Legal Marijuana Market Outlook To 2024: Key Categories (Medical, Recreational), Product, (Pills, Oils, Tinctures, Creams), Application (Pain Management, Arthritis, Cancer, Multiple Sclerosis, Alzheimer’s), Regional Segmentation, Competitive Dynamics, Pricing Analysis (OPP, IPP, RAP) And Segment Forecast

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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.

Legal Marijuana Market 2024

 

Pricing Analysis

 

“Optimal Price Point (OPP) for Legal Marijuana Products”

 

Estimated Average marijuana cost per gram – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.

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.

 

Product Insights

 

The legal marijuana market by product is categorized as powder, pills, oils, tinctures, and others. Majority of the cannabis users prefer smoking of the herb in powder form or use vapor form as these forms show the fastest onset of action. However, for sustained release and longer duration of action, pills and other forms are preferred.

 

Application Insights

 

The key factors boosting the legal marijuana market include the growing tax revenues due to product sales and tourism activities, decrease in crime rate, and several medical applications. Although there are over 20 conditions for which medical marijuana is used, some of the key applications include pain management, arthritis, cancer, multiple sclerosis and Alzheimer’s, and others. In 2016, chronic pain was identified as the largest segment due to wide usage in pain management.

 

As per the U.S., National Institute of Health (NIH), nearly 40 million adults experienced severe levels of pain and over 25.3 million adults experienced chronic pain. Due to unhealthy life style factors, medical conditions, the number of people requiring pain management is growing rapidly and therefore, this segment is expected to continue its dominance over the forecast period. However, cancer is expected to emerge as the fastest growing application area over the next few years. Rapid increase in the number of cancer patients undergoing chemotherapy is a key reason boosting the consumption of medical marijuana across different regions.

 

Regional Segmentation

 

North America accounts for over 49% of the market, with the U.S. being the single largest market. In the U.S., 28 states allow the sale of medical marijuana and out of these 7 states allow the sale of marijuana for both recreational and medical use. In the U.S., the tax revenues of legal marijuana are now comparable with other commodities such as draft beer and e-cigarettes. The actual demand for recreational marijuana is more than USD 40 billion, however as most of the economy involves illegal trade, it is difficult to gauge the accurate demand.

In Europe, more than 10 countries allow the sale of medical marijuana. However, there are several restrictions on sale, import and export of cannabis products for recreational use. Even in countries, where it is deemed illegal, the usage rate of cannabis is very high.

 

Merger and Acquisition Insight

 

The high market growth is encouraging is driving investor interest in merger and acquisition activities. At present, there are only a few companies capable of end to end processing of medical cannabis and these companies are looking for potential biotech and pharma companies with niche portfolio. Furthermore, large scale producers with technical know-how are also potential targets for companies looking to integrate their operations and leverage on the significant cost savings.

 

Top Players & Company Share

 

As of 2016, 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. Due to the high entry barriers, the market is dominated by the public companies with huge financial resources. The smaller companies with high valuation find it difficult to sustain the long-term competition, and therefore creating opportunities for mergers and acquisitions in the market.

 

 

Market Segmentation

 

Legal Marijuana Market by End-Use (Revenue, USD Million, 2014- 2024)

  • Recreational use
  • Medical Use

Legal Marijuana Market by Product (Revenue, USD Million, 2014- 2024)

  • Powder
  • Pills
  • Oils
  • Tinctures
  • Creams
  • Others

Legal Marijuana Market by Application (Revenue, Million, 2014 – 2024)

  • Pain Management
  • Arthritis
  • Cancer
  • Multiple Sclerosis
  • Alzheimer’s
  • Others

 

Legal Marijuana Market Regional Outlook (Revenue, USD Million, 2014- 2024)

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Switzerland
    • Estonia
    • Romania
    • Netherlands
    • Portugal
    • Finland
    • Belgium
    • Czech Republic
  • RoW
    • Israel
    • Australia
    • Others

Chapter 1 Methodology and Scope

  • Research Methodology
  • Research Scope & Assumptions
  • List of Data Sources

Chapter 2 Executive Summary

Chapter 3 Legal Marijuana Overview

  • Market Ecosystem
  • Key Stakeholders
  • Industry Trends& Analysis

Chapter 4 Legal Marijuana Industry Outlook

  • Market Overview
  • Market Segmentation
  • Market Size & Growth Prospects
  • Market Analysis by End Use
  • Market Analysis by Product
  • Market Analysis by Application
  • Key Market Drivers
    • Growing support for legalization in U.S. states and European nations.
    • Increasing number of cancer patients
    • High taxation benefits to the state economy
  • Key Market Challenges/ Restraint
  • Unfavorable marijuana laws
  • Technology transfer and IPR issues
  • Key Market Opportunities
  • Growing support for medical marijuana
  • Major Trends &Issues
  • Penetration & Growth Prospects
  • Industry Analysis - Porter’s
  • Legal Marijuana Market-PESTEL Analysis

Chapter 5: Pipeline Intelligence

  • Executive Summary
  • Upcoming/ Emerging Products and/or Solutions
  • Key R&D Trends

Chapter 5: Regulatory and Patent Analysis

  • Regulatory Landscape (U.S., Europe, and RoW)
  • Patent Landscape by Region (U.S., Europe and RoW)

Chapter 6: Merger and Acquisition Outlook

  • Factors driving M&A in Legal Marijuana market
  • Trends and future outlook
  • Average deal size by region

Chapter 7: Regional Market Outlook by Revenue (USD Billion)

Legal Marijuana Market Landscape by Region- 2014
  • North America Market Landscape Analysis, 2014-2024 (USD Bn)
    • U.S. Market Landscape Analysis, 2014-2024
    • Canada Market Landscape Analysis-2014-2024
  • Europe Market Landscape Analysis, 2014-2024 (USD Bn)
    • UK Market Landscape Analysis, 2014-2024
    • Germany Market Landscape Analysis, 2014-2024
    • France Market Landscape Analysis, 2014-2024
    • Italy Market Landscape Analysis, 2014-2024
    • Spain Market Landscape Analysis, 2014-2024
    • Switzerland Market Landscape Analysis, 2014-2024
    • Estonia Market Landscape Analysis, 2014-2024
    • Romania Landscape Analysis, 2014-2024
    • Netherlands Landscape Analysis, 2014-2024
    • Portugal Landscape Analysis, 2014-2024
    • Finland Landscape Analysis, 2014-2024
    • Belgium Landscape Analysis, 2014-2024
    • Czech Republic Landscape Analysis, 2014-2024
  • RoW Market Landscape Analysis, 2014-2024 (USD Bn)
    • Israel Market Landscape Analysis, 2014-2024
    • Australia Market Landscape Analysis, 2014-2024

Chapter 8: Pricing Analysis

Optimal Price Points (OPP), Indifference Price Points (IPP) and Range of Acceptable Prices (RAP) and revenue estimation by Region- 2016
  • North America Pricing Analysis (OPP, IPP and RAP- 2016)
    • U.S. Pricing Analysis-2016
    • Canada Pricing Analysis-2016
  • Europe Pricing Analysis (OPP, IPP and RAP - 2016)
    • UK Pricing Analysis-2016
    • Germany Pricing Analysis-2016
    • France Pricing Analysis-2016
    • Italy Pricing Analysis-2016
    • Spain Pricing Analysis-2016
    • Switzerland Pricing Analysis-2016
    • Estonia Market Landscape Analysis, 2014-2024
    • Romania Pricing Analysis-2016
    • Netherlands Pricing Analysis-2016
    • Portugal Pricing Analysis-2016
    • Finland Pricing Analysis-2016
    • Belgium Pricing Analysis-2016
    • Czech Republic Pricing Analysis-2016
  • RoW Pricing Analysis (OPP, IPP and RAP- 2016)
    • Israel Analysis-2016
    • Australia Analysis-2016

Chapter 9: Competitive Landscape

  • GW Pharmaceuticals
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Canopy Growth
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Insys Therapeutics
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Aurora Cannabis
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Axim Biotechnologies
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiatives
  • Corbus Pharmaceuticals
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Arena Pharmaceuticals
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Cara Therapeutics
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • United Cannabis Corporation
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • GreenGro Technologies, Inc.
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Cannabis Sativa, Inc.
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • Lexaria Corp
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  • International Consolidated Companies, Inc.
    • Company Overview
    • Financial Performance
    • Key Decision Maker
    • Product Pipeline
    • Strategic Initiative
  List of Tables
  • TABLE 1 Legal Marijuana Market - Industry Snapshot & Key Buying Criteria, 2014 - 2024
  • TABLE 2 Global Legal Marijuana Market, 2014 – 2024 (USD Billion)
  • TABLE 3 Global Legal Marijuana Market by Product, 2014 – 2024 (USD Billion)
  • TABLE 4 Global Legal Marijuana Market by End-Use, 2014 – 2024 (USD Billion)
  • TABLE 5 Legal Marijuana Market - Key Market Driver Analysis
  • TABLE 6 Legal Marijuana Market - Key Market Restraint/ Challenge Analysis
  • TABLE 7 Legal Marijuana Market – Key Opportunity Analysis
  • TABLE 8 North America Legal Marijuana Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 9 U.S. Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 10 Canada Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 11Europe Legal Marijuana Market Landscape Analysis, 2014-2024(USD Billion)
  • TABLE 12 U.K Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 13 Germany Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 14 France Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 15 Italy Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 16 Spain Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 17 Rest of World (RoW) Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 18 Israel Legal Marijuana Market Landscape Analysis, 2014-2024 (USD Billion)
  • TABLE 28 North America Pricing Analysis
  • TABLE 29 North America Pricing Analysis (OPP, IPP and RAP- 2016)
  • TABLE 30 U.S. Pricing Analysis-2016
  • TABLE 31 Canada Pricing Analysis-2016
  • TABLE 32 Europe Pricing Analysis (OPP, IPP and RAP- 2016)
  • TABLE 33 U.K Pricing Analysis-2016
  • TABLE 34 Germany Pricing Analysis-2016
  • TABLE 35 France Pricing Analysis-2016
  • TABLE 36 Italy Pricing Analysis-2016
  • TABLE 37 Spain Pricing Analysis-2016
  • TABLE 37 Switzerland Pricing Analysis-2016
  • TABLE 37 Estonia Pricing Analysis-2016
  • TABLE 37 Romania Pricing Analysis-2016
  • TABLE 37 Netherlands Pricing Analysis-2016
  • TABLE 37 Portugal Pricing Analysis-2016
  • TABLE 37 Finland Pricing Analysis-2016
  • TABLE 37 Belgium Pricing Analysis-2016
  • TABLE 37 Czech Pricing Analysis-2016
  • TABLE38 Israel Pricing Analysis-2016
  • TABLE38 Australia Pricing Analysis-2016
List of Figures-
  • FIG. 1 Legal Marijuana Market Segmentation
  • FIG. 2 Market Size & Growth Prospects
  • FIG. 3 Leading Brand Dynamics
  • FIG. 4 Penetration & Growth Prospects
  • FIG. 5 Industry Analysis – Porter’s
  • FIG. 6 Legal Marijuana Market – PESTEL Analysis
  • FIG. 7 Legal Marijuana Market Share by Product, 2016 & 2024
  • FIG. 8 Legal Marijuana Market Share by application, 2016 & 2024
  • FIG. 9 Legal Marijuana Market Share by Region, 2016 & 2024

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-

    1. Analyzing Published Information- Access to large pool of paid and unpaid published information via different sources and analyzing market trend.
    2. 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.
    3. Need Gap Analysis- Defining the gap between our scope and availability of information.
    4. 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.
    5. 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.
    6. Data Triangulation- We apply bottom-up demand approach or top-down estimation or a combined approach to triangulate the data points.
    7. 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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Description

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.

Legal Marijuana Market 2024

 

Pricing Analysis

 

“Optimal Price Point (OPP) for Legal Marijuana Products”

 

Estimated Average marijuana cost per gram – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.

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.

 

Product Insights

 

The legal marijuana market by product is categorized as powder, pills, oils, tinctures, and others. Majority of the cannabis users prefer smoking of the herb in powder form or use vapor form as these forms show the fastest onset of action. However, for sustained release and longer duration of action, pills and other forms are preferred.

 

Application Insights

 

The key factors boosting the legal marijuana market include the growing tax revenues due to product sales and tourism activities, decrease in crime rate, and several medical applications. Although there are over 20 conditions for which medical marijuana is used, some of the key applications include pain management, arthritis, cancer, multiple sclerosis and Alzheimer’s, and others. In 2016, chronic pain was identified as the largest segment due to wide usage in pain management.

 

As per the U.S., National Institute of Health (NIH), nearly 40 million adults experienced severe levels of pain and over 25.3 million adults experienced chronic pain. Due to unhealthy life style factors, medical conditions, the number of people requiring pain management is growing rapidly and therefore, this segment is expected to continue its dominance over the forecast period. However, cancer is expected to emerge as the fastest growing application area over the next few years. Rapid increase in the number of cancer patients undergoing chemotherapy is a key reason boosting the consumption of medical marijuana across different regions.

 

Regional Segmentation

 

North America accounts for over 49% of the market, with the U.S. being the single largest market. In the U.S., 28 states allow the sale of medical marijuana and out of these 7 states allow the sale of marijuana for both recreational and medical use. In the U.S., the tax revenues of legal marijuana are now comparable with other commodities such as draft beer and e-cigarettes. The actual demand for recreational marijuana is more than USD 40 billion, however as most of the economy involves illegal trade, it is difficult to gauge the accurate demand.

In Europe, more than 10 countries allow the sale of medical marijuana. However, there are several restrictions on sale, import and export of cannabis products for recreational use. Even in countries, where it is deemed illegal, the usage rate of cannabis is very high.

 

Merger and Acquisition Insight

 

The high market growth is encouraging is driving investor interest in merger and acquisition activities. At present, there are only a few companies capable of end to end processing of medical cannabis and these companies are looking for potential biotech and pharma companies with niche portfolio. Furthermore, large scale producers with technical know-how are also potential targets for companies looking to integrate their operations and leverage on the significant cost savings.

 

Top Players & Company Share

 

As of 2016, 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. Due to the high entry barriers, the market is dominated by the public companies with huge financial resources. The smaller companies with high valuation find it difficult to sustain the long-term competition, and therefore creating opportunities for mergers and acquisitions in the market.

 

 

Market Segmentation

 

Legal Marijuana Market by End-Use (Revenue, USD Million, 2014- 2024)

  • Recreational use
  • Medical Use

Legal Marijuana Market by Product (Revenue, USD Million, 2014- 2024)

  • Powder
  • Pills
  • Oils
  • Tinctures
  • Creams
  • Others

Legal Marijuana Market by Application (Revenue, Million, 2014 – 2024)

  • Pain Management
  • Arthritis
  • Cancer
  • Multiple Sclerosis
  • Alzheimer’s
  • Others

 

Legal Marijuana Market Regional Outlook (Revenue, USD Million, 2014- 2024)

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Switzerland
    • Estonia
    • Romania
    • Netherlands
    • Portugal
    • Finland
    • Belgium
    • Czech Republic
  • RoW
    • Israel
    • Australia
    • Others

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