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Legal Marijuana Market

Legal Marijuana Market

Legal Marijuana Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Jul - 2023



Report Code:


Segments Covered
  • By Product Type By Product Type Flower Buds, Oils, Tinctures, Other Product Types
  • By Application By Application Recreational, Medical
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 16.1 Billion
Revenue 2030Revenue 2030: USD 103.8 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 26.2%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Legal Marijuana Market Share

The global Legal Marijuana Market is valued at USD 16.1 Billion in 2022 and is projected to reach a value of USD 103.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 26.2% between 2023 and 2030.

Premium Insights

The market for medical marijuana is being driven by several government initiatives aimed at legalizing its use. In April 2022, the United States House of Representatives passed legislation to legalize marijuana nationwide, removing criminal penalties for manufacturing, distributing, or possessing the substance. This move has created a favorable environment for the market's growth. Additionally, Metrc, a leading provider of cannabis regulatory systems in the United States, recently signed a contract with the state of Mississippi. Their track-and-trace platform will assist in regulating Mississippi's medical cannabis market, ensuring a safe and secure marketplace for patients and providers. In a bipartisan effort, Democrat and Republican lawmakers in the U.S. have reintroduced a bill that lays the groundwork for the federal legalization of adult-use marijuana. These developments reflect the changing attitudes toward marijuana, which, in turn, is propelling the market's growth. According to National Survey on Drug Use & Health Report, less than half of U.S. adults (46%) used marijuana in 2022. Furthermore, India has also shown progress in its stance on cannabis. In January 2022, the Delhi High Court declared that cannabis is not completely banned in the country and that its medical and scientific use is permitted under the law. These shifts in policy and public opinion are driving the market forward.

Legal Marijuana Market Size, 2022 To 2030 (USD Billion)

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According to the report, the increasing prevalence of chronic pain among United Kingdom adults has led to a growing focus on pain treatment research. One in four adults in the UK is living with chronic pain. In light of this, researchers are exploring various possibilities for managing and alleviating pain. In addition, recognizing the need to improve access to quality medical cannabis products, New Zealand's Medicinal Cannabis Agency, a part of the Ministry of Health, launched the Medical Cannabis Scheme in April 2020. This scheme enables domestic cultivation, manufacturing, and distribution of medical cannabis while also establishing quality standards and licensing requirements. Similarly, the Bombay Hemp Company, an agro-based enterprise, partnered with Poonthottam Ayurvedasram to tap into the ancient ayurvedic potential of cannabis in addressing pain in 2022. Their collaborative venture, 'AyurCann: Ayurvedic Cannabis Therapies,' represents Asia's first Ayurvedic Cannabis Wellness Retreat. These developments in pain treatment and medical cannabis access are expected to bolster market growth in the coming years. Furthermore, the acceptance of marijuana as a medical treatment for various ailments, such as chronic pain, multiple sclerosis, and epilepsy, contributes to the market’s rapid growth. The medical application of marijuana has gained widespread recognition, leading to increased demand for legalized and regulated products. For instance, in April 2022, a highly limited medical cannabis trial dubbed Canpain, focusing on chronic pain, was launched to understand the medical efficacy of cannabinoids better. Canpain is one of the first government-backed trials that could lead to patients finally being prescribed medical cannabis via the National Health Service (NHS). Also, STADA launched its own product portfolio for therapy with medical cannabis, which is primarily directed at chronic pain patients who suffer from pain or its side effects in March 2021.

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Key Highlights

  • North America accounted for the largest growth, with a revenue share of 40.90% in 2022.
  • Asia Pacific is expected to dominate the market during the forecast period.
  • Based on Product Type, the Flower Buds segment accounted for the largest market growth and contributed more than 37.7% of the total revenue share in 2022.
  • Based on Application, the Recreational segment revealed the most significant market growth and contributed more than 55.6% of the total revenue share in 2022.

Economic Insights

Legal Marijuana Market has created thousands of jobs in various sectors: cultivation, processing, distribution, and retail. In addition, according to a report by Leafly, the Legal Marijuana industry employed over 321,000 full-time workers in the United States alone in 2020, surpassing the number of jobs in industries such as electrical manufacturing, breweries, and coal mining. Additionally, the Legal Marijuana market has generated substantial tax revenue for governments. In states like Colorado and Washington, where recreational marijuana is legal, tax revenues have reached billions of dollars since legalization. These funds have been used to support various public services and initiatives. The supply chain for Legal Marijuana involves multiple stages, from cultivation to distribution and retail. Licensed cultivators grow marijuana plants, which are harvested, dried, and processed into different products like flowers, concentrates, edibles, and oils. These products are then packaged and distributed to dispensaries or sold directly to consumers through online platforms or regulated retail outlets.

Top Market Trends

  1. Legalization of Marijuana in Various Countries: One of the most significant market trends in the Legal Marijuana industry is the legalization of marijuana in various states in the US and other countries. Presently, marijuana is legal for medicinal and recreational use in 33 states in the US, Canada, and some European countries. The legalization of marijuana is significantly changing the traditional way of handling marijuana, as it provides a new economic avenue for businesses operating in the marijuana industry. In addition, legalization is encouraging the growth of specialized markets, including hemp-derived products, edibles, tinctures, capsules, and topicals. Legalization also offers new tax revenue sources for the government, creates job opportunities, and improves social equality by reducing arrests and incarcerations of people who smoke marijuana.
  2. Product Diversification and Innovation: The Legal Marijuana industry is experiencing rapid product diversification and innovation growth. Entrepreneurs and manufacturers seek to provide creative and innovative methods of consuming cannabis, including vaporizers, edibles, and concentrates. The increasing usage of concentrates, edibles, and other marijuana-infused products is attributed to their ease of use, convenience, and discretion. This focus on product diversification and innovation enables businesses to capture different market segments and develop new revenue streams. For instance, according to the Marijuana Business Daily report, retail cannabis sales in the U.S. are on pace to surpass $33 billion by the end of 2022 and more than $52 billion by the end of 2026. Also, U.S. medical and recreational cannabis sales saw noticeable jumps in 2021 by approximately 34% and 43%, respectively, compared to 2020 sales.

Market Segmentation

The global Legal Marijuana market can be categorized as Product Type, Application, and Region. Based on Product Type, the market can be categorized into Flower Buds, Oils, Tinctures, and Others. Similarly, based on the Application, the market can be split between Recreational and Medical. Likewise, on the basis of Region, the market is split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product Type

Flower Buds to Dominate the Market Owing the Growing Awareness of the Plant's Health Benefits

In 2022, flower buds dominated the market. The increasing legalization of marijuana for both medical and recreational purposes, growing awareness of the health benefits associated with the Plant, and the expanding availability of high-quality and potent strains of cannabis are all factors driving the growth of the flower buds segment. For instance, Dr. Reddy's Laboratories Ltd. and MediCane Health Inc. launched their medical cannabis product in Germany in April 2022.

Based on Application

Recreational Segment to Express Dominion Owing to Increasing Availability of Cannabis-Derived Products

The recreational application segment is anticipated to witness the maximum growth of the market during the forecast period. Several pharmaceutical companies have begun developing cannabis-based medications, with some already approved by the FDA (Food and Drug Administration) for use in the US market. In addition, seven medical-marijuana companies received approval to start selling their products to all adults, opening the door to the first legal marijuana sales in the New York City region within a month.

Based on Region

North America to Dominate Global Sales Owing to the Presence of Major Automotive Manufacturers

The Legal Marijuana market in North America has grown significantly, owing mostly to the legalization of medicinal and recreational marijuana in a number of states, rising demand for CBD products, and the emergence of numerous cannabis enterprises. The market is expected to continue growing in the coming years, driven by the rising acceptance of marijuana as a legitimate business and the growing number of people using marijuana for medicinal and recreational purposes.

The Legal Marijuana market in the Asia Pacific is expected to grow significantly in the coming years, driven by changing attitudes towards the substance, the legalization of medical and recreational use, increased awareness about the benefits of CBD products, and government-enacted progressive regulations. This presents new opportunities for investors, entrepreneurs, and other stakeholders to enter the market and capitalize on this emerging industry.

Competitive Landscape

Major players in the Legal Marijuana market are those companies that dominate the industry by exerting significant influence on consumers and competitors. These companies typically have a strong brand reputation, extensive distribution networks, and high marketing and advertising spending levels.

The key players in the global Legal Marijuana market include - Canopy Growth Corporation (Canada), Aurora Cannabis (Canada), Aphria Inc. (Canada), Tilray (U.S.), ABcann Medicinals Inc. (Canada), The Cronos Group (Canada), Maricann Group Inc. (Canada), Organigram Holding Inc. (Canada), Lexaria Corp. (Canada), GW Pharmaceuticals (UK), United Cannabis Corporation (U.S.), Tikun Olam Ltd. (Israel) among others.

Recent Market Developments

  • March 2022: Verano Holdings, the Cannabis multistate operator, has received an additional USD 100 million under its credit agreement for strategic initiatives and fund expansion. The primary asset in the acquisition will be the vertical medical marijuana business based in New York, which is one of the only licensed operations in that state.
  • March 2022: HYTN Innovations Inc. has confirmed that via a manufacturing and sales agreement with Promethean BioPharma, the company has successfully created, and exported cannabis nano-emulsions that feature its proprietary Elevation Technology in the medical cannabis market in Australia.
  • April 2021: Canopy Growth Corporation and The Supreme Cannabis Company, Inc. announced that they have entered into a definitive agreement on acquiring the latter company by the former. This acquisition will help the company extend its product offering and strengthen its market position.
  • March 2021: Mexican lawmakers passed a bill to legalize recreational cannabis, a milestone for the country amid a war on drugs and could become the world's largest market. With permission, adults could smoke marijuana and grow a few plants at home. It also grants licenses for manufacturers to cultivate and sell the crop.

Segmentation of the Global Legal Marijuana Market

Parameter Details
Segments Covered

By Product Type

  • Flower Buds
  • Oils
  • Tinctures
  • Other Product Types

By Application

  • Recreational
  • Medical

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Canopy Growth Corporation (Canada)
  • Aurora Cannabis (Canada)
  • Aphria Inc. (Canada)
  • Tilray (U.S.)
  • ABcann Medicinals Inc. (Canada)
  • The Cronos Group (Canada)
  • Maricann Group Inc. (Canada)
  • Organigram Holding Inc. (Canada)
  • Lexaria Corp. (Canada)
  • GW Pharmaceuticals (UK)
  • United Cannabis Corporation (U.S.)
  • Tikun Olam Ltd. (Israel)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Frequently Asked Question
  • The global Legal Marijuana valued at USD 16.1 Billion in 2022 and is expected to reach USD 103.8 Billion in 2030 growing at a CAGR of 26.2%.

  • The prominent players in the market are Canopy Growth Corporation (Canada), Aurora Cannabis (Canada), Aphria Inc. (Canada), Tilray (U.S.), ABcann Medicinals Inc. (Canada), The Cronos Group (Canada), Maricann Group Inc. (Canada), Organigram Holding Inc. (Canada), Lexaria Corp. (Canada), GW Pharmaceuticals (UK), United Cannabis Corporation (U.S.), Tikun Olam Ltd. (Israel).

  • The market is project to grow at a CAGR of 26.2% between 2023 and 2030.

  • The driving factors of the Legal Marijuana include

    • Growing adoption of medical marijuana for the treatment of chronic diseases

  • North America was the leading regional segment of the Legal Marijuana in 2022.