According to the research report titled ‘Legal Marijuana Market Share, Size, Trends, Industry Analysis Report By Type; By Product Type, By Application, By Compound; By Regions, Segments & Forecast, 2020- 2027’, available with Market Study Report, global legal marijuana market to register a healthy growth rate during the forecast timeframe, thereby exceeding a valuation of USD 90.5 million by the year 2027.
 

As per the report findings, amplifying application area of marijuana besides recreational purposes such as pharmaceuticals is the primary growth propeller of global legal marijuana market. Legal marijuana is being utilized for treating various health complication such as arthritis, cancer, Parkinson’s disease, and neurological conditions.
 

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Based on the application spectrum, chronic pain segment of global legal marijuana market is witnessing a strong demand as pain management therapies are increasingly being prescribed to treat chronic pain among elderly. Easy availability, high efficacy, and comparatively lower price as compares to its alternatives are encouraging the use of marijuana in pain management therapies.
 

The report cites that mental disorder segment is also expected to secure a considerable share of global legal marijuana market in the coming years, backed by the desired and positive results of marijuana for treating mental illnesses. Lifestyle changes, advent of nuclear families, high attention towards social media are some factors that have spurt mental issues like anxiety disorders, depression, and Alzheimer’s disease, in turn reinforcing the demand for legal marijuana.
 

Considering the regional outlook, North America accounted for majority of global legal marijuana industry share in 2019 and is expected to showcase a robust growth rate over the forecast timeframe. Widespread use of legal marijuana in the region, especially in the U.S., is attributable to favorable government policies.
 

Key players influencing worldwide legal marijuana industry outlook are Lexaria Bioscience Corp., GW Pharmaceuticals plc, ABcann Medicinals, Inc., Organigram Holdings, Inc., The Cronos Group, Tilray, Maricann Group, Inc. (Wayland Gr), Aurora Cannabis, Inc., Aphria Inc., and Canopy Growth Corp.