According to the research report, ‘Global Legal Cannabis Market Size study, by Sources (Marijuana and Hemp), by Derivatives (CBD, THC and Others), by End-use (medical use, recreational use and industrial use), and Regional Forecasts 2021-2027’, available with Market Study Report, global legal cannabis market is anticipated to record significant gains during 2021-2027.
 

Rising demand for medical and recreational cannabis, increasing use of product in pharmaceuticals, and legalization in terms of production and usage in several countries are propelling the expansion of global legal cannabis market. For instance, as of October 2020, cannabis has been made legal for recreational use in Uruguay, Canada, and 12 states of the U.S., whereas 36 countries have legalized the medical use of cannabis.
 

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For the unversed, cannabis plant is known for its psychoactive properties and different parts of the plant are used for medicinal as well as recreational purposes.
 

Increasing focus of private companies towards advertising and packaging of cannabis products is expected to boost the market progress. On the contrary, cannabis ban in several countries, along with complex regulatory policies associated with the use of cannabis products are likely to hinder the industry remuneration in the coming years.
 

The geographical landscape of global legal cannabis marketplace is defined by regions like North America, Europe, Latin America, and Asia Pacific. Among these, North America is expected to capture a considerable market share during 2021-2027, owing to positive outlook of people towards cannabis, and presence of prominent players in the region.
 

On the other hand, Asia Pacific market is anticipated to register a healthy growth rate over the projected timeline, due to rise in number of cannabis users in countries like China and Japan, along with increasing opportunities to facilitate the production of marijuana and hemp.
 

Major players shaping the dynamics of global legal cannabis market are Aurora Cannabis, Inc., Canopy Growth Corporation, CARA Therapeutics, Inc., GW Pharmaceuticals, plc, The Scotts Company LLC, Aphria, Inc., Insys Therapeutics, Inc., Cronos Group, Inc., Sundial Gowers, Inc., and Tilray, Inc.
 

These industry behemoths are focused on research & development in order to expand the application scope of cannabis, while adopting strategies like partnerships and collaborations to improve their position and garner massive returns.