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DUBLIN<\/span><\/span>, August 17, 2022<\/span><\/span> \/PRNewswire\/ — The <\/span>“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”<\/a> the report has been added <\/span>ResearchAndMarkets.com’s offers<\/span><\/p>\n The North America<\/span> The size of the legal marijuana market is expected to be valued at 42.3 billion dollars<\/span> by 2030, registering a CAGR of 15.7% during the forecast period, 2022-2030.<\/p>\n 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.<\/p>\n Recently, the state of New Jersey<\/span> granted the legalization of recreational use of marijuana to be sold 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.<\/p>\n 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.<\/p>\n 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 North America<\/span>.<\/p>\n 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.<\/p>\n 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<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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 a North America<\/span>.<\/p>\n 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.<\/p>\n A report of Deloitte Canada<\/span> found that for every USD, for income and capital expenditure, the cannabis industry adds 1.09 USD<\/span> to the GDP of the country. It has created a large number of jobs since the companies were legitimized. All this has contributed significantly to the growth of the market.<\/p>\n North America Legal Marijuana Report Highlights<\/p>\n 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.<\/p>\n Legal Dynamics of the North American Marijuana Market<\/p>\n Analysis of market drivers<\/p>\n Growing adoption of legal marijuana for the treatment of chronic diseases.<\/p>\n Analysis of market constraints<\/p>\n High Marijuana Prices Compared to Illegal Markets Strict Government Regulations<\/p>\n Industry challenges<\/p>\n Incomplete Evidence on the Effectiveness of Legal Marijuana Doctors’ Reluctance to Prescribe Marijuana Less Market Access to Marijuana That Leads to Contraband<\/p>\n North American Legal Marijuana Market Analysis Tools<\/p>\n North America Legal Marijuana Market Analysis-Pestle Industry Analysis-Porter’s<\/p>\n Analysis of opportunities (2016-2021-2030)<\/p>\n Regulatory landscape of the North American legal marijuana market, by state\/province<\/p>\n United States<\/span><\/p>\n Washington<\/span> canada<\/p>\n Alberta<\/span> Company profiles<\/p>\n 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<\/p>\n For more information on this report, visit <\/a><\/p>\n Contact with the media:<\/p>\n Research and Markets For EST office hours, call +1-917-300-0470 US Fax: 646-607-1904
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