NEW YORK, Nov. 29, 2023 /PRNewswire/ -- The legal cannabis market size is estimated to grow by USD 54.57 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 21.6% during the forecast period. The global expansion of the legal cannabis industry, driven by decriminalization and legalization in more countries, fuels market growth and broadens consumer bases. These regulatory changes not only fuel market growth but also shift societal perceptions, reducing stigma and evolving acceptance. Increasing demand for both recreational and medicinal cannabis products follows. Well-defined legal frameworks governing cultivation, production, distribution, and sales attract investments, encourage entrepreneurship, and stimulate market expansion. Adherence to established regulations enables companies to flourish and boost the growth of the global legal cannabis market. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - buy the report
Global Legal Cannabis Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Product (Medical cannabis and Recreational cannabis), Derivative Type (CBD, THC, and Balanced THC and CBD), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
Geography Overview
By geography, the global legal cannabis market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global legal cannabis market.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report
Global Legal Cannabis Market ? Market Dynamics
Leading trends influencing the market
Major challenges hindering the market growth
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report
What are the key data covered in this Legal Cannabis Market report?
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SOURCE Technavio