Legal Cannabis Market Size, Trends and Industry Growth Outlook 2023-2028

 How Big is the Legal Cannabis Market?

The global legal cannabis market size reached US$ 20.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 74.5 Billion by 2028, exhibiting a growth rate (CAGR) of 23.9% during 2023-2028.

What is legal cannabis?

Legal cannabis refers to the cultivation, distribution, possession, and consumption of the cannabis plant and its derivatives within a regulatory framework established by governing authorities. It consists of a psychoactive compound, delta-9-tetrahydrocannabinol (THC) and a non-psychoactive compound, cannabidiol (CBD). It is employed for medicinal uses for pain management, anxiety reduction, appetite stimulation, and treatment for conditions including epilepsy and multiple sclerosis. It is also used for recreational purposes for its psychoactive effects, leading to relaxation, altered perception, and euphoria.

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What is the trend and growth prospects in the legal cannabis market? 

At present, the increasing legalization of cannabis in various countries to reduce black market activities and minimize the involvement of criminal organizations and associated violence represents one of the crucial factors impelling the market growth in India.

Besides this, the rising research operations to understand the potential of cannabis in the management of pain and neurological disorders are propelling the growth of the market. In addition, the growing acceptance of cannabis as a therapeutic agent for a spectrum of medical conditions is offering a favorable market outlook.

Apart from this, the increasing adoption of cutting-edge cultivation technologies, including hydroponics and vertical farming, to optimize cannabis production is supporting the growth of the market. Additionally, the rising innovations in extraction techniques facilitating the isolation of specific cannabinoids are bolstering the growth of the market.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Source:

  • Marijuana
  • Hemp

Breakup by Derivatives:

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)

Breakup by Distribution Channel:

  • Recreational Stores
  • Pharmacies
  • Online Stores
  • Others

Breakup by End User:

  • Medical Use
  • Recreational Use
  • Industrial Use

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the companies operating in the market.

Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corporation, Green Thumb Industries, GW Pharmaceuticals plc (Jazz Pharmaceuticals plc), HEXO Corp., Organigram Holdings Inc., Sundial Growers Inc., The Cronos Group, The Green Organic Dutchman Holdings Ltd., The Scotts Miracle-Gro Company, Tilray and VIVO Cannabis Inc. 

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

about us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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