Global Legal Marijuana Market to Observe Widespread Growth with Growing Number of Legal Cannabis Countries

Marijuana has been used from prehistoric times and is linked with the history of the oldest ancient cultures known to have existed. Since the Narcotic Drugs and Psychotropic Substances Act of 1985, which made the sale and possession of marijuana illegal, the legalization of marijuana has been a contentious issue. Despite this, marijuana remains the most commonly used illicit substance. More and more states have authorized the use of marijuana for medical and recreational purposes.

Marijuana is a psychoactive narcotic drug produced from the flowering tops and leaves of the cannabis Sativa plant, which is vaped, ingested, or smoked for medicinal or recreational purposes. Some nations have legalized marijuana, but other nations still prohibit it. Legalizing marijuana refers to making marijuana distribution, consumption, sale legal, and ownership, especially for medical reasons. Medical marijuana legalization is the process of allowing the use of marijuana plants and its related products to treat a range of illnesses and conditions, such as chronic pain and nausea. The global legal marijuana market is expanding at a rapid pace due to the occurrence of various medical conditions and the efficacy of marijuana for therapeutic objectives.

Newest Insights in the Legal Marijuana Market

The usage of medical marijuana for the treatment of several diseases is accelerating the legal marijuana market growth. Medical marijuana is being given to individuals suffering from chronic illnesses such as Alzheimer's disease, Parkinson's disease, and cancer. As per a report by Research Dive, the global legal marijuana market is anticipated to surpass a revenue of $80.1 billion in the 2022-2031 timeframe. The North America legal marijuana market is expected to perceive foremost and dominant growth in the years to come. This is because the region has a gigantic demand for legal marijuana owing to the growing number of patients with neurological disorders in the region.

How are Market Players Responding to the Rising Demand for Legal Marijuana?

Market players are greatly investing in pioneering research and inventions to cater for the rising demand for legal marijuana. Some of the foremost players in the legal marijuana market are Maricann Group, Inc., Aurora Cannabis, Aphria, Inc., GW Pharmaceuticals, plc., The Cronos Group, Tilray, Canopy Growth Corporation, ABcann Medicinals, Inc., Organigram Holding, Inc, Lexaria Corp., and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market.

For instance:

• In March 2022, Tilray medicals, a top global cannabis lifestyle and consumer packaged goods firm that encourages and empowers people everywhere to live their best lives, declared their market entry in Malta and introduced the country's first EU GMP medical cannabis oil products. This will help the business to increase its regional presence.
   
• In March 2022, Martha Stewart, a writer, television host, and American entrepreneur in retail, in partnership with Marquee Brands, one of the world's top brand owners and marketers, and Canopy Growth Corporation, launched the New Tropical Medley Cannabidiol (CBD) Wellness Gummies. Three additional flavours inspired by the rich fruits of tropical destinations are included in the new product offering: Coconut, Pineapple, and Alphonso Mango.
   
• In June 2022, Canopy Growth Corporation, a global leader in the development of cannabis, hemp, and cannabis-related products, recently launched a brand campaign to raise awareness of its extensive line of cannabis beverages just in time for the summer and the continuous expansion of its cannabis beverage portfolio.

COVID-19 Impact on the Global Legal Marijuana Market

The unpredicted rise of the coronavirus pandemic in 2020 has adversely impacted the global legal marijuana market. During the pandemic period, many countries implemented various "lockdowns" or restrict people and businesses from conducting their regular activity in an effort to stop the spread of the new coronavirus. The legal marijuana market had a significant downturn due to challenges such as declining product demand from important end users, a disrupted supply chain, limited operations in most industries, and difficulty in providing essential/post-sales services. Many marijuana industries started depending extensively on e-commerce channels and social media to reach customers around this time. Medical marijuana prices have increased as a result of supply restrictions brought on the COVID-19-related regulations and issues with its delivery. However, a rise in the number of patients using marijuana as a treatment option is projected in the post-COVID situation.