Legal Cannabis Market – Analysis and Forecast, 2023-2027

Originally published on Technavio: Legal Cannabis Market Analysis North America, Europe, APAC, South America, Middle East and Africa – US, Canada, Australia, Germany, UK – Size and Forecast 2023-2027

The Legal Cannabis Market is expected to witness significant growth from 2023 to 2027 across regions including North America, Europe, APAC (Asia Pacific), South America, and the Middle East and Africa. Key countries contributing to this growth include the US, Canada, Australia, Germany, and the UK.

In North America, particularly in the US and Canada, the legal cannabis market is anticipated to experience robust expansion driven by factors such as increasing legalization of cannabis for medical and recreational use, growing acceptance of cannabis as a mainstream consumer product, and the emergence of a well-regulated cannabis industry. With a growing number of states and provinces legalizing cannabis for various purposes, there is a rising demand for cannabis products such as dried flower, edibles, concentrates, and topicals, driving growth in retail sales and market revenues.

Similarly, in Europe, countries like Germany and the UK are driving growth in the legal cannabis market, fueled by factors such as changing regulatory environments, increasing acceptance of medical cannabis, and growing consumer demand for CBD (cannabidiol) products. European countries are implementing regulations to facilitate access to medical cannabis for patients suffering from chronic pain, epilepsy, and other medical conditions, driving demand for pharmaceutical-grade cannabis products and treatment options. Additionally, the growing popularity of CBD-infused products such as oils, tinctures, and cosmetics is driving expansion in the consumer CBD market across Europe.

In APAC, countries like Australia are witnessing rapid growth in the legal cannabis market, driven by factors such as regulatory reforms, increasing public awareness of the medical benefits of cannabis, and growing investments in the cannabis industry. Australian companies are obtaining licenses to cultivate and produce medical cannabis for domestic and export markets, leveraging the country’s favorable climate and agricultural expertise. Additionally, countries like Japan and South Korea are exploring opportunities in the legal cannabis market, with regulatory changes and growing consumer interest driving demand for medical cannabis products and research initiatives.

In South America and the Middle East and Africa regions, the legal cannabis market is also experiencing growth opportunities driven by factors such as changing attitudes towards cannabis legalization, economic incentives for cannabis cultivation and export, and increasing investments in cannabis research and development. Countries in these regions are exploring opportunities in the medical cannabis market to address healthcare challenges, create new revenue streams, and stimulate economic growth. Additionally, the growing interest in hemp-derived products such as CBD oil and textiles is driving expansion in the industrial hemp market in South America and Africa.

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Overall, the forecast period from 2023 to 2027 presents lucrative opportunities for players in the legal cannabis market to capitalize on the growing acceptance and legalization of cannabis worldwide. By offering a diverse range of cannabis products, investing in research and development, and navigating regulatory frameworks effectively, companies can drive further growth and innovation in the legal cannabis industry, shaping the future of cannabis markets across different regions and markets.

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