In 2021, the legal cannabis industry data around the world was worth USD 13.2 billion, and it is expected to grow by 25.5% between 2022 and 2030. Demand for cannabis that is legal has helped the industry grow. Several countries now allow weed to be used for medical purposes.
Medical weed and its byproducts help treat chronic pain and nausea caused by chemotherapy, Parkinson’s, Alzheimer’s, and other neurological diseases. The FDA and other groups recommend cannabis-based medicines when they work. It made it easier for several countries to make it legal.
What Is the Legal Marijuana Market Growth?
The market for legal cannabis has grown as more people use it for medical purposes and accept it as a normal drug. Because they are good for your health, the US Food and Drug Administration has approved some medicines made from weed. Chemotherapy has become more common because of how common cancer is, and most people who get it feel sick.
For nerve pain and muscle spasms, there are THC- and CBD-based medicines that have been approved or are in clinical trials. The market is growing because more and more people are using medical weed as an alternative way to treat illnesses. Changes in government policies could make more people want to buy legal cannabis.
Many provinces now take bids from more than one company. Because of these things, the market is likely to go up. Many countries have made it illegal to use weed because of how bad it makes people feel. It could hurt the medical weed industry.
How Big Is the Legal Marijuana Market?
The Global Legal Marijuana Market is split up by Type, Product, Application, and Geography
Type
The market is split into Medical and Recreational based on the type. The recreational segment will have the largest market share in the next few years. The recreational category took up most of the market because there was a lot of demand for and use of cannabis for fun. So, legalizing recreational uses has a lot of potential to turn into a big market.
Product
The market is split into Buds, Tinctures, and Oil based on the product type. In 2020, oil brought in the most money; from 2021 to 2028, it was expected to grow the fastest. Oils made from cannabis are used to treat cancer patients who feel sick and want to throw up.
The cannabinoids in the oil help people who have trouble sleeping and those who are stressed out or anxious. The legalization of cannabis for recreational use and the increased use of cannabis or weed oil in countries like the U.S., Canada, Colombia, Uruguay, and Chile are driving the growth of this cannabis trend.
Application
Chronic Pain, Mental Disorders, Cancer, and Others comprise the market by application. The regular pain category dominated the global legal cannabis industry in 2020 and is predicted to remain for seven years. Medical weed relieves pain. As more people discover cannabis’s benefits, the cannabis industry data is expected to increase dramatically.
Geography
The Global Legal Cannabis Market comprises North America, Europe, Asia Pacific, and other places. North America dominates legal weed sales. The regional cannabis industry data has grown due to looser government rules and medicinal and recreational weed legalization in the US and Canada.
Large cannabis producers and manufacturers, legalized adult use, growing retail sales, and retail outlet growth drive the regional market.
What Is the Company Doing, and Where Is It Going
When an industry grows quickly, there are lots of new data and insights to learn from.
Cannabis Usage Statistics
Gallup says that 49% of people in the United States have tried cannabis, which is a record high. Seven years ago, only 40% of Americans had tried cannabis. 19% of individuals born before 1945 tried cannabis, 50% of Baby Boomers, 49% of Gen Xers, and 51% of Millennials.
As more and more states legalize cannabis, more and more people feel comfortable trying it for the first time. That is what is the current trend concerning cannabis now.
Acceptance of Cannabis for Recreational Use
As of April 2022, cannabis will be legal for recreational use in 18 states, the District of Columbia, and Guam. New Frontier Data found the nine states most likely to put rules on recreational activities by 2030. Most cannabis is used in Florida, Pennsylvania, Ohio, Maryland, Missouri, Oklahoma, New Hampshire, Rhode Island, and South Dakota.
Market Growth for Medical Cannabis
Cannabis is legal in 37 states and the District of Columbia. Medically. As the cannabis trends 2022 grow, it’s getting easier to legalize medical cannabis and sell it for recreational use. Marijuana Business Daily says it took 7,308 days after “med to rec” for the first sale to happen in California.
Opportunity in the Cannabis Market
Analysts estimate the annual value of the cannabis industry. Every year, it goes beyond what was expected. Sales of cannabis are expected to reach $32 billion in 2022, up from $26.5 billion in 2018. Even though growth is slowing, sales are still good because people are getting used to legalization and buying more.
In Summary
Cannabis has medical benefits, which has led to more people using it to treat long-term conditions. So, they’re getting bigger quickly. Companies are adding more products, moving into new markets, and trying to get new customers. It makes the global cannabis industry data more competitive.
There are many ways for cannabis businesses to grow and reach new markets. This market is rapidly expanding and offers numerous prospects, so it will be interesting to see what occurs next. QRX Dispensary has information about the cannabis business that you will find essential to know more about the cannabis industry data.