Originally published by Technavio

The global Legal Cannabis Market is set to expand by USD 54.57 billion, with a Compound Annual Growth Rate (CAGR) of 21.6% from 2022 to 2027.

During this projected period, North America emerges as the primary market, with substantial contributions from the US, Canada, the UK, Germany, and Australia. Driving forces include the increasing legalization of cannabis worldwide, driven by the purchasing power of millennials and recognized health benefits.

Driving Factors - The ongoing global legalization of cannabis opens doors to new markets, reshaping societal perceptions and fueling demand for both recreational and medicinal products. Clear regulations attract investments, fostering entrepreneurship and market expansion.

Trends - The market experiences a surge in the diversity of cannabis-infused edibles, appealing to health-conscious consumers seeking nutritional and therapeutic benefits. Companies respond with customized products offering specific effects.

Challenges - Funding and investment constraints hinder market growth, with many financial institutions hesitant to invest in the cannabis sector, affecting vendor financing and growth. Regulatory obstacles in certain regions and religious prohibitions pose additional challenges.

Regional Insights
North America is expected to contribute 92% to the global market growth, primarily due to initiatives legalizing medical cannabis.

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Technavio analysts elaborate on regional trends and drivers, with North America leading due to its legalization of medical cannabis. The market demonstrates moderate concentration with various regional and global vendors present.

Market Segmentation 

By Product - Medical Cannabis Segment
The medical cannabis segment anticipates significant growth, offering therapeutic benefits for various medical conditions.

The medical cannabis segment, valued at USD 8.80 billion in 2017, continued to grow until 2021. Continued research and clinical trials drive its expansion, necessitating scientific data for safety and efficacy.

The recreational cannabis segment thrives in regions where adult use is legalized, offering diverse products to cater to consumer preferences.

Key Market Players
Companies employ strategies such as alliances and product launches to enhance market presence.

Key Offerings:
- Aurora Cannabis Inc.: Offers legal cannabis products under brands like MedReleaf and Aurora.
- Bhang Corp.: Provides cannabis-infused products including milk chocolates and caramel mocha chocolates.
- Cannabinoid Creations: Offers a range of CBD products including tinctures, topicals, and CBD-infused beverages.

The market report includes detailed analyses of 15 market vendors, aiding in understanding their strengths and weaknesses.

Qualitative and quantitative analyses assist clients in comprehending the business environment and vendor standings.

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