The North America legal cannabis market size is expected to reach USD 82.18 billion by 2030, registering a CAGR of 11.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as legalization of cannabis, growing awareness about the therapeutic benefits of cannabis-based products, and rising use of cannabis for medical & recreational purposes. Cannabis-derived products are widely used for treating patients suffering from chronic conditions, such as cancer, Parkinson’s disease, Alzheimer’s disease, and arthritis.
Moreover, the rising number of clinical trials signifies the positive effects of utilizing cannabis for treating various medical conditions. For instance, a clinical study published by Sage Journal in May 2023 reported that non-inhaled medical cannabis or cannabinoids result in a very small to small improvement in pain relief, sleep quality, and physical functioning in patients suffering from chronic pain. Thus, such positive results increase the demand for cannabis-based medicines in this region.
North America Legal Cannabis Market Report Highlights
By source, the marijuana segment dominated the market in 2023 and is anticipated to witness the fastest growth over the forecast period owing to the growing adoption of marijuana products along with the increasing legalization of medical marijuana
By derivatives, the CBD segment held the largest market share in 2023, owing to the rising use of CBD for various medical applications and awareness regarding its effectiveness in treating various medical conditions
By cultivation, the indoor segment held the largest market share in 2023 due to rising investments, technological advancements & innovations, favorable government initiatives, and regulatory framework
By end use, the recreational segment dominated the market in 2023 and is anticipated to grow at the fastest CAGR over the forecast period due to the growing adoption of cannabis vape pens among youths and increased use of cannabis for recreational purposes
In 2023, the U.S. accounted for the largest market share in the North America legal cannabis market, owing to favorable reimbursement policies for medical cannabis and the positive attitude of consumers towards cannabis utilization
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Incorporating artificial intelligence (AI) and robotics into cannabis cultivation enhances efficiency and standardizes yields by offering advanced crop management and prediction capabilities. This technology reduces costs and the need for manual labor by incorporating data analysis from various indicators, such as environmental conditions and soil quality, forecasting potential problems, optimizing growing practices, and managing resources effectively. For instance, in June 2024, PURPLEFARM,a Canadian company, partnered with Neatleaf, an AI company, to optimize and automate its cannabis cultivation processes using the Neatleaf Spyder system.
Some of the key players in the market are Canopy Growth Corporation, Charlotte’s Web, Inc., Aurora Cannabis, Tilray Brands, The Cronos Group, Jazz Pharmaceuticals, Inc., Sundial Growers, and Medipharm Labs. These companies adopt key strategic initiatives to expand their business footprint and market position. For instance, in November 2022, Charlotte’s Web Inc. entered a strategic alliance with Tilray, a Canada-based cannabis packaged goods company. This alliance allows Charlotte to manufacture and distribute its CBD hemp extract offerings in Canada.
List of Key Players of North America Legal Cannabis Market
Canopy Growth Corporation
Charlotte’s Web, Inc.
Aurora Cannabis Inc.
Tilray Brands
The Cronos Group
Jazz Pharmaceuticals, Inc.
Sundial Growers
Medipharm Labs
NuLeaf Naturals, LLC
Irwin Naturals
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We have segmented the North America legal cannabis market on the basis of source, derivatives, cultivation, end use, and region.
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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