Global Legal Cannabis Market 2017-2021
About Legal Cannabis
Cannabis is a flowering plant. Species of cannabis are Cannabis sativa, Cannabis indica, and Cannabis ruderalis. Cannabis plants have many varieties, out of which two most prominent ones are marijuana and hemp. Predominantly, cannabis contains two cannabinoids tetrahydrocannabinol (THC) and cannabidiol (CBD). THC is highly psychoactive and causes intoxication. Thus, the use of cannabis is not legalized in many countries. There are only few countries where cannabis products are legalized for either medicinal or for recreational purposes, and out of them, Uruguay in fact has legalized it for both recreational as well as medicinal purposes.
Technavio’s analysts forecast the global legal cannabis market to grow at a CAGR of 23.97% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global legal cannabis market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Legal Cannabis Market 2017-2021
Technavio recognizes the following companies as the key players in the global legal cannabis market: Aurora Cannabis, Bhang Corporation, Canopy Growth Corporation, Medical Marijuana, and Mentor Capital.
Other Prominent Vendors in the market are: Cannoid, CBD American Shaman, CV Sciences, Elixinol, FOLIUM BIOSCIENCES, IRIE CBD, Meadow Care, mCig, NuLeaf Naturals, Pharmahemp, Terra Tech, and United Cannabis.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising number of countries decriminalizing and legalizing cannabis. Legalization of marijuana has emerged as a rising trend, which is influencing many nations to decriminalize cannabis and legalize the use of marijuana both for recreational and medicinal purposes. At present, there are 29 states in the US that have legalized marijuana for medicinal purposes where eight states have been granted the permission for the use of marijuana both for recreational and medicinal purposes.”
According to the report, one driver in the market is growing social acceptance of cannabis. The perception of several nations has changed regarding cannabis from being merely an intoxicating drug to a business venture, which can prove to be highly profitable in the long run. Over past five years, the global legal cannabis market has repeatedly posted robust growth, alluring the new vendors and large investors to leverage the potential of this industry. The growth of cannabis market has significantly added to the income of several governments and boosted sales and revenues of major corporations. The rising popularity of recreational marijuana has provided traction to the global legal cannabis market.
Further, the report states that one challenge in the market is compromising public health. Legalizing cannabis in any country poses a great threat to its citizens as its over-consumption can lead to various respiratory problems and several health issues. Till 2015, there were nearly 15 countries in the world where marijuana was available for purchase from the commercial market, and in these countries, it was reported that approximately 50% of the people under the age of 18 years had easy access to marijuana products. Therefore, the population is exposed to use, misuse, and abuse of the substance, affecting the life of masses in vast numbers.
Aurora Cannabis, Bhang Corporation, Canopy Growth Corporation, Medical Marijuana, and Mentor Capital, Cannoid, CBD American Shaman, CV Sciences, Elixinol, FOLIUM BIOSCIENCES, IRIE CBD, Meadow Care, mCig, NuLeaf Naturals, Pharmahemp, Terra Tech, and United Cannabis.
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