According to the business intelligence report titled ‘Legal Marijuana Market Share, Size, Trends, Industry Analysis Report By Type; By Product Type, By Application, By Compound, By Mode Of Delivery; By Regions, Segments & Forecast, 2020- 2027’, available with Market Study Report, legal marijuana market valuation is anticipated to surpass USD 90.5 billion mark by the year 2027.
 

As per the findings of the report, worldwide legal marijuana market growth can largely be attributed to rising adoption of the product for treatment of several ailments including Parkinson's disease, neurological conditions, arthritis, and cancer. Increasing penetration of legal marijuana in pharmaceutical applications, along with numerous medical opportunities are further propelling industry expansion.
 

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Apparently, legal marijuana is widely being used for treating mental disorders and has subsequently demonstrated efficient results. Surging prevalence of mental disorders, like anxiety and depression, as a result of adoption of sedentary lifestyles, hectic work schedules, and advent of nuclear families will continue to stimulate product demand.
 

Furthermore, incorporation of marijuana in pain management therapies, owing to easy availability, affordability, and high efficacy of the product, is positively swaying legal marijuana market dynamics.
 

Based on type, the industry is divided into adult use, and medical. With regards to product scope, the market is split into tinctures, oils, and buds. Speaking of mode of delivery, global legal marijuana industry vertical is segmented into edibles, concentrates, capsules, and others. Moving on, the application spectrum of the business sphere is categorized into recreational, industrial hemp, and medical. The compound variants available are cannabidiol (CBD) dominant, tetrahydrocannabinol (THC) dominant, and balanced THC & CBD.
 

Regionally, North America legal marijuana market generated massive revenues in 2019 and is anticipated to grow exponentially during 2020-2027. This growth can be accredited to surging demand for legal marijuana in the U.S., along with favorable regulatory scenario for the usage of the product.
 

Top-tier companies influencing worldwide legal marijuana market trends are GW Pharmaceuticals plc, Cronos Group, Tilray, Aphria Inc., ABcann Medicinals Inc., Organigram Holdings Inc., Maricann Group Inc., Lexaria Corp., Aurora Cannabis Inc., and Canopy Growth Corp.