Global Legal Cannabis Market Size, Growth and Forecast Report 2024-2032

IMARC Group, a leading market research company, has recently released report titled “Legal Cannabis Market Report by Source (Marijuana, Hemp), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)), Distribution Channel (Recreational Stores, Pharmacies, Online Stores, and Others), End User (Medical Use, Recreational Use, Industrial Use), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global legal cannabis market.

How Big is the Legal Cannabis Market?

The global legal cannabis market size reached US$ 26.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 144.3 Billion by 2032, exhibiting a growth rate (CAGR) of 20.3% during 2024-2032.

Factors Affecting the Growth of the Legal Cannabis Industry:

  • Growing Awareness Regarding Medical Benefits:

The rising awareness of the medicinal properties of cannabis is propelling market growth. Public perception is shifting as accumulating scientific research unveils the therapeutic potential of cannabis in treating a myriad of conditions, such as chronic pain, epilepsy, multiple sclerosis, and anxiety, among others. Moreover, the growing awareness is bolstered by advocacy and educational efforts, which disseminate information about the clinical benefits and applications of medical cannabis. As healthcare professionals acknowledge and integrate medical cannabis as a treatment option, and patients become more informed about its potential benefits, the demand for medical cannabis is influencing the market growth.

  • Increasing Investment and Innovation:

The cannabis industry is experiencing a significant influx of investment capital, catalyzing a wave of innovation and technological advancement. Additionally, financial backing is instrumental in fostering a competitive market environment where companies strive to enhance cultivation practices, improve product quality, and refine manufacturing processes. Moreover, investments in research and development (R&D) activities lead to the creation of various sophisticated cannabis products that are driving the modernization of cultivation facilities with advanced agricultural technologies, representing another major growth-inducing factor. These innovations are essential in increasing yield, ensuring consistent product potency, and enhancing safety standards, thereby elevating the market offering.

  • Expansion of Distribution Channels:

The expansion of legal cannabis distribution channels is influencing the market by enhancing product accessibility for consumers. Additionally, the proliferation of online platforms and the availability of delivery services are crucial developments that have democratized access to cannabis products, catering to a broad consumer base. Moreover, dispensaries provide a regulated environment where consumers can obtain cannabis products safely, benefiting from the guidance of knowledgeable staff, thus representing another major growth-inducing factor. Besides this, online sales platforms and delivery services offer convenience and discretion, appealing to consumers who prefer shopping from the privacy of their homes, thus creating a positive market outlook.

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Leading Companies Operating in the Global Legal Cannabis Industry:

  • Aurora Cannabis Inc.
  • Cannabis Sativa Inc.
  • Canopy Growth Corporation
  • Green Thumb Industries
  • GW Pharmaceuticals plc (Jazz Pharmaceutical plc)
  • HEXO Corp.
  • Organigram Holdings Inc.
  • Sundial Growers Inc.
  • The Cronos Group
  • The Green Organic Dutchman Holdings Ltd.
  • The Scotts Mircale-Gro company
  • Tilray
  • VIVO Cannabis Inc.

Legal Cannabis Market Report Segmentation:

By Source:

  • Marijuana
  • Hemp

Marijuana accounts for the largest market share due to the to the increasing legalization of recreational and medical cannabis in various regions.

By Derivatives:

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)

Cannabidiol (CBD) holds the largest share in the industry due to its widespread recognition for therapeutic benefits without the psychoactive effects associated with THC, leading to its acceptance and integration into various health and wellness products.

By Distribution Channel:

  • Recreational Stores
  • Pharmacies
  • Online Stores
  • Others

Pharmacies represent the largest market segment as they offer a regulated, safe, and accessible environment for consumers to obtain cannabis-based products, especially those approved for medical use, thereby ensuring product quality and compliance with legal standards.

By End User:

  • Medical Use
  • Recreational Use
  • Industrial Use

Medical use dominates the market growth, driven by increasing recognition and legalization of cannabis for therapeutic purposes, and a growing body of research that underscores its effectiveness in treating various medical conditions.

Regional Insight:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

North America’s dominance in the legal cannabis market is attributed to its progressive legalization, well-established regulatory frameworks, and increasing consumer acceptance, alongside the presence of major market players across the region.

Global Legal Cannabis Market Trends:

At present, cannabis companies are diversifying their product offerings beyond traditional dried flowers, including edibles, concentrates, topicals, and beverages. It caters to different consumer preferences and expands market reach. In addition, the growing interest in the potential health and wellness benefits of cannabis products is leading to the development of CBD-infused products and increased demand for medical cannabis, contributing to the market growth.

Besides this, cannabis companies are exploring opportunities for international expansion as more countries legalize cannabis for medical and/or recreational use which presents new market prospects to key players across the globe.

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Legal Cannabis Market Size 2022 | Industry Share, Report and Forecast 2027

The latest research study “Legal Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global legal cannabis market size reached a value of US$ 16.2 Billion in 2021. Looking forward, IMARC Group expects the market value to reach US$ 61.4 Billion by 2027, exhibiting a CAGR of 24.94% during the forecast period (2022-2027).

Legal cannabis is a drug obtained from drying and curing marijuana flowers to the sophisticated chemistry of producing cannabis concentrates. It is used to treat diseases or conditions such as cancer, appetite loss, wasting syndrome (cachexia), and Crohn’s disease. It also regulates and prevents diabetes, helps reduce chronic pain, eases anxiety, and treats depression and inflammatory bowel diseases among the masses. It is utilized for the treatment of different symptoms and diseases, such as migraines, glaucoma, multiple sclerosis, epilepsy, arthritis, Alzheimer’s, Tourette’s, Parkinson’s, amyotrophic lateral sclerosis (ALS), an acquired immunodeficiency syndrome (AIDS), and post-traumatic stress disorder (PTSD). As a result, legal cannabis is widely utilized in the pharmaceutical industry for its medicinal benefits.

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Legal Cannabis Market Trends and Drivers:

The market is primarily driven by the legalization and decriminalization of cannabis. In addition, the increasing usage of legalized cannabis and approval of its use in the medical field is other growth-inducing factors. Moreover, international agencies acknowledge potential opportunities that cannabis may offer.

They are also authorizing the use of a medication containing cannabidiol (CBD) for the treatment of rare epilepsy like Dravet syndrome and Lennox-Gastaut syndrome, which is difficult to control with other types of medication, thus propelling the market growth. Besides this, oral cannabinoids are effective antiemetics for adults with chemotherapy-induced nausea and vomiting and also assist in improving spasticity symptoms among the masses with multiple sclerosis (MS)-related spasticity.

Additionally, increasing research and clinical trials coupled with a growing number of medical cannabis dispensaries in several countries that supply cannabis for therapeutic use on a licensed healthcare practitioner recommendation is positively influencing the market growth.

Global Legal Cannabis Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Legal Cannabis Companies:

Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corporation, Green Thumb Industries, GW Pharmaceuticals plc (Jazz Pharmaceuticals plc), HEXO Corp., Organigram Holdings Inc., Sundial Growers Inc., The Cronos Group, The Green Organic Dutchman Holdings Ltd., The Scotts Miracle-Gro Company, Tilray and VIVO Cannabis Inc.

The report has segmented the market on the basis of region, source, derivatives, distribution channel and end user.

Breakup by Source:

  • Marijuana
  • Hemp

Breakup by Derivatives:

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)

Breakup by Distribution Channel:

  • Recreational Stores
  • Pharmacies
  • Online Stores
  • Others

Breakup by End User:

  • Medical Use
  • Recreational Use
  • Industrial Use

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

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Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Services Private Limited.
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Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
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