Legal Marijuana Market: North America Led With A Revenue Share
Legal Marijuana Industry Overview
The global legal marijuana market size was valued at USD 16.7 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 25.4% from 2023 to 2030. The growing demand for legal marijuana has been a primary factor in the growth of the market. Recently, a large number of countries have legalized the use of medical marijuana for treating various ailments. A number of studies carried out show that medical marijuana and its derivatives can be used to treat symptoms of various diseases, for e.g., it has been successfully used to treat patients with chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s, and other neurological diseases. The FDA and other such associations have now started accepting the marijuana derivatives for the prescription of diseases in which it has proven to be useful. This is another factor for the quick turnaround of its legal status in a lot of countries. North America (the U.S. and Canada) has gone a step further and has sanctioned the use of recreational marijuana as well and more than two-thirds of the U.S. states have legalized marijuana.
Gather more insights about the market drivers, restrains and growth of the Global Legal Marijuana market
The pandemic severely affected the logistics network for cannabis and its derivatives and due to the ongoing restrictions, the government authorized dispensaries are also facing shortages owing to disruption in the supply chain network. Import and export of nearly all commodities essential or not have been affected as well. However, with the governments endorsing legalization, the demand has risen and is likely to be high in the next few years. Patients are opting for marijuana derivatives instead of the prescription medicines previously being used.
With the government policies changing, the demand for medical marijuana is also rising. A lot of countries that have legalized the use of medical marijuana are also paving way for its cultivation to cut on the imports and gain revenue in the form of taxes. This, in turn, has generated jobs in the industry and a lot more companies are dabbling in this territory. Several startups in the U.S. and Europe are now focusing on alternate uses of cannabis, other than recreational and medicinal. With so much happening in and around the cannabis industries, the countries are paving way for more liberal policies regarding its cultivation and usage in the medical field as well as industrial use.
The U.S. is seeing a growing number of cultivators for cannabis, including marijuana since this rakes in more revenues for the government and also cuts down on the cost of import. It has a myriad of applications from medical to industrial and since its legalization, the rise in its sale has been exponential and this has generated new opportunities to increase revenues. With the FDA-level authorizations underway, the market for legal marijuana is only going to expand. A large number of clinical trials will support the prowess of marijuana derivatives for it to be legally prescribed for indications.
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Legal Marijuana Market Segmentation
Grand View Research has segmented the global legal marijuana market based on product type, application, and region:
Legal Marijuana Product Type Outlook (Revenue, USD Million, 2016 - 2030)
- Flower
- Oil and Tinctures
Legal Marijuana Application Outlook (Revenue, USD Million, 2016 - 2030)
- Medical
- Cancer
- Chronic Pain
- Depression and Anxiety
- Arthritis
- Diabetes
- Glaucoma
- Migraines
- Epilepsy
- Multiple Sclerosis
- AIDS
- Amyotrophic Lateral Sclerosis
- Alzheimer’s
- Post-traumatic Stress Disorder (PTSD)
- Parkinson's
- Tourette’s
- Others
- Adult Use
Legal Marijuana Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global legal marijuana market include:
- Canopy Growth Corporation
- Aurora Cannabis
- Aphria, Inc.
- Tilray
- ABcann Medicinals, Inc.
- The Cronos Group
- Maricann Group, Inc.
- Organigram Holding, Inc.
- Lexaria Corp.
- GW Pharmaceuticals
- United Cannabis Corporation
- Tikun Olam, Ltd.
Order a free sample PDF of the Legal Marijuana Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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