The global legal marijuana market was valued at $14.3 bn in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024, culminating in 2024 global sales of $63.5bn.
The legal marijuana market is witnessing robust growth owing to the increasing legalization and decriminalization of marijuana across North America and Europe. The rising demand of marijuana for recreational use and medical use is a key factor driving the growth. Due to the complex regulatory structure at state level and federal level, the full potential of the market is not yet realized.
In the U.S., 44 states have different cannabis laws however, cannabis is illegal as per federal law. The U.S. federal law regulates cannabis as per the Controlled Substances Act (CSA), and this act does not differentiate between recreational and medical cannabis. The CSA classifies marijuana as a Schedule I drug which under federal views is highly addictive with no medical value.
However, as per the 2016 funding bill for Commerce-Justice-Science (CJS) budgets, the U.S. federal government is prohibited to use the justice department funds in preventing the states implementing their medical marijuana laws. Moreover, as per the Rohrabacher-Farr or CJS amendment which was previously signed into law on December 16th,2014, and re-signed on December 18th, 2015, prohibits the federal agencies from raiding, arresting, prosecutions for cannabis use. In different states.
Key Insights Addressed:
- Defining market size from 2014 to 2015.
- Estimating market growth till 2024 and consequence market forecast.
- Identifying market drivers, restraints & future opportunities and allowing decision-maker with a range of possible outcomes and the probabilities that will occur for any choice of action.
- Market segments and regions that will drive or lead market growth.
- Defining Optimal Price Point (OPP) which will be accepted and recommended by maximum customers.
- A bird’s-eye view of the competitive landscape and the key market players.
- Key strategic growth driver adopted by market players. In-depth analysis of their strategies and implication on competition & growth.
Key Findings:
- The global legal marijuana market was valued at $6.6 bn in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024, culminating in 2024 global sales of $29.4bn.
- In the U.S., 44 states have different cannabis laws however, cannabis is illegal as per federal law. The U.S. federal law regulates cannabis as per the Controlled Substances Act (CSA), and this act does not differentiate between recreational and medical cannabis.
- Due to the presence of a very large black market economy, the prices vary across different regions. Prices across the different states of the U.S. also vary due to the difference in the quality of the product, state taxes, and other regulatory restrictions hampering the supply chain.
- key market players include United Cannabis Corporation, Corbus Pharmaceuticals, GreenGro Technologies, Inc., Arena Pharmaceuticals, Cannabis Sativa, Inc., Cara Therapeutics Inc, Lexaria Corp, International Consolidated Companies, Inc., GW Pharmaceuticals, Canopy Growth, Insys Therapeutics, Aurora Cannabis, Axim Biotechnologies, and others.
Ameri Research implies a unique methodology of published information and primary research to bring key insights to customer decision making process. Our analytics model helps us to understand the structured and unstructured information from various sources. Key steps involves in the process are as below-
- Analyzing Published Information- Access to large pool of paid and unpaid published information via different sources and analyzing market trend.
- Setting Foundation- Input from analysis of secondary sources set our foundation to market analysis and helps in setting the scope for further research. Setting the scope involves Ameri Research proprietary statistical model, discussion with industry leaders, internal brainstorming, key discussion pointers from various forums etc.
- Need Gap Analysis- Defining the gap between our scope and availability of information.
- KOL Panel Discussion- Focused Group Discussion with a structured discussion guide to fine tune the gap and deriving the factors driving/restraining the market trend.
- Quantitative Research- Sampling large number of industry players, Education/Research Institutes, Government bodies, NGOs, Individual acclaimed researchers and conducting the primary interview with a structured questionnaire.
- Data Triangulation- We apply bottom-up demand approach or top-down estimation or a combined approach to triangulate the data points.
- Analyst Comment- Each of our analysts carries large pool of experience from domain perspective and add their value which is directional in nature
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