Legal Marijuana Market to Reach Valuation of USD 103.8 Billion by 2030 – Increasing Acceptance of Marijuana as a Legitimate Medical Treatment Accelerate the Market Growth

In terms of revenue, the Global Legal Marijuana Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 26.2% from 2023 to 2030.

Legalizing marijuana for medicinal and recreational use has opened up a new industry that has seen significant growth in recent years. The development of this industry has been driven by a combination of changing social attitudes toward marijuana, increasing demand for legal products, and the creation of new legal frameworks for the production, distribution, and sale of marijuana. One of the main drivers of the growth of the Legal Marijuana industry has been the changing attitudes toward marijuana use. In the past, marijuana was seen as a drug solely associated with counterculture and illegal activities. However, as more states have legalized marijuana, attitudes toward medicine have changed. In recent years, there has been an increasing acceptance of marijuana in the mainstream, with more people viewing it as a legitimate business opportunity rather than a drug associated with negative stereotypes.

Key Highlights from the Report

• Based on Product Type, the flower bud category has the highest market share in the keyword market and will continue to do so in the foreseeable term.
• Based on Application, the recreational segment is expected to be the fastest-growing category in the market during the forecast period (2023 –2030). 
• Based on Region, North America holds the significant market share within the Legal Marijuana market and will continue to dominate during the forecast period.

Market Dynamics

The Legal Marijuana industry has experienced significant growth in recent years. This growth is partly due to the shift in public opinion regarding marijuana use and the increasing number of states and countries legalizing or decriminalizing the drug. As of 2021, cannabis is legal for medical use in 36 US states and recreational use in 15 states and Washington, DC. Additionally, countries such as Canada, Uruguay, and several European nations have legalized cannabis for medical and recreational use.

One key factor driving the growth of the Legal Marijuana industry is the economic benefits it can provide. According to a report by New Frontier Data, the Legal Marijuana industry in the US was worth $17.5 billion in 2020 and is projected to grow to $41.5 billion by 2025. This growth is expected to create job opportunities and generate tax revenue for states and local governments.

Another factor driving growth is the increasing acceptance of marijuana as a legitimate medical treatment. In the US, over 3 million people are registered medical cannabis users, and the number is expected to continue to grow as more research highlights the potential benefits of cannabis for treating a variety of conditions.

The Global Legal Marijuana Market is Segmented as follows

• Product Type
  • Flower Buds
  • Oils
  • Tinctures
  • Other Product Types
• Application
  • Recreational
  • Medical
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Legal Marijuana Market is

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 Global Legal Marijuana Market Scope can be Tabulated as below