North America Legal Cannabis Market

North America Legal Cannabis Market Size, Share, Growth Analysis, By Source(Marijuana, Flowers), By Derivative(CBD, THC), By End - Use(Medical Use, Chronic Pain) - Industry Forecast 2024-2031

Report ID: SQMIR35I2333 | Region: Regional | Published Date: February, 2024
Pages: 157 | Tables: 110 | Figures: 76

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North American Legal Cannabis Market size was valued at USD 15.50 Billion in 2022 and is poised to grow from USD 17.83 Billion in 2023 to USD 54.53 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031). 

The North American legal cannabis market is a dynamic marketplace with a wide range of competitors, from well-known industry titans to innovative entrepreneurs. Since this market's growth curve has received a lot of attention, more people are competing to find their niches. 'Canopy Growth Corporation (Canada)', 'Aurora Cannabis Inc. (Canada)', 'Curaleaf Holdings, Inc. (United States)', 'Cronos Group Inc. (Canada)', 'Tilray, Inc. (Canada)', 'Green Thumb Industries Inc. (United States)', 'Aphria Inc. (Canada)', 'Trulieve Cannabis Corp. (United States)', 'Cresco Labs Inc. (United States)', 'Harvest Health & Recreation Inc. (United States)', 'TerrAscend Corp. (Canada)', 'The Green Organic Dutchman Holdings Ltd. (Canada)', 'HEXO Corp. (Canada)', 'Vireo Health International, Inc. (United States)', 'OrganiGram Holdings Inc. (Canada)', 'Charlotte's Web Holdings, Inc. (United States)', 'Harborside Inc. (Canada)', 'MedMen Enterprises Inc. (United States)', 'Valens Company Inc. (Canada)', 'Village Farms International, Inc. (Canada)'

The expansion of the legal cannabis market in North America has been largely attributed to favorable government laws and partial legalization of cannabis for adult-use recreational and medical purposes in both the United States and Canada.

Product Diversification: Numerous product developments are being made for the legal cannabis industry, including a variety of consumption styles, strength levels, and derivative goods that appeal to different user tastes.

The development of the regional industry has been greatly assisted by the favorable regulatory frameworks and the partial legalization of cannabis in the United States and Canada for adult (recreational) as well as medical purposes. The United States was the major contributor in 2022, generating an enormous 86.7% of the total revenue. The regional market's expansion is attributed to a number of factors, including the geographic concentration of major marijuana producers. The U.S. government's accommodating approach and the continuous movement in favor of medical marijuana legalization suggest that the country's leading revenue share will continue to grow, solidifying its market position for the foreseeable future. Additionally, the 2018 Farm Bill's crucial passage, which effectively legalizes hemp and products produced from it across the U.S., is a key factor driving the popularity of these goods.

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