Report demonstrates impressive growth for the global legal cannabis market

https://www.thelaughinggrass.com/medical-marijuana-laws-changing-around-world/

Bethan Rose Jenkins, Cannabis News Writer/Editorial

A new report, titled, “Global Legal Cannabis Market 2021-2025,” signifies the monumental impact that legal cannabis has had (and continues to have) on the global economy. 

Published by Report Linker, the in-depth industry analysis suggests that the worldwide legal cannabis market will inflate by $34.91 billion between the years 2021 and 2025. 

During the forecast period, the legal cannabis sector is expected to surge at a compound annual growth rate (CAGR) of more than 21 percent.

What does the global legal cannabis market report entail?

In terms of geographical landscape, the global legal cannabis market report covers North America, Europe, Asia-Pacific (APAC), South America and Middle East and Africa (MEA). Additionally, the report authors segmented the market into two main product categories: medical cannabis and recreational cannabis.

Offering an up-to-date “holistic analysis” of the ever-growing market, the report features trends, growth drivers, potential obstacles, market size and vendor insights. Approximately 25 vendors are highlighted in the report, including the following well-known brands/companies::

  • Aurora Cannabis Inc.
  • Bhang Corp.
  • Cannoid LLC
  • Canopy Growth Corp.
  • Cronos Group Inc.
  • CV Sciences Inc.
  • Jazz Pharmaceuticals Plc.
  • Medical Marijuana Inc.
  • Tilray Inc.
  • VIVO Cannabis Inc. 

According to the report, the worldwide cannabis market’s colossal growth is being largely triggered by the cannabis decriminalization and legalization efforts that are materializing in numerous countries, such as Mexico, South Africa, Luxembourg, Germany, Italy, Thailand and Brazil. The report authors also noted the importance of science, which is helping to create a solid patchwork of proof pertaining to the green plant’s medicinal benefits.

North America’s legal cannabis market acts as a source of inspiration for other countries

If there’s one continent that is leading the way for the global legal cannabis market, it has to be North America. A separate report that was recently published by Grandview Research pinned a USD $104.9 billion valuation on North America’s flourishing cannabis market for the year 2027.

The plant is legalized for medical and recreational purposes across much of Canada and the United States, which are acknowledged as North America’s largest countries by land area. For example, Canada fully legalized the plant in October 2018 with the passing of “The Cannabis Act,” whereas the U.S. has (so far) implemented medical cannabis laws in 37 states and enacted recreational cannabis laws in 19 states, Washington, D.C., and Guam.

As first-movers after Uruguay, which legalized cannabis in December 2013 with President Jose “Pepe” Mujica’s signature North America stands out as an influential continent. However, other countries look set to dominate the global cannabis market in the near future. One example is the European country of Germany, which could soon rival the U.S. if the incoming governing parties legalize adult-use cannabis.

You can read more about the global cannabis market by viewing the full report here.