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The global legal cannabis market is expected to grow in the forecast period of 2024-2032 at a CAGR of 23%.
Base Year
Historical Year
Forecast Year
Legislative reforms, public acceptance, and investment are the key market trends.
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August 2024
The recreational cannabis sales in the state of Ohio were set to begin with the issuance of operation certificates for dispensaries. Adults aged 21 years old and above are allowed to apply, carry up to 2.5 ounces, and grow marijuana at their homes in this new regulation.
October 2024
Tilray Brands, Inc. is a global lifestyle and consumer goods leader who are celebrating six years of cannabis legalisation in Canada. The company marks this year of milestone growth, industry leadership and continued commitment to innovation through events, product launches, and achievements.
Canada established a precedent for other countries in 2018 by being the first country within the G7 to completely legalise cannabis for recreational use. Five years ago, Uruguay, nine US states, and the nation's capital, Washington, allowed the use of marijuana for recreational purposes. However, Canada will be the first G7 nation to follow suit.
As per legal cannabis market report, the World Health Organization (WHO) estimates that over 1.8 million individuals worldwide suffer from multiple sclerosis (MS). While it affects people of all ages, young adults and women are more likely to be impacted. Early treatment with medication can either improve or stabilise the condition; each person's course of treatment will vary based on the severity of the illness and their symptoms. The usefulness of medicinal cannabis is increasingly being shown in clinical testing, adding to its credibility as a potential replacement for traditional pharmaceuticals.
Product diversification, medical applications, and sustainable practices offering new growth opportunities to the market players.
Economic impact, technological innovations, and competitive pressures shape the industry landscape.
Growing demand for cannabinoid-infused food products boosting the market share.
The trend of food incorporated with cannabis is increasing the demand for cannabinoid, which is surging the demand for industrial hemp. Moreover, the rising awareness regarding the health benefits of cannabinoid is increasing the demand for cannabinoid-infused food products, hence augmenting the market value. Increasing research activities depicting the positive impact of cannabinoid on various issues, such as anxiety, pain management, Alzheimer’s disease, and insomnia, among others, are leading to a surge in the consumption of industrial hemp for medicinal benefits. This is increasing the demand for industrial hemp and is consequently propelling the growth of the legal cannabis market.
Moreover, the development of innovative cannabis-based products is significantly contributing to the market growth. In addition, the growing demand for clean label products among the health-conscious population is bolstering the industry growth. Although various industries witnessed a staggered growth amidst the COVID-19 pandemic, the legal cannabis industry grew robustly as the demand for cannabis escalated owing to high pandemic-related stress. As the stigma related to the consumption of cannabis is decreasing, the demand for legal cannabis is surging, which is anticipated to aid the industry growth in the upcoming years.
Complex regulatory frameworks, supply chain issues, and market fragmentation present challenges.
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“ Legal Cannabis Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
On the basis of products derived, the market can be divided into the following:
On the basis of application, the market can be divided into the following:
On the basis of distribution channel, the market can be divided into the following:
Based on region, the market can be segregated into:
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.
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.
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.
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North America Legal Cannabis Market Opportunities
The North America legal cannabis market offers significant opportunities, driven by widespread legalisation and consumer demand for both recreational and medicinal products. In the United States, states like California and Colorado have thriving markets, with major companies like Curaleaf expanding their footprint. Curaleaf, a leading cannabis operator, has grown through acquisitions and a focus on medical and recreational cannabis products. Canada, with its nationwide legalisation in 2018, also presents growth prospects, as companies like Canopy Growth tap into both domestic and global markets.
Europe Legal Cannabis Market Dynamics
The European legal cannabis market is evolving with expanding medical cannabis access and growing public acceptance. In the United Kingdom, the government legalised medical cannabis in 2018, with over 10,000 prescriptions issued by 2023, according to NHS data. Germany continues to lead, with a well-regulated market and over 120,000 patients accessing cannabis treatments by 2022. Additionally, several European nations are exploring decriminalisation or full legalisation, creating new opportunities for cultivation, research, and international cannabis trade within the region.
Asia Pacific Legal Cannabis Market Trends
The Asia Pacific market for legal cannabis is experiencing growth, particularly in medical cannabis sectors, driven by increasing acceptance and evolving regulations. In countries like Australia, where medical cannabis was legalised in 2016, companies like Cann Group are leading the way in cultivation and product development. The region is also seeing growing investment, especially in research and development for cannabis-based therapeutics. As regulatory frameworks mature, countries like Japan and South Korea may follow suit, expanding market opportunities.
Latin America Legal Cannabis Market Insights
Latin America's legal cannabis industry is expanding due to growing acceptance of medical cannabis and progressive regulatory changes. Countries like Uruguay were pioneers, fully legalising cannabis in 2013, while Mexico and Colombia are advancing toward broader legalisation. The demand for medical cannabis products is rising, driven by increasing awareness of their therapeutic benefits. Regional governments are also exploring cannabis as a potential economic driver, fostering industry growth, foreign investment, and the development of robust cannabis production and exportation frameworks.
Middle East and Africa Legal Cannabis Market Drivers
The Middle East and Africa (MEA) legal cannabis market is driven by increasing medical cannabis acceptance, growing demand for therapeutic cannabis products, and evolving government regulations. In countries like South Africa, medical cannabis was legalised in 2018, encouraging market growth. According to the South African Health Products Regulatory Authority (SAHPRA), cannabis-based medicine is gaining traction. Additionally, the rise of cannabis research, investment in healthcare infrastructure, and international cannabis trade agreements are further accelerating market development across the region.
Global legal cannabis market players, such as growers, makers, distributors, and retailers, are striving to acquire a larger market share, ensure high-quality product, and stay in compliance with applicable regulations. They also seek innovation, brand differentiation, education of consumers, and meeting increasingly growing demand as part of their business objectives. In addition, legal cannabis companies will be advocating for further legalisation and less complicated regulation to spur growth, gain maximum profits from the expanding legal cannabis market, and be part of its economic contribution.
Key industry leaders in this market are:
Canopy Growth Corporation (established 2013, headquartered in Smiths Falls, Canada) has diversified its product portfolio, expanding into edibles, beverages, and topicals to meet various consumer preferences. The company also focuses on international growth, acquiring licences and establishing operations in Europe and Latin America.
Cronos Group Inc. (established 2013, headquartered in Toronto, Canada) focuses on developing CBD-based wellness products, catering to the non-psychoactive cannabis market. The company invests in brand development to build strong consumer loyalty and differentiate itself in the competitive legal cannabis market.
Tilray Brands, Inc. (established 2018, headquartered in Nanaimo, Canada) pursues market growth through strategic acquisitions of cannabis companies and brands, expanding its product offerings. The company invests heavily in research and development to innovate and enhance the quality and effectiveness of its cannabis products.
Aurora Cannabis Inc. (established 2006, headquartered in Edmonton, Canada) strengthens its position in the medical cannabis market by developing new therapeutic products and conducting clinical research. The company also emphasises sustainability initiatives, implementing eco-friendly cultivation practices to minimise its environmental impact.
Other major players in the global legal cannabis market report are Maricann Inc., among others.
August 2024
RISE Dispensaries, owned by Green Thumb Industries, launched legal sales of cannabis at five locations in Ohio on August 6. The company donated the proceeds from the first day of sales to local nonprofits.
January 2024
Aurora Cannabis Inc. has launched three new cannabis-infused beverages available for medical patients only: Neon Rush, Strawberry Pineapple Tropical Fizz and Pineapple Coconut Fizz through Vacay and Versus offered exclusively at Aurora Medical.
*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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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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
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 Application |
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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. |
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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 06 17 27
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 287899028, +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
+84865399124
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