Cannabis is one of the most illicit used drug, which is very popular globally. Cannabis is basically a flowering plant from the Cannabaceae family. Cannabis is popular by its various names such as hemp and marijuana. The two terms are used for different purposes. Hemp is generally used to refer only the varieties of cannabis cultivated for non-drug use or for non- psychoactive effects.

The term marijuana is used to refer the psychoactive cannabis or the cannabis which is used for the medicinal as well as recreational purposes. In this report only the legalized medicinal and recreational use of cannabis is considered. In terms of value, the global dried herbs market is expected to reach a market value of US$ 81.47Bn by the end of 2027, with an expected CAGR of 17.2% over the forecast period.

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Legalized Cannabis Market Drivers:

Increasing Legalized Cannabis of cannabis worldwide

Many countries have been permitting cannabis and legalizing the use of cannabis both for recreational and medicinal purposes. At present, in the U.S., thirty four states (including Washington DC) have legalized cannabis for medicinal purposes, while ten states among them have even legalized cannabis for recreational and medicinal uses.

In 2018, Canada became the second country in the world, after Uruguay, to legalize the cultivation, acquisition, possession, and consumption of cannabis and its by-products. The increasing legalization activity of cannabis by government of various nations aims at preventing illegal usage, trafficking, and crime associated with the cannabis thus promoting the growing market of legalized cannabis across the world.

Legalized Cannabis Revolutionizing the Medical and Pharmaceutical Industry

The market for legalized cannabis is anticipated to witness a growing demand owing to the use of legalized cannabis in medical and pharmaceutical applications. The legalized cannabis is used increasingly in the treatment of anxiety, sleep disorders, pain, and other medical conditions.

The researchers are increasing studying chemicals found in the legalized cannabis to incorporate them in the treatment of several ailments and to discover new medical applications. Legalized cannabis is used to pacify and lessen the effect and pain from ailments including neuropsychiatric anxiety, disorders, epilepsy, cancer, and other conditions.

Sensory Appealing Characteristic of Cannabis Driving the Growth for Legalized Cannabis Market

Cannabis provides multi-sensory appeal providing visual, olfactory and tactile experience in addition to the psycho-active effect. The multifaceted sensory appeal drives a large population to consume legalized cannabis. The legalized cannabis has made it easier and convenient for the population who are wanting to consume cannabis for experiencing the sensory appeal of the products.

Legalized Cannabis Applications Rapidly Increasing Across the Wellness and Beauty Sector

Legalized cannabis application across the wellness and beauty sector is speedily evolving. CBD (Cannabidiol) oil in specifically gaining lot of traction in beauty and wellness sector. CBD oil is non-psychoactive and provides relief from anxiety, pain, and depression. It also holds anti-acne and anti-inflammatory properties to tract skin conditions.

The legalized cannabis CBD oil is used in color cosmetics including mascara and lip balms. The growing demand for cosmetics and personal care is thus opening the way for cannabis. Due to augmented legalization, cannabis is becoming more unified into consumer products targeting beauty and wellness.

Growing Application in Food and Beverage Industry is Escalating the Prospects for Legalized Cannabis

The food industry is witnessing cannabis edibles take off over the last decade. The growing market for cannabis infused drinks and food products is creating more and more demand for legalized cannabis. Legalized cannabis is used in baked goods, confectionery, tinctures, and others to cater to the growing demand for cannabis edibles. Dixie Elixirs, Colorado-based company, is one of the first companies to enter the food and beverage market with legalized cannabis edible products. The company sells cannabis-infused products such as juices, chocolate bars, truffles, mints, and many more.

Increasing Urbanization and Changing Standards of Living is Creating Strong Demand for Legalized Cannabis Market

The increasing urbanization and changing pace of living, along with the hectic lifestyles have lead consumers incline towards consuming legalized cannabis. The consumers are moving towards cannabis as it contributes to comfort the symptoms of depression such as sleeplessness, sorrow, irritability, and absence of liveliness.

Besides, it gives outstanding relief for arthritis and other inflammatory joint issues, relaxes mind, when taken in nominal amounts and hence legalized cannabis is creating strong demand amongst the consumers.

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Growing Demographics for Risk Taking Youth Bolstering the Growth for Legalized Cannabis

The demographics for risk taking youth is increasing at a faster rate. The largest consumers for legalized cannabis are youth which are ready to take risk of consuming cannabis despite of several warning and health issues related with its consumption.

The legalization has made it easier for today’s youth to get accessibility of the cannabis along with an aim to prevent illegal trafficking and crime associated with availability of cannabis. Thus, the increasing number of youngsters are opening the way for legalized cannabis over the forecast period.