijuana, also known as cannabis, is a psychoactive drug from the Cannabis plant intended for medical or recreational use. The plant contains the mind-altering chemical THC and other similar compounds. The global legal marijuana market was 16.41 billion USD in 2018 and will reach 64.03 billion USD by 2025 at a CAGR of 21.47% during the period
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Growth by Region
North America is expected to account for largest share in coming years owing to legalization of marijuana and increase in use of marijuana in pharmaceutical sector. Asia Pacific is projected to grow with higher CAGR during the period due to increasing government expenditure on healthcare sector.
Drivers vs Constraints
The application of marijuana for treatment of various chronic diseases is driving the growth of the market. The legalization of marijuana in developed countries is expected to support the growth of the market. The rising social acceptance of marijuana is also driving the market. On the other hand, the adverse effects of marijuana on human health is restraining the growth of the market
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Industry Trends and Updates
America’s largest liquor distributor, Southern Glazer’s, has announced that it will be entering the Canadian cannabis industry in partnership with one of Canada’s largest legal cannabis producers, Aphria.
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