DUBLIN–(BUSINESS THREAD)–The “North America Legal Marijuana Market Size, Share and Trends Analysis Report, by Product Type (Flower), by Marijuana Type (Adult), by Medical Use, by Region and Forecast of segments, 2022-2030” the report has been added ResearchAndMarkets.com’s offers
The North America legal marijuana market size is expected to be valued at USD 42.3 billion by 2030, registering a CAGR of 15.7% during the forecast period, 2022 to 2030.
The increased legalization of cannabis has resulted in monumental market growth. People are becoming more and more aware of the benefits and doctors are also prescribing marijuana-based medicines to relieve the symptoms of various diseases such as epilepsy, Alzheimer’s, Parkinson’s and even Tourette’s syndrome. Research and development surrounding uses and benefits have also gained momentum and are also driving growth.
Recently, the state of New Jersey granted legalization for the recreational use of marijuana for sale at federally regulated outlets. The increase in the legalization of marijuana has greatly affected the growth of the market. Therefore, health professionals, physicians and other licensed health professionals can prescribe cannabis-based treatments for various indications.
It has been a powerful treatment for reducing nausea caused by chemotherapy treatments, epileptic seizures, as well as chronic pain and other neurological diseases. The US government has voted many reforms regarding the legalization of marijuana, which have the potential to make marijuana a federally legal drug. This has also had a positive impact on the growth of the sector.
Medicines made from marijuana are also currently federally controlled substances. Cancer, chronic pain, Tourette’s, etc. are some of the conditions for which CBD products are commonly prescribed as alternative medicines. Increasing prevalence of cancer and other chronic conditions is expected to drive growth in North America.
Doctors are favoring the use of these products over conventional ones as they are non-habit forming, all these factors have contributed significantly to the growth of the market.
In the product category, the largest share of revenue was in the oil segment, as the region has legitimized medicinal use in most regions, CBD oil and other derivatives containing oil extracted from the marijuana have been the main focus of the industry. It is also the fastest growing category due to its high demand in various applications and its benefits over traditional prescription drugs, especially for chronic pain, nausea and epileptic seizures, these have been key factors driving the growth of the market
In the medical use segment, the chronic pain category held the largest market share in 2021. As studied and researched, CBD oil and other marijuana extracts are potent in reducing the sensation of pain and not habit forming like pain meds, opioids, etc.
The category that has grown the fastest has been Tourette syndrome, although marijuana is linked to creating a feeling of euphoria that should ideally increase the occurrence of tics in the disease, it was studied that marijuana reduced tics in Tourette’s patients. All these factors are key to market growth.
In the marijuana type, medical use accounted for the largest share and has contributed significantly to the overall growth of the market due to the high demand for these products for medical purposes across the region. However, recreational use has been gaining momentum, this has been the result of recent legalizations in the United States and Canada to curb the illicit trade of the drug in the region.
A survey conducted by the Pew Research Center stated that more than 60% of respondents believed that recreational use should be legalized in the U.S. These statistics show that broad acceptance and general demand has grown over time and is driving the market growth in the north. america
The COVID-19 pandemic saw an increase in demand for marijuana and it was stocked as a necessity item during the initial phase of the pandemic. In Canada, more than 800 businesses, large and small, are involved in the sale and processing of cannabis.
A report by Deloitte Canada found that for every USD, for revenue and capital expenditure, the cannabis industry adds USD 1.09 to the country’s GDP. It has created a large number of jobs since the companies were legitimized. All this has contributed significantly to the growth of the market.
North America Legal Marijuana Report Highlights
Based on product type, the segment of oil that is primarily used for medical purposes has gained a lot of traction and resulted in a large revenue share. Based on the type of marijuana, medical use dominated the market, as legalization has been primarily for medical purposes, in most areas of the region. Based on medical use, the Tourette syndrome segment showed the highest growth potential due to the increasing number of studies showing positive results.
Legal Dynamics of the North American Marijuana Market
Analysis of market drivers
Growing adoption of legal marijuana for the treatment of chronic diseases.
Analysis of market constraints
High Marijuana Prices Compared to Illegal Markets Strict Government Regulations
Industry challenges
Incomplete Evidence on the Effectiveness of Legal Marijuana Doctors’ Reluctance to Prescribe Marijuana Less Market Access to Marijuana That Leads to Contraband
North American Legal Marijuana Market Analysis Tools
North America Legal Marijuana Market Analysis-Pestle Industry Analysis-Porter’s
Analysis of opportunities (2016-2021-2030)
Regulatory landscape of the North American legal marijuana market, by state/province
United States
Washington Oregon California Nevada District of Columbia Georgia Alaska Colorado Michigan Maine Vermont Massachusetts Montana Utah Arizona New Mexico North Dakota Oklahoma Missouri Arkansas Louisiana Illinois Minnesota Ohio West Virginia Pennsylvania Maryland Delaware New Jersey New York Connecticut Rhode Island New Hampshire Florida
canada
Alberta British Columbia Prince Edward Island (PE) Manitoba New Brunswick Nova Scotia Ontario Quebec Saskatchewan Newfoundland and Labrador Nunavut Yukon Northwest Territories
Company profiles
Canopy Growth Corporation Aphria, Inc. Aurora Cannabis Tilray Organigram Holdings, Inc. Lexaria Bioscience Corp. ABcann Medicinals, Inc. (part of Vivo Cannabis) The Cronos Group Wayland Group Corp. (Maricann Group Inc.) CannTrust Holdings