According to FutureWise analysis the market for Legal Marijuana in 2023 is US$ 20.98 billion, and is expected to reach US$ 130.09 billion by 2031 at a CAGR of 25.62%.
The dried parts of the marijuana plant are called marijuana. It is possible for marijuana to be green, brown, or gray in color. There are many benefits associated with this plant, including its use of it as a recreational drug and for treating various diseases. Various regions are deciding whether marijuana is legal for recreational use and medical use, including its cultivation, possession, and distribution. Marijuana's legalization around the world, its medical applications, the rise of geriatric populations who need treatment for chronic diseases, and technological advancements in cultivation are the main factors driving its growth. Marijuana has been outlawed in many countries worldwide as a recreational drug. Legalizing marijuana in this manner can have a variety of effects on the economy and society of the country. As a result of legalization, governments can regulate marijuana cultivation and sales through applications, thereby contributing to the GDP of their countries. As a result of legalization, cartels and black-market dealers are forced out of business, and associated crime rates are reduced. The legalization of marijuana has had a positive impact on public health and safety. As a result of legalization, existing frequent marijuana consumers will buy more often. Additionally, less frequent consumers are also likely to purchase products more frequently and spend significantly more. Thus, increasing legalization will increase marijuana demand, which will drive the growth of the global legal marijuana market.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Legal Marijuana Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of the market.
According to the research study conducted by FutureWise research analysts, the Legal Marijuana Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the Legal Marijuana Market along with the growth opportunities present across this business vertical.