Latest News- Legal Cannabis Market: Medical cannabis is expected to lead the Product segment during 2025-2029

The Legal Cannabis Market is being driven by Rising number of countries decriminalizing and legalizing cannabis

The Legal Cannabis Market is expected to grow at a CAGR of 31.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 142391.3 million. The legal cannabis market has experienced significant growth due to advancements in cannabis cultivation processes. In state-of-the-art laboratories, cultivation is carried out in sanitized chambers with controlled environments. Techniques such as the Screen of Green and Sea of Green have revolutionized production, utilizing nutrient-rich solutions to enhance THC content. Marijuana-derived CBD oil products have also seen improved quality through these methods, leading to increased revenue generation in the cannabis sector. These innovations have been instrumental in elevating the industry's professionalism and competitiveness. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of countries decriminalizing and legalizing cannabis
• Growing millennial purchasing power in key cannabis industry
• Health benefits of medical cannabis

However, the market also witnesses some limitations, which are as follows:

• Lack of funding and investment in cannabis market
• Stigma and misconceptions about cannabis
• Accessibility issues and high prices associated with medical cannabis

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Market Scope in Legal Cannabis Market Research Report

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Research Analysis Overview

The legal cannabis market encompasses the use of cannabis and its derivatives, such as CBD, in the medical field. As a Schedule I drug, cannabis has long been restricted, but its medicinal properties are now recognized for treating conditions like epilepsy seizures, chronic pain, nausea, and chemotherapy side effects. Pharmacists and medical professionals are exploring the therapeutic potential of cannabis for adults with chronic diseases. Cultivation techniques and genetics play a crucial role in producing strains with specific health benefits, such as THC and CBD. Marijuana's medicinal applications include epilepsy, multiple sclerosis, and prescription medicines for adults. The therapeutic potential of cannabis derivatives continues to be researched for various species and strains.

Market Research Overview

The legal cannabis market represents a significant segment within the broader global market for food, beverages, and tobacco products. This sector encompasses businesses involved in the research and development or production of cannabis-derived products, specifically those containing CBD, for medical applications. Key conditions treated with these products include epilepsy seizures, chronic pain, and nausea, often associated with chemotherapy. As a Schedule I drug, cannabis's medicinal properties have been the subject of extensive research and development. The market's expansion is driven by the increasing recognition of cannabis's therapeutic potential and the growing consumer base for these products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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