DUBLIN--(BUSINESS WIRE)--The "Arizona Legal Cannabis Market Size, Share & Trends Analysis Report By Source (Marijuana, Hemp), By Product Type (Flowers, Oils And Tinctures), By End-use (Medical, Industrial, Recreational), And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Arizona legal cannabis market size is projected to reach USD 1,740.2 million by 2030, registering a CAGR of 17.3% from 2023 to 2030.
It is driven by increasing government support for legalization and growing awareness of its benefits. Additionally, a study published by The Good Body in 2022 has shown that around 40% of the U.S. population experiences chronic pain lasting 3 to 6 months, even after medication.
Moreover, according to a study published by the NCBI, two-thirds of patients with chronic pain conditions such as arthritis, neuropathic pain, and post-surgical pain have reported pain relief with medical marijuana. These factors are expected to drive the demand for pain management therapies and contribute to market growth over the forecast period.
In 1996, the Drug Medicalization, Prevention, and Control Act was passed in Arizona after receiving 65% votes. The act allowed healthcare professionals to prescribe cannabis for patients suffering from terminal illnesses. Furthermore, in 2020, Proposition 207 was approved by voters in Arizona which legalized the possession, use, and cultivation of cannabis for recreational use among adults over the age of 21. The Arizona Department of Health Services is responsible for regulating and overseeing the state's medical marijuana program and is responsible for issuing medical marijuana cards to patients for the legal purchase of cannabis products.
Key players in the market, such as Nature's Medicines, 4Front, Item 9 Labs, Harvest Health and Recreation, PathogenDx, Cannabox, Copperstate Farms, and Sunday Goods are adopting strategies such as acquisitions, partnerships, expansions, collaborations, and new product launches to strengthen their market position and expand their customer base.
For instance, in May 2022, Nature's Medicines announced the establishment of a new dispensary in Massachusetts. The new establishment is equipped with advanced facilities such as open conference spaces for enhanced shopping and educational experiences.
Moreover, in May 2022, Nature's Medicines partnered with Cheech Marin & Tommy Chong for the launch of two cannabis product lines, Tommy Chong's and Cheech & Chong's. These products contain prepacked flowers and are available for purchase in New Mexico and Arizona.
Company Profiles
- Nature's Medicines
- 4Front
- Item 9 Labs
- Harvest Health and Recreation
- PathogenDx
- Cannabox
- Copperstate Farms
- Sunday Goods
Key Topics Covered:
Chapter 1 Methodology And Scope
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.3 Market Snapshot
Chapter 3 Arizona Legal Cannabis Market: Variables, Trends, And Scope
3.1 Impact Of Regulations On Cannabis Market In Arizona And Demand - Supply Analysis
3.2 Market Segmentation
3.3 Market Dynamics
3.3.1 Market Driver Analysis
3.3.2 Market Restraint Analysis
3.4 Penetration & Growth Prospects Mapping
3.5 Arizona Legal Cannabis Regulatory Scenario
3.6 Arizona Legal Cannabis - PESTEL Analysis
3.7 Arizona Legal Cannabis - Porter's Analysis
3.8 Opportunity Analysis (2018 - 2022 - 2030)
3.9 Product Pipeline Analysis, By Stage
3.10 Impact of COVID - 19 on the Market
3.11 Company Market Position Analysis (2022)
3.12 Market Entry Strategies
Chapter 4 Arizona Legal Cannabis Market: Product Type Estimates And Trend Analysis
4.1 Arizona Legal Cannabis Market: Product Type Movement Analysis
4.2 Legal Cannabis Market: Product Type Analysis
4.2.1 Flower
4.2.2 Oil And Tinctures
Chapter 5 Arizona Legal Cannabis Market: End Use Estimates And Trend Analysis
5.1 Arizona Legal Cannabis Market: End Use Movement Analysis
5.2 Arizona Legal Cannabis Market: End Use Analysis
5.2.1 Adult/Recreational Use
5.2.2 Medical Use
5.2.3 Industrial Use
Chapter 6 Arizona Legal Cannabis Market: Source Estimates And Trend Analysis
6.1 Arizona Legal Cannabis Market: Source Movement Analysis
6.2 Arizona Legal Cannabis Market: Source Analysis
6.2.1 Hemp
6.2.2 Marijuana
Chapter 7 Competitive Landscape
7.1 Company overview
7.2 Financial performance
7.3 Strategic initiatives
For more information about this report visit https://www.researchandmarkets.com/r/y93ga0
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