Canopy Growth Corporation, Aurora Cannabis, Maricann Group Inc, GW Pharmaceuticals, plc., Aphria, Inc, and VIVO Cannabis Inc, among others, are the major players in the global legal marijuana market.
The global legal marijuana market reached a value of about USD 17 billion in 2020. The industry is further expected to grow at a CAGR of about 21% in the forecast period of 2022-2027. As per the analysis by Expert Market Research, the market is expected to be driven by the growing legalisation of cannabis and favourable government policies.
Cannabis has been proven to have potential benefits in various treatments, including cancer and neurological disorders, according to several research studies, thereby increasing its demand in the medical sector. As the prevalence of chronic pain rises, demand for the product is expected to rise, as it helps to reduce pain symptoms while providing a lower risk of overdose and side effects than opioids. The medical marijuana market is predicted to develop in response to the growing geriatric population. With the rise in disposable incomes, consumers are willing to spend more on recreational activities. Adults are supporting the legalisation of marijuana in some form, and adult-use sales are likely to drive the industry's growth in countries like the United States and Canada. The increasing number of cannabis-related research and development activities and clinical trials, and the increasing use of marijuana in the pharmaceutical industry, are predicted to considerably boost the overall growth of the industry. This is expected to have a beneficial impact on the global legal marijuana market's expansion during the forecast period.
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With the increasing demand for cannabis in pharmaceutical applications, the medical segment accounts for a significant market share. The North American region dominates the global legal marijuana market, with the United States serving as the industry's primary growth driving region. The United States is the world's largest market for legal cannabis owing to favourable government regulations.
Headquarters: Smith Falls, Ontario, Canada
Canopy Growth Corporation, previously Tweed Marijuana Inc, is a cannabis company. Canopy is a global, best-in-class cannabis company, and CPG organisation with the intention to unleash the power of cannabis to improve lives. From expanding personal health and wellness to creating economic opportunity and working on social justice initiatives, the company is demonstrating the ability of cannabis as a positive agent for change. Canopy Growth produces, distributes, and sells medical and recreational cannabis.
Headquarters: Edmonton, Canada
Aurora Cannabis Inc. is an integrated cannabis company. Aurora provides various premium quality cannabis and hemp products and services, promotes cannabis consumer health and wellness, and develops innovative technologies. The company's operations span multiple continents and focus on recreational and medical cannabis production and sales, patient education and clinical counselling services, extraction technologies and delivery systems, home hydroponic cultivation, and hemp-based food health products.
Headquarters: Langton, Ontario, Canada
Maricann Group offers products such as cannabis oil and dried flower. The company has production facilities in Ontario, Canada, where it operates a cannabis cultivation, processing, and distribution business. The company specialises in medical marijuana, medical cannabis, cannabis extraction, cannabis product development, and alternative healthcare, among others.
Headquarters: Cambridge, United Kingdom
GW Pharmaceuticals, plc. is a global biopharmaceutical company that has established a leading position in cannabinoid science and medicines. GW’s work has led to the regulatory approval of world-first, potentially life-changing, cannabis-based medicines in 42 countries worldwide. In the United Kingdom, the company has around 700 employees from a diverse range of backgrounds and disciplines. The company also has a strong presence in the United States, with more than 300 employees based in Carlsbad, California, and throughout the country.
Headquarters: Toronto, Ontario, Canada
VIVO Cannabis Inc is a Canadian licensed cannabis producer. The company has three cannabis brands: Fireside, Beacon Medical, and Lumina. The products are grown using seeds from Holland and a computerised process where each plant is monitored and controlled. The company also has a research partnership with the University of Guelph to improve cannabis production and uses. Brands in VIVO's portfolio include Canna Farms, Beacon Medical, Fireside, and Harvest Medicine, among others.
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