Medical Cannabis Market Size

Global Medical Cannabis Market size was valued at USD 18.3 billion in 2023 and is poised to grow from USD 22.27 billion in 2024 to USD 107.17 billion by 2032, growing at a CAGR of 21.7% during the forecast period (2025-2032).

The global medical cannabis market is fierce and has a lot of innovations as well as players who are taking more market share. Major firms include Aurora Cannabis, Canopy Growth, Tilray, and Cronos Group, which have a cultivation, product development, and distribution of medical goods related to cannabis. These firms are committing resources to undertake clinical studies, expand globally, and enter strategic alliances. Also, this is a fast-changing market and apart from the key players, the competition is becoming more intense with the entry of new players and expansion of regional players.  'Curaleaf Holdings, Inc. (USA) ', 'Trulieve Cannabis Corp. (Canada) ', 'Green Thumb Industries Inc. (GTI) (USA) ', 'Cresco Labs Inc. (USA) ', 'Canopy Growth Corporation (Canada) ', 'Aurora Cannabis Inc. (Canada) ', 'Tilray Brands, Inc. (USA) ', 'Jazz Pharmaceuticals plc (Ireland) ', 'Medical Marijuana, Inc. (USA) ', 'Organigram Holdings Inc. (Canada) ', 'Cronos Group Inc. (Canada) ', 'TerrAscend Corp. (Canada) ', 'Verano Holdings Corp. (Canada) ', 'Aleafia Health Inc. (Canada) ', 'The Valens Company Inc. (Canada) ', 'Indiva Limited (Canada) ', 'HEXO Corp. (Canada) ', 'MediPharm Labs Corp. (Canada) ', 'Charlotte's Web Holdings, Inc. (USA)'

The growth of the global medical cannabis market is largely on account of the regulatory changes, with several more countries allowing the use of medical cannabis for treatment purposes. However, more welcoming policies such as allowing the introduction of cannabis products into the market, providing standard procedures for growing and distributing them, establishes ready market conditions that enhance increased patient access and product development. 

Increasing Adoption of Cannabis for Mental Health Treatment: One key trend in the global medical cannabis market is the growing use of cannabis for mental health treatment. Cannabis for medical purposes is gaining popularity as a better option to patients seeking other therapeutic interventions as the benefits in minimizing anxiety, depression and post-traumatic stress disorders are coming to light. 

North America dominates the global medical cannabis market due to progressive legalization, robust healthcare infrastructure, and a well-established cannabis industry in countries like the U.S. and Canada. It is evident that the presence of enabling regulations such as medical cannabis legalization and decriminalization has positively influenced the market. There is a high public awareness, sophisticated cultivation techniques, and more resources deployed in the region towards R&D for the cause of their leadership. Also, there is a high occurrence of chronic diseases, mental health issues and the need for pain management that has created a demand. North America is also at the center of the evolution of the global medical cannabis industry, assisted by the market ecosystems that inform its developments.