Expert Market Research Explores the Top 6 Companies in the Global Legal Marijuana Market

The global legal marijuana market is expected to grow at a CAGR of about 21% in the forecast period of 2023-2028. 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 legal marijuana 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 also 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, and adult-use sales are likely to drive the market's growth in countries like the United States and Canada. The increasing number of cannabis-related research and development activities and clinical trials, along with the increasing use of marijuana in the pharmaceutical industry, are predicted to considerably boost the overall growth of the market.

With the increasing demand for cannabis in pharmaceutical applications, medical applications accounts for a significant market share. The North American region dominates the global legal marijuana market, with the United States serving as a key growth driving region. The United States is the world's largest market for legal cannabis owing to favourable government regulations.

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Top 6 Global Legal Marijuana Companies:

Canopy Growth Corporation

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.

Tilray Brands Inc.

Tilray Brands Inc. is a leading pharmaceutical company which is a prominent manufacturer of cannabis-lifestyle and consumer packaged goods. It is one of the most experienced companies in the field of marijuana production, research, and distribution. Tilray Brands Inc. is dedicated towards catering to the marijuana demands of hospitals, patients, pharmacies, physicians, and researchers, among others, and is one of the first companies to bring marijuana to patients. This company also cultivates indicas, sativas, and hybrids of marijuana across around 22 countries.

Aurora Cannabis

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.

Maricann Group Inc

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.

Jazz Pharmaceuticals plc

Jazz Pharmaceuticals, plc. is a globally known biopharmaceutical manufacturing company that specialises in cannabinoid science and medicines. They innovate and develop pharmaceutical drugs with a purpose to transform lives of the patients as well as their families. They are widely known for identifying and developing life-changing medicines for people affected with serious diseases and thereby provide these products to the affected people all across the globe. Their products are approved by the United States’ FDA which supports their expansion and consumer trust.

VIVO Cannabis Inc

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.