Jul 30, 2020 (SUPER MARKET RESEARCH via COMTEX) -- According to a new report by Expert Market Research, 'Global Legal Marijuana Market Report and Forecast 2020-2025', the global legal marijuana market is valued at USD 17.7 billion in 2020 and is expected to expand at a significant CAGR of 18.1% over the forecast period.
Competitive Landscape & Supplier Analysis:
Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC -0.24%
Aphria, Inc /zigman2/quotes/207425803/composite APHA +0.43%
Aurora Cannabis /zigman2/quotes/210559470/composite ACB -5.22%
Maricann Group, Inc. (otcmkts:MRRCF)
GW Pharmaceuticals, plc. /zigman2/quotes/209686240/composite GWPH -1.79%
VIVO Cannabis Inc. (otcmkts:VVCIF)
The growth in the legalization of cannabis in numerous nations is a prime determinant stimulating market germination. The effectiveness of marijuana for therapeutic objectives is augmenting momentum across the world due to current legalizations in multiple nations. Medicinal hemp is used for the medication of persistent diseases, such as malignancy, arthropathy, and neurological maladies, such as stress, panic attacks, Alzheimer's sickness, and Parkinson's disorders. The high predominance of cancer is anticipated to be essential circumstances propelling the requirement for legalized marijuana.
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The high prevalence of cancer is expected to be one of the factors driving the demand for legal marijuana. For instance, according to the World Health Organization (WHO), cancer is the second leading cause of death in the world and was responsible for about 8.8 million deaths in 2015. In addition, the growing disease burden of chronic pain and significant side effects associated with opioid usage is expected to drive the demand for medical cannabis, which has proved to be a potent product for chronic pain management.
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Based on medical applications, the chronic pain segment dominated the legal marijuana market in 2019 owing to presence of a large patient pool. On the other hand, mental disorder application is expected to witness the fastest growth over the forecast period owing to the growing number of patients suffering from mental disorders, such as anxiety disorder, depressions, and Alzheimer's disease.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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The post Legal Marijuana Market Size 2020 | Share, Price, Trends, Growth and Forecast 2025 appeared first on Super Market Research .
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