The legal marijuana market comprises cannabis and cannabis-based products such as oils and tinctures that are used for medical and recreational purposes. Legal marijuana offers several therapeutic benefits for patients suffering from chronic diseases such as cancer, Alzheimer's, epilepsy, and other medical conditions. It provides relief from nausea, pain, muscle spasms, and appetite loss. Moreover, legalization of marijuana across several nations is further increasing its acceptance for medical use.

The global Legal Marijuana Market is estimated to be valued at US$ 17.4 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The increasing legalization of marijuana across various regions provides a major growth opportunity for the market. More countries are legalizing marijuana for both medical and recreational purposes. In the last few years, Canada was the second country in the world to fully legalize the drug. Several states in the U.S. have also legalized its use for medical and/or recreational purposes. As regulations surrounding cannabis continue to relax, more people now have safe and legal access to marijuana. This growing acceptance and legalization of cannabis is anticipated to drive higher demand and significantly boost the growth of the legal marijuana market over the forecast period.

Porter’s Analysis
Threat of new entrants: The legal marijuana market has moderate threat of new entrants due to high capital requirement for R&D, production facilities, marketing and distribution network. However, increasing legalization in many countries can attract new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitute products. However, customized product offerings by existing players and brand loyalty increases switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of multiple ingredient and packaging suppliers. However, suppliers of pesticides and fertilizers used in cultivation hold some bargaining power.
Threat of new substitutes: Threat of substitution is low as legal marijuana has no close substitute. However, CBD infused products are emerging as alternate treatment options.
Competitive rivalry: The market has high competitive rivalry due to presence of many global and regional players competing on pricing and product differentiation.

SWOT Analysis
Strength: Developed cultivation and processing infrastructure, product innovation, regulatory approvals for medical use
Weakness: Dependency on seasonal cultivation, high operating costs, social stigma and restrictive marketing regulations
Opportunity: Expanding medical applications, increasing product legalization, CBD product opportunities
Threats: Stringent regulations, substitution risk, oversupply risk

Key Takeaways
The Global Legal Marijuana Market Size is expected to witness high growth.

Regional analysis of Europeshows high growth prospects in Germany,Italy,UK and Netherlandsowing to increasingproduct acceptance andexpandingmedical applications. Key players focus on these countries for business expansion.

Key players operating in the legal marijuana market are Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group. Major playersare focusing on capacity expansions, M&Asto strengthen supply chain and distribution network. Product innovation and customization are key strategies adopted to sustain competition.

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