The global legal marijuana market size is expected to reach USD 66.3 billion by the end of 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 23.9% during the forecast period. Increasing legalization and use of marijuana in medical as well as recreational applications is expected to promote the growth.
Growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, Parkinson’s disease, Alzheimer’s disease, arthritis, and other neurological conditions is anticipated to drive demand for medical marijuana in the forthcoming years. Increasing need for pain management therapies and growing disease burden of chronic pain among elders is also expected to boost demand.
Legalization of medicinal marijuana and decriminalization in some countries has led to a significant decrease in the black market, as people are resorting to legally purchasing cannabis for medicinal as well as recreational use. Moreover, government earnings through taxation is further viewed as an opportunity for countries to earn revenues. Presence of a large customer pool and legalization of medical marijuana in U.S. and Canada is expected propel the product demand from North America.
However, legalization of medicinal cannabis in European countries, accompanied by stringent rules and regulations regarding the product sale and cultivation may limit the overall growth in Europe and in turn for the global market.
Based on grandviewresearch.com.
