Overview
Global Legalized Cannabis Market growing with a CAGR of 22.1 % during the forecast period 2024-2031.
Legalizing cannabis can provide a significant economic boost by generating tax revenue through sales taxes, licensing fees, and other associated charges. It also creates job opportunities across various sectors, including cultivation, processing, distribution, and retail, further driving economic growth. Additionally, legalization can ease the strain on the criminal justice system by reducing arrests and convictions related to cannabis possession and distribution.
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Market Growth Trends
Growing evidence of the medical and therapeutic benefits
Increasing evidence of the medical and therapeutic benefits of cannabis has strengthened support for its legalization. For patients with various medical conditions, legal access to cannabis products can offer relief and enhance their quality of life. Pharmaceutical companies, biotech firms, and research institutions are increasingly investing in cannabis research to explore its potential medical applications.
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Market is segmented
By Product Type: Cannabis Flower, Cannabis Oil, Edibles, Topicals, Concentrates, Others
By Application: Medical, Industrial Use, Recreational
By Distribution Channel: Dispensaries, Online Retail, Pharmacies, Licensed Producers/Distributors, Others
By Region: North America, Europe, South America, Asia Pacific, Middle East, and Africa
Market Key Players
- Green Thumb Industries
- Innovative Industrial
- Verano Holdings
- Trulieve Cannabis
- Cresco Labs
- Aurora Cannabis, Inc.
- Aphria, Inc.
- Cronos Group
- VIVO Cannabis Inc.
- Curaleaf (CURLF)
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