
Report ID: SQMIG35J2105
Report ID:
SQMIG35J2105 |
Region:
Global |
Published Date: October, 2024
Pages:
219
|
Tables:
36 |
Figures:
74
Legal Cannabis Market size was valued at USD 27.91 Billion in 2023 and is poised to grow from USD 35.08 Billion in 2024 to USD 218.63 Billion by 2032, growing at a CAGR of 25.70% during the forecast period (2025-2032).
Growing awareness regarding health benefits of cannabis and increasing legalization of cannabis around the world are forecasted to bolster the demand for legal cannabis going forward. Growing use of legal cannabis in pharmaceuticals and other products is also expected to create new business scope for legal cannabis providers in the future. High consumer demand for wellness products made from natural ingredients is also expected to boost legal cannabis market growth potential in the long run. Innovations and investments in research to explore new applications for cannabis are also forecasted to uplift the sales of legal cannabis products over the coming years. On the contrary, high taxation and pricing issues, lack of scientific research, social stigma and resistance, and stringent regulatory frameworks are expected to impede legal cannabis demand outlook across the study period and beyond.
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Report ID: SQMIG35J2105