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Report Overview
The global legal cannabis market is expected to grow in the forecast period of 2024-2032 at a CAGR of 23%.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- One of the fastest-growing sectors in the United States is the legal cannabis industry, which is expected to generate USD 25 billion in sales in 2021, a 43% increase over 2020, thereby propelling the growth of the legal cannabis market.
- As of July 2021, the use of cannabis for medical purposes is permitted in 36 states and the District of Columbia (DC), while adult non-medical cannabis usage is lawful in 18 of those states and DC.
- According to reports, in 2024, the United States Drug Enforcement Administration will take steps to reschedule marijuana as a less harmful drug.
Legal Cannabis Market Share
By Products Derived Analysis
Legal cannabis gains traction through marijuana for recreation and hemp for wellness applications.
Legal cannabis from marijuana and industrial hemp is being consumed with the growingly liberalised laws and the constantly increasing demand of consumers. As per legal cannabis market analysis, marijuana smells like THC, and this is the most widely consumed of the two, both recreationally and medically. Industrial hemp is rich in CBD and is applied to various well-being products, skincare, and textiles. As the governments start making laws for using this medicinal plant, it opens up markets, drives innovation, and attracts investment both in recreational and therapeutic products. This acceptance serves to fuel fast development in the general cannabis industry.
Market Analysis by Application
Cannabis applications grow in medicine, recreation, personal care, food, textiles, and wellness.
The legal application of cannabis is gaining extreme popularity across several industries. Not only is it used in medicine to regulate migraines and arthritis but also to fight cancer, while reduction of pain and inflammation are effectuated. The recreational use of marijuana increases with the growth of legalising it across the globe. Industrial hemp is gaining more and more acceptance as a material for personal care products like CBD-infused skincare; food items such as hemp seeds and oils; and consumer textiles, like eco-friendly fabrics. Hemp CBD has been in increasingly high demand with times for its well-being benefits such as reducing stress, an anti-inflammatory among others.
Distribution Channel Insights
Sales are boosted through regulated dispensaries, recreational stores, retailers, and online delivery services.
Sales of legal cannabis are bolstered through various distribution channels. As per legal cannabis industry analysis, the prescribed dispensaries maintain some kind of legality standards and provide a safer space for both medical and recreational users. Stores for recreation fill the growing urge for legal cannabis products, attracting consumers who demand quality and variety. Retailers as standalone providers offer specialised cannabis products and increase access and convenience for customers. Online and delivery services are grouped under the ‘other’ segment. This boosts the extent with access to consumers in more places than ever before, enhancing sales overall even more.
Legal Cannabis Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 23% between 2024 and 2032.
The major market drivers are the increasing demand for cannabinoid-infused food products and the rising awareness regarding the health benefits of cannabis.
The key trends guiding the market growth include the development of innovative cannabis products, the rising demand for cannabis among women, and increasing research and development (R&D) activities initiated by the leading companies.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major products derived from legal cannabis in the market are marijuana and industrial hemp.
The significant application segments of legal cannabis are marijuana and industrial hemp.
The leading distribution channels of legal cannabis in the market are regulated dispensary, recreational stores, and stand-alone retailer, among others.
The major players in the market are Canopy Growth Corporation, Aurora Cannabis Enterprises Inc., and Maricann Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124