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 Insights

Global 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 global legal cannabis market has witnessed significant growth in recent years, driven by the increasing acceptance and legalization of cannabis across various jurisdictions. The legal cannabis market serves multiple purposes. It caters to the growing demand for medicinal cannabis products, which are used to treat various health conditions such as chronic pain, epilepsy, multiple sclerosis, and nausea caused by chemotherapy. Several factors are driving the growth of the global legal cannabis market. The increasing recognition of the therapeutic potential of cannabis and its derivatives has led to the legalization of medical cannabis in many countries.

The legal cannabis market faces several challenges. there is a lack of standardized regulations and guidelines, leading to inconsistencies in quality control and product safety. This creates uncertainty for both businesses and consumers. The legal cannabis market presents significant opportunities. The expanding legalization of cannabis in more jurisdictions provides a larger addressable market and increases business prospects. Moreover, advancements in cultivation techniques, genetics, and extraction methods offer opportunities for improved product quality, efficiency, and cost-effectiveness. The global legal cannabis market is experiencing rapid growth driven by increasing acceptance, changing regulations, and evolving consumer preferences. While there are challenges and restraining factors, such as regulatory complexities and safety concerns, the market presents numerous opportunities for businesses to cater to the demand for medicinal and recreational cannabis products, contribute to public health, and drive economic growth.

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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