LONDON–(BUSINESS WIRE)–The global legal cannabis market size is expected to grow by USD 27.89 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 21%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on “Legal Cannabis Market Analysis Report by Product (Medical and Recreational) and Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024”.
The market is driven by the rapid legalization of cannabis worldwide. In addition, the use of advanced techniques in cannabis cultivation is anticipated to boost the growth of the Legal Cannabis Market.
Many nations have been decriminalizing cannabis and legalizing the use of marijuana both for recreational and medicinal purposes. At present, in the US, 34 states (including Washington DC) have legalized cannabis for medicinal purposes, while 10 states among them have granted permission for the use of cannabis both for recreational and medicinal uses. The rapid legalization of cannabis worldwide is hence, one of the key factors driving the legal cannabis market growth.
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Major Five Legal Cannabis Companies:
Aphria Inc. has business operations under various segments such as cannabis operations, distribution operations, and businesses under development. The company product Cannabis oils such as CHAMPLAIN, RIDEAU, and CAPILANO produced through Co2 extraction process.
Aurora Cannabis Inc.
Aurora Cannabis Inc. operates its business through two segments: cannabis and horizontally integrated businesses. The company offers a line of products such as THC Drops, 1:1 Drops, and CBD Drops among others.
Bhang Corp. offers chocolate, tincture, CBD chocolate, lip balm, gum, capsules, and CBD gummies. The company offers a line of products such as CBD Crystalline Isolate.
Canopy Growth Corp.
Canopy Growth Corp. has business operations under two segments: Canadian recreational channel, and medical. The company offers a line of product such as edibles such as cannabis-infused chocolates and beverages.
Cronos Group Inc.
Cronos Group Inc. operates its business through two geographic divisions: the US, and the Rest of World. The company offers a line of medicinal cannabis through its brands PEACE NATURALS, COVE, Spinach, and Lord Jones among others.
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Legal Cannabis Product Outlook (Revenue, USD bn, 2020-2024)
Legal Cannabis Regional Outlook (Revenue, USD bn, 2020-2024)
- North America
- South America
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