The global legal marijuana market is expected to reach USD 39.4 billion by 2023, according to a new report by MarketsandMarkets, Growing adoption of marijuana in several medical applications such as cancer, mental disorders, chronic pain and others is expected to propel revenue growth in near future.
Legal marijuana has started gaining traction worldwide due to very high demand among consumers and increasing legalization of recreational or medical marijuana in various countries. Additionally, high public and private investment for research and the development of safer forms of ingesting marijuana such as tinctures, oils, vapes and other edibles are expected to positively reinforce market growth. The number of conditions treated using medical marijuana is growing rapidly, as new patients are added to the market, the demand for medical marijuana is expected to increase multiple folds over the forecast period. Countries like Canada and the U.S. are moving towards legalization of marijuana for recreational purposes, this in turn is expected to create a shift form medical to recreational marijuana. Lengthy purchase and approval process for medical marijuana prescription and ease of availability of recreational marijuana is expected to trigger this this change.
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