Global Legal Cannabis Market

Legal Cannabis Market Size, Share, Growth Analysis, By Source Sub-segmentsMarijuana, and Hemp(Medical Use, Recreational Use) - Industry Forecast 2024-2031

Report ID: SQMIG35J2105 | Region: Global | Published Date: February, 2024
Pages: 219 | Tables: 36 | Figures: 74

Legal Cannabis Market News

  • In August 2022, Switzerland considered legalizing recreational cannabis - The Swiss government announced that it would be conducting a nationwide referendum on recreational cannabis legalization in 2022. The proposal aims to regulate and tax the production, sale, and consumption of cannabis for non-medical purposes.
  • In May 2022, Brazil approved regulations for medical cannabis cultivation - Brazil's health regulator, Anvisa, established regulations for the cultivation of medical cannabis within the country. This development opened up opportunities for domestic production and increased accessibility to medical cannabis for patients in Brazil.
  • In March 2022, Mexico passed legislation for recreational cannabis - Mexico approved a bill to legalize recreational cannabis, becoming one of the largest countries in the world to do so. The legislation permits the possession, cultivation, and consumption of cannabis for personal use.
  • In January 2022, New York legalized recreational cannabis - In January, New York State officially legalized recreational cannabis, allowing adults to possess and purchase cannabis products. This move marked a significant milestone in the U.S. cannabis industry.
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Legal Cannabis Market size was valued at USD 17.8 Billion in 2021 and is poised to grow from USD 22.32 Billion in 2022 to USD 136.49 Billion by 2030, at a CAGR of 25.4% during the forecast period (2023-2030).

The legal cannabis market is dynamic and highly competitive. The market is characterized by the presence of established companies, emerging startups, and a growing number of strategic partnerships. Established cannabis companies such as Canopy Growth, Aurora Cannabis, and Aphria Inc. have already established themselves as key players in the market, leveraging their brand recognition, distribution networks, and product quality. These companies often follow a strategy of vertical integration, controlling various stages of the supply chain from cultivation to retail, which allows them to maintain quality control and streamline operations. strategic partnerships and acquisitions are prevalent in the industry, as companies seek to expand their market share and access new markets. Research and development also play a crucial role, with companies investing in innovation to develop new cannabis-based products and improve cultivation techniques. 'Canopy Growth (Canada)', 'Aurora Cannabis (Canada)', 'Aphria Inc. (Canada)', 'Cronos Group (Canada)', 'Tilray (Canada)', 'GW Pharmaceuticals (UK)', 'HEXO Corp (Canada)', 'Curaleaf Holdings (US)', 'Green Thumb Industries (US)', 'Trulieve Cannabis (US)', 'Charlotte's Web Holdings (US)', 'MedMen Enterprises (US)', 'Columbia Care (US)', 'Organigram Holdings (Canada)', 'Village Farms International (Canada)', 'CannTrust Holdings (Canada)', 'TerrAscend Corp (Canada)', 'Aleafia Health (Canada)', 'Harvest Health & Recreation (US)', 'Cresco Labs (US)'

The growing acceptance of cannabis for both medical and recreational purposes has been a major driver of market growth. Governments worldwide are recognizing the potential benefits and economic opportunities associated with legal cannabis, leading to increased legalization efforts.

Product Diversification: The legal cannabis market witnessed a trend towards product diversification in 2022. Companies expanded their product offerings beyond traditional forms such as flower and concentrates, introducing edibles, beverages, topicals, and other innovative formats to cater to a broader consumer base.

In 2022, North America emerged as the dominant region in the legal cannabis market, capturing a revenue share of over 68.8%. This can be attributed to the region's laws and policies on cannabis trade, which heavily influence revenue generation. The presence of well-established companies primarily based in North America further solidifies its position as the largest market shareholder. Key players in the industry include Canopy Growth, Curaleaf Holdings, Green Thumb Industries, Innovative Industrial Properties, Trulieve Cannabis, GW Pharmaceuticals, Cronos Group, Grow Generation, Cresco Labs, and Columbia Care. The growing consumer demand for cannabis products has contributed to the overall growth of the regional market, along with the increasing rate of legalization across North American jurisdictions.

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Global Legal Cannabis Market

Product ID: SQMIG35J2105