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Hemp/cannabis

The global legal marijuana industry was worth USD 9.1 billion in 2020, and it is predicted to increase at a 26.7 percent compound annual growth rate (CAGR) from 2021 to 2028. The increased demand for legal marijuana, owing to the growing number of legal cannabis countries, is one of the primary drivers driving market expansion. The use of medicinal marijuana for a variety of ailments is gaining traction around the world as a result of recent legalizations in several countries. Medical marijuana is given to patients with chronic illnesses like Parkinson’s, cancer, Alzheimer’s, and a variety of neurological ailments.

In 2020, North America dominated the market with a revenue share of 79.6%. Enlightened government rules and the partial legalization of marijuana for medical and adult (recreational) use in the United States and Canada have aided the expansion of the regional industry. Australia, the United Kingdom, Mexico, Germany, Colombia, and Israel are all potential marijuana markets. These countries have begun to produce locally, and as a result, they are secondary markets that are likely to become sustainable in the coming years.

Some prominent players in the global legal marijuana market include:

  • Canopy Growth Corporation
  • Aurora Cannabis
  •  Aphria, Inc.
  •  Tilray
  •  ABcann Medicinals, Inc.
  •  The Cronos Group
  •  Maricann Group, Inc.
  • Organigram Holding, Inc.
  • Lexaria Corp.