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  • 8 February 2019 20:56

Marijuana Market: Is It legal In Medical Industry?

Cannabis, also known as marijuana among other names, is a psychoactive drug from the Cannabis plant used for medical or recreational purposes.

Marijuana is a green, brown, or gray mixture of dried, shredded leaves, stems, seeds, and flowers of the cannabis plant. Marijuana contains more than 400 chemicals. Marijuana can be used for various medical and recreational purposes. Legalization of marijuana by developed countries for medical purposes where compounds in marijuana can be used for treatment of various chronic diseases such as cancer AIDS, ALS, Crohn’s disease, and Parkinson’s and increasing R&D activities and government expenditure on healthcare sector demands for cannabis for clinical use and are major factors driving growth of the global legal marijuana market.

Major factor driving growth of the global legal marijuana market is its application on a large scale in medical sector for treatment of various chronic diseases such as cancer AIDS, ALS, etc. In addition, legalization of marijuana in developed countries is expected to support growth of the global legal marijuana market.

On the basis of type, the market is segmented into medical and recreational. The medical segment is estimated to dominate the global market. Various countries have legalized hemp products as treatment options for conditions such as multiple sclerosis, cancer-induced nausea, and chronic pain. The recreational segment is projected to register highest CAGR over the forecast period.

On the basis of application, the market is segmented into chronic pain, mental disorder, cancer, others. The chronic pain segment is estimated to dominate the global market. This can be attributed to cannabis helps to reduces pain and in turn enhances quality of life among patients suffering from chronic pain. The mental disorder segment is projected to register highest CAGR over the forecast period.

On the basis of region, the global legal marijuana market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa

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