The global legal marijuana market size is expected to reach USD 102.24 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.7% from 2024 to 2030. Increase in rate of legalization of marijuana for medicinal and adult-use/recreational marijuana, growing adoption of these products for the treatment of chronic ailments and rise in a number of new product launches are the primary factors responsible for the growth of the market. For instance, in March 2023, Irwin Naturals Inc., a herbal supplement formulator, introduced company’s’ new CBD 25mg Softgels in Canada. It is available through the Starseed Medicinal Medical Group platform across the nation.
Legal Marijuana Market Report Highlights
- By application, medical segment accounted for the largest revenue share of 79.1% in 2023 owing to the high demand among healthcare practitioners and patients for medicinal marijuana.
- By product type, oil and tinctures held the largest market share in 2023 owing to low price and ease of accessibility of flowers compared to other products.
- In 2023, North America dominated the overall market with a revenue share of 76.0% owing to its large consumer base, North America was among the first regions to legalize the use of medical and recreational cannabis.
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In April 2022, New Jersey legalized recreational and medical marijuana, and it is being sold at 13 facilities. This move has made New Jersey one of the 18 states in the United States where recreational marijuana is legal. The market is experiencing growth due to the widespread acceptance of cannabis and its high demand. Since its legalization, the use of marijuana in medical treatments has increased, leading to a decrease in the illegal trade of cannabis. According to a study conducted by New York University, the usage of cannabis among individuals aged 50-64 has doubled in the last decade and has now reached 9.0%.
Moreover, price of legal marijuana is lower than medical marijuana, and taxes would be levied on marijuana products after its legalization. Therefore, cultivators are focusing on cultivating marijuana in areas that are exempt from taxes. For instance, in New York, marijuana cultivators are focusing on tribal regions to get exempted from the taxes levied by the government. This is expected to lower the overall cost of cultivation of marijuana in the state, and cultivators can sell marijuana at lower prices. Lower prices of marijuana are further anticipated to boost the adoption of marijuana in the market.
List of major companies in the Legal Marijuana Market
- Canopy Growth Corporation
- AURORA CANNABIS INC.
- Tilray Brands Inc. (Aphria, Inc.)
- ABcann Medicinals, Inc. (VIVO Cannabis Inc.)
- The Cronos Group
- MARICANN INC.
- Organigram Holdings Inc.
- Lexaria Bioscience
- GW Pharmaceuticals (Jazz Pharmaceuticals, Inc.)
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We have segmented the global legal marijuana market on the basis of application, product type, and region.
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Legal Marijuana Application Outlook
- Medical
- Adult Use
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Legal Marijuana Product Type Outlook
- Flower
- Oil & Tinctures
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Legal Marijuana Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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