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The North America legal cannabis market size was nearly USD 26.57 billion in 2023. The industry is further expected to grow at a CAGR of 26.8% over the forecast period of 2024-2032 to attain USD 224.45 billion by 2032.
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The legal cannabis industry in North America is being driven by the growing medical applications of the product in the region and the implementation of favourable government policies. Within North America, the United States legal cannabis market is supported by the thriving medical cannabis industry. The United States medical cannabis industry accounts for a majority of the regional market share and is further expected to continue its dominance over the forecast period. It is estimated that 33% of the United States consumers utilise cannabis for both recreational and medical reasons. As CBD derived from hemp is legal to import and purchase in all 50 US states, it is expected to create an increased demand for industrial hemp, which in turn, will aid the overall industry growth in the region.
Cannabis, commonly called marijuana, is an annual flowering plant belonging to the Cannabaceae family, which is native to Central Asia and the Indian subcontinent. The plant is used for industrial, recreational, as well as medical purposes, owing to its psychoactive properties.
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On the basis of derived products, the industry can be divided into:
While marijuana finds applications in medical (migraine, arthritis, and cancer, among others) and recreational purposes, industrial hemp finds application in sectors like personal care, hemp CBD, consumer textiles, and food, among others.
On the basis of distribution channel, the industry is segmented into:
The report also covers the major legal cannabis markets in North America, which include regions like the United States and Canada.
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The legal cannabis market in North America is being driven by the growing demand for cannabis for medical as well as recreational purposes, supported by favourable government policies. In the region, the cannabinoid is treated as a supplement, which is aiding the industry growth. The growing geriatric population and significant patient pool in the region are driving the product demand for medicinal purposes.
Within the United States, more states are moving towards the legalisation of cannabis and, thus, its applications are expected to increase significantly, especially in the medical industry. Different research studies have demonstrated the potential benefits of cannabis in cancer treatment, thus, increasing its demand for cancer therapy. Further, over 100 million Americans suffering from chronic pain rely on opioid painkillers such as Vicodin. Medical cannabis is found to have the potential to fight this opioid epidemic in the United States. As the FDA called for a ban on Opana ER, an opioid painkiller, due to public health reasons in April 2018, cannabis-derived drugs are increasingly being considered a substitute to opioids as they possess no risk of overdose and are less-addictive.
The growing cannabis-related research and development activities and new product launch by manufacturers and leading companies will further aid the legal cannabis industry growth in the future. The growing public support for the legalisation of marijuana and the shift towards hemp-based products are contributing to the industry growth. The growing popularity of CBD hemp oil, which is emerging as an essential part of a healthy lifestyle, is expected to aid the industry growth over the forecast period.
The report gives a detailed analysis of the following key players in the North America legal cannabis market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, capacity expansion, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry, providing an insight into the various trends in the market, based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Products Derived |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
North America Legal Cannabis Market Size
*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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In 2023, the North America legal cannabis market attained a value of nearly USD 26.57 billion.
The market is projected to grow at a CAGR of 26.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 224.45 billion by 2032.
The major drivers of the market are the increasing awareness regarding the health benefits of cannabis, growing utilisation of product for recreational purposes, increasing geriatric population, rising demand for cannabis in the medical sector, and favourable government policies.
The key trends guiding the growth of the legal cannabis market include the launch of enhanced cannabis-based products and the growing investment by the government and private organisations in the research and development activities.
The major regional markets are the United States of America and Canada.
Marijuana and industrial hemp represent the major type of products derived in the market.
The regulated dispensary, recreational stores, and stand-alone retailers are the most significant distribution channels of legal cannabis in the market.
The major players in the North America legal cannabis market are Tilray, and Marijuana Company of America, 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
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