Covid-19 Impact on Legal Marijuana Market | Leading Players Review and Forecast to 2024

Market Insight

Increasing legalization of marijuana in different countries is encouraging the growth of legal marijuana industry. Thus, the application of legal marijuana in medical sector is witnessing a rapid growth at a global level. Moreover, marijuana oil and hemp seeds are now also being used in personal care products and are found to heal skin conditions including psoriasis, skin rashes, and eczema, which is adding fuel to the growth of the legal marijuana industry. Based on the type of the legal marijuana, sativa is dominating the market holding a global Covid-19 Impact on Legal Marijuana Market share of 56.3% and is expected to grow substantially over the forecast period. However, Indica segment is expected to account for a steady growth in the legal marijuana market over the forecast period 2016-2024. Researchers are taking efforts to bring out value added products from the cannabis strains, which is contributing in the growth of legal marijuana market. Increasing awareness of the health benefits associated with the legal marijuana is propelling the growth of this market.

Legal Marijuana industry is projected to reach USD 3.6 billion at a CAGR of 22.03% by the end of forecast period. In North America, legal marijuana is majorly consumed in the U.S. and Canada. North America alone captures 58% market share followed by Canada in the year 2016.

Major Key Players

This report includes a study of strategies such as mergers, acquisitions, and product launches by the major legal marijuana market players. It further includes product portfolios, developments of leading players, which includes

Some of the leading players in the Global Covid-19 Impact on Legal Marijuana Market Medicine Man (U.S.), AMERICANN, Inc. (U.S.), Abattis BIOCEUTICALS Corp (Canada), Novus Acquisition & Development (U.S.), GW Pharmaceuticals (U.K.), Canopy Growth (Canada) and INSYS Therapeutics (U.S.)

Key Findings

Global Legal Marijuana Industry is projected to reach USD 4.69 billion by 2024 at a CAGR of 22.03%

RoW likely to experience the highest growth at a rate of 30.18% during the given forecast period majorly in Australia, Turkey and Argentina

Sativa has a market share of over 50% in the legal marijuana market

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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.