Global Legal Marijuana Market 2016-2020
Marijuana, one of the premium variants of cannabis, is used for recreational (psychoactive drugs) and medicinal purposes. It contains a maximum 30% of cannabinoids (CBD) and tetrahydrocannabinol (THC), which is a major psychoactive element.
Technavio’s analysts forecast the global legal marijuana market to grow at a CAGR of 37.38% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global legal marijuana market for 2016-2020. To calculate the market size, the report considers the revenue generated from legal sales of marijuana.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Legal Marijuana Market 2016-2020
Technavio recognizes the following companies as the key players in the global legal marijuana market: American Cannabis, Canopy Growth, GreenGro Technologies, mCig, Mentor Capital, Terra Tech, and United Cannabis.
Other Prominent Vendors in the market are: Aphria, Cannabis Sativa, Cannabis Science, Cannabrand, Chuma Holdings, MedMen, Meadow, MJIC, Monarch America, Natural Cannabis, Novus Acquisition & Development, Oregon Green Seed, Organigram, Origin Cannabis, Potbotics, Privateer Holdings, and Willie’s Reserve.
Commenting on the report, an analyst from Technavio’s team said: “The cannabis market is set to undergo major changes with the ongoing digitization trend in business processes and its impact on corporate business models. Many vendors are using the internet to reach a large number of targeted audience through online and mobile advertisements. In addition, several new start-ups are launching their mobile apps to reach remotely located customers. For instance, Nestdrop is a mobile app which delivers medicinal cannabis to the customers within a specific period depending on the delivery specifications. The introduction of such technologies has increased the vendor's reach, impacting the market positively.”
According to the report, rising social acceptance of marijuana and growing business opportunities will be a key driver for market growth. The society's perception of marijuana is shifting from an intoxicating drug to serious business venture. The cannabis market posted a growth of 70% during 2013 and 2014, successfully attracting the attention of several large and small investors. The growth of the marijuana market has significantly increased the revenue for dispensary owners as well as cultivators and governments. In addition, the growing popularity of marijuana for recreational purpose is increasing the market competition and business opportunity for several vendors. Ancillary businesses such as cannabis oil market, hookahs parlor, bubblers, volcano vaporizers and percolated bongs, THC-infused ice cream, and brownies are also profiting from the growing legal marijuana market.
Further, the report states that the population near the commercial markets where marijuana is available will be exposed to use, misuse, and abuse of the substance, adversely affecting the health and life of the users. Legalizing marijuana for recreational use further exposes children and non-smokers to the passive consumption. Protection of laborers working in the marijuana farm is another major challenge the market faces.
American Cannabis, Canopy Growth, GreenGro Technologies, mCig, Mentor Capital, Terra Tech, United Cannabis, Aphria, Cannabis Sativa, Cannabis Science, Cannabrand, Chuma Holdings, MedMen, Meadow, MJIC, Monarch America, Natural Cannabis, Novus Acquisition & Development, Oregon Green Seed, Organigram, Origin Cannabis, Potbotics, Privateer Holdings, Willie’s Reserve.
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