To be honest, I had kind of forgotten that the Universe was allowed to contain negative consequences for legalizing drugs. Not to try to convince my attending of anything — as the old saying goes, do not meddle in the affairs of attendings, because you are crunchy and taste good with ketchup — but just to figure out where exactly things stand. Starting in the s, several states decriminalized possession of marijuana — that is, possession could not be penalized by jail time.
The market is expected to witness significant growth owing to legalization in several countries and high demand for both medical and recreational purposes. Over the past few years, the number of companies operating in this market has increased exponentially. Producers are focused on expanding their customer pool by offering myriad portfolio of products and through geographical expansion.
Products currently being offered include varieties of strains and extracts such as oils, tinctures, resins, and consumables based on concentration of cannabinoids like THC and CBD.
As countries begin to liberalize laws related to this drug, the market is expected to witness a surge in demand.
Currently, majority of the cannabis is sold through illicit channels. To curb this illegal trade, governments have started legalizing marijuana in order to monitor the products that enter the supply chain and reap benefits through taxes levied on these products.
This in turn has prompted several countries to initiate legalization programs. Keen investors are awaiting legalization of recreational marijuana in countries like Canada. As recreational cannabis is legalized, the number of patients consuming it is excepted to reduce by Marijuana Type Insights On the basis of type, the market is segmented into medical and recreational.
The medical segment is estimated to dominate the global market and accounted for around Several countries have legalized hemp products as treatment options for conditions such as multiple sclerosis, cancer-induced nausea, and chronic pain.
Moreover, several countries have recognized health benefits of this product and are in process of legalizing it. With increase in volume of scientific studies and clinical trials, demand for cannabis for clinical use is expected to grow over the forecast period.
Countries such as U. However, Canada is anticipated to legalize recreational use by late These countries are expected to provide growth opportunities to producers, as consumption of this drug and its derivatives is expected to increase with rise in number of consumers.
Recreational use of this drug is considered as a substitute for cigarettes and alcoholic beverages such as beer. Producers in Canada and several U. Manufacturers have also started promoting derivatives such as tinctures, oils, and resins, along with products like vaporizers, among millennials who are considered primary consumers.
The market for recreational cannabis is anticipated to witness faster growth as compared to that for medical usage owing to large customer pool. Moreover, it has been reported that patients in U.
This is mainly because of the stringent regulatory and approval process for receiving prescription of medical marijuana.
Moreover, high cost and complex distribution channels wherein pharmacies include cost of packaging and labeling could deter buyers from purchasing the medical form of the product.
Medical buyers therefore avoid additional cost by opting for recreational products. Furthermore, patients who do not qualify for medical usage are benefitted through recreational programs due to easy accessibility and low price of the products.
All these factors are expected to boost the legal marijuana market over the forecast period. The recreational segment is expected to register a CAGR of Subsequent to Canada, several other countries are likely to legalize the same for adult use in the latter half of the forecast period.
Product Type Insights Bud form is anticipated to be a dominant segment throughout the forecast period. Wide acceptability of buds and their lower price as compared to derivates or extracts are expected to boost demand for these products.
Buds are widely used for smoking and are in high demand in recreational markets. This segment was valued at USD 5. The oil segment is expected to register the fastest CAGR of Hemp oil is in high demand for its clinical use.The global legal marijuana market size was valued at USD billion in and is expected to exhibit a CAGR of % during the forecast period.
The market is expected to witness significant growth owing to legalization in several countries and high demand for both medical and recreational purposes. Over the past few years, the number of . Nov 21, · Rows of cannabis plants grow in the 20, square foot greenhouse at Vireo Health's medical marijuana cultivation facility, Aug.
19, , in Johnstown, N.Y. (Drew Angerer/Getty Images).
California Proposition 64, the California Marijuana Legalization Initiative, was on the November 8, , ballot in California as an initiated state initiativeblog.comters referred to the initiative as the Adult Use of Marijuana initiativeblog.com was approved.
Sep 28, · More than 20 percent of the U.S. population now lives in a state where marijuana use is fully legal, and even strong opponents of legalization concede that norms around marijuana use are shifting.
Download SPECIAL REPORT No. Marijuana Legalization and Taxes: Lessons for Other States from Colorado and Washington (PDF) Key Findings. Marijuana tax collections in Colorado and Washington have exceeded initial estimates, and a nationwide legalization-and-tax regime could see states raise billions of dollars per year in marijuana tax revenue.
A Colorado Marijuana Legalization Amendment, also known as Amendment 64, was on the November 6, ballot in Colorado as an initiated constitutional amendment, where it was approved..
The measure legalized marijuana in the state. A similar measure was on the ballot in the state, where it was defeated.. The initiative was filed eight different times with Colorado's Legislative Counsel.