Legal Marijuana Market 2024

The legal marijuana market size has grown exponentially in recent years. It will grow from $21.79 billion in 2023 to $26.56 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth observed during the historical period can be attributed to a change in public perceptions of cannabis, an increase in legalization for both medicinal and recreational purposes, heightened awareness of its therapeutic benefits, robust advocacy efforts, a rise in government tax revenue from legal sales, and a reduction in the stigma surrounding cannabis consumption.

The legal marijuana market size is expected to see exponential growth in the next few years. It will grow to $58.93 billion in 2028 at a compound annual growth rate (CAGR) of 22%. The projected growth during the forecast period can be attributed to several factors, including ongoing efforts toward legalization and decriminalization, expanding applications for medical cannabis, increasing consumer demand for recreational use, a broader variety of available products, heightened investment in research and development, and supportive government regulations. Key trends anticipated in this period include improvements in cannabis cultivation techniques, innovations in extraction processes, a rise in the popularity of edibles and infused products, advancements in cannabis-infused goods, progress in medical research, and a growing adoption of CBD-based wellness products.

The increasing incidence of epilepsy is projected to drive the growth of the legal marijuana market in the future. Epilepsy is a neurological disorder characterized by frequent seizures caused by irregular electrical activity in the brain. The rise in epilepsy cases can be linked to improved diagnosis, heightened awareness, and better reporting, along with various environmental, genetic, and lifestyle factors. Medical marijuana, especially cannabidiol (CBD), has demonstrated significant potential in reducing both the frequency and severity of seizures in epilepsy patients, including those suffering from severe types such as Dravet syndrome. This alternative treatment is gaining traction due to its favorable safety profile in comparison to traditional anti-epileptic medications, providing hope for individuals who do not respond to conventional treatments. For example, in April 2022, the European Brain Council, a Belgium-based non-profit organization, reported that over 600 neurological disorders and nearly 300 psychiatric conditions affect millions worldwide, with 65 million individuals living with epilepsy. As a result, the rising incidence of epilepsy is propelling the growth of the legal marijuana market.

Key players in the legal marijuana sector are concentrating on product innovations, such as cannabis beverages, to meet changing consumer preferences, differentiate their offerings, and capture a larger segment of the expanding market. Cannabis beverages are infused drinks that provide the benefits of cannabis while offering a smoke-free consumption method. For instance, in March 2023, Canopy Growth Corporation, a Canadian cannabis company, introduced six new beverage flavors, including a cannabis-infused drink called Deep Space Propulsion, which contains naturally occurring caffeine. Canopy's new cannabis beverages, featuring caffeinated sodas and iced teas, offer unique flavors designed to enhance consumer enjoyment with refreshing, THC-infused options.

In March 2024, Standard Wellness Holdings LLC, a US-based medical cannabis firm, acquired Forest Springville for an undisclosed amount. This acquisition enhances Standard Wellness’s capacity to provide a comprehensive range of cannabis products and expand its presence in Utah, improving patient access to quality cannabis-based health solutions. Forest Springville operates as a cannabis pharmacy store in the US, offering a variety of medical cannabis products.

Major companies operating in the legal marijuana market are Trulieve Cannabis Corp., Green Thumb Industries Inc., Cresco Labs Inc., Tilray Brands Inc., Canopy Growth Corporation, Acreage Holdings Inc., Aurora Cannabis Inc., Organigram Holdings Inc., Cronos Group, Gaia Herbs, Medical Marijuana Inc., Green Roads, MediPharm Labs (VIVO Cannabis Inc.), CV Sciences Inc., Maricann inc., Dr. Hemp Me., Spring Creek Labs, Tikun Olam Ltd., United Cannabis Corporation, Cannabis Sativa Inc., Royal CBD, Lexaria Bioscience Corp., Isodiol International Inc.

North America was the largest region in the legal marijuana market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal marijuana market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the legal marijuana market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Legal marijuana refers to cannabis that is authorized for use according to state or national laws, which may encompass medicinal, recreational, or both types of use. The legality of cannabis varies widely by jurisdiction. The goals of legalization include regulating the cannabis market, decreasing illegal sales, and generating tax revenue, among other objectives.

The primary types of legal marijuana products include buds, oils and concentrates, and tinctures. Buds are the flower part of the cannabis plant and have the highest concentration of cannabinoids, such as THC and CBD. The different cannabis compounds can be categorized as THC-dominant, CBD-dominant, or balanced THC and CBD, and they come in various delivery methods, including capsules, concentrates, edibles, and others. These products are utilized for a range of applications, such as chronic pain relief, mental health disorders, cancer treatment, and more. Additionally, they are employed by various end-users, including pharmaceuticals, food and beverage industries, tobacco companies, personal care sectors, and research and development institutions.

The legal marijuana market research report is one of a series of new reports that provides legal marijuana market statistics, including legal marijuana industry global market size, regional shares, competitors with a legal marijuana market share, detailed legal marijuana market segments, market trends and opportunities, and any further data you may need to thrive in the legal marijuana industry. This legal marijuana market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The legal marijuana market consists of sales of medical marijuana, recreational marijuana and hemp-derived cannabis. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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