How much is the legal marijuana market worth, and how is it expected to expand?
The legal marijuana market size has grown exponentially in recent years. It will grow from $26.56 billion in 2024 to $32.49 billion in 2025 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to shift in public attitudes towards cannabis, increase in legalization for medicinal and recreational use, growth in awareness of its therapeutic benefits, strong advocacy movements, rise in government tax revenue from legal sales, and decline in stigma associated with cannabis consumption.
The legal marijuana market size is expected to see exponential growth in the next few years. It will grow to $71.83 billion in 2029 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to increasing legalization and decriminalization efforts, growing medical cannabis applications, rising consumer demand for recreational use, expanding product variety, heightened investment in research and development, and favorable government regulations. Major trends in the forecast period include advancements in cannabis cultivation, innovation in extraction methods, adoption of edibles and infused products, advancements in cannabis-infused products, advancements in medical research, and adoption of CBD-based wellness products.
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Which industry factors have accelerated the legal marijuana market’s expansion?
The rise in the incidence of epilepsy is expected to propel the growth of the legal marijuana market going forward. Epilepsy is a brain condition that causes frequent seizures due to irregular electrical activity in the brain. The rise in epilepsy cases can be attributed to better diagnosis, increased awareness, and enhanced reporting, alongside potential environmental, genetic, and lifestyle influences. Medical marijuana, particularly cannabidiol (CBD), has shown considerable potential in reducing the frequency and intensity of seizures in epilepsy patients, including those with severe forms such as Dravet syndrome. This alternative treatment is gaining momentum due to its favorable safety profile compared to traditional anti-epileptic drugs, offering hope for individuals unresponsive to conventional therapies. For instance, in April 2022, according to the European Brain Council, a Belgium-based non-profit organization, over 600 neurological diseases and nearly 300 psychiatric conditions afflict millions globally, including 65 million with epilepsy. Therefore, the rise in the incidence of epilepsy drives the growth of the legal marijuana market.
What are the primary segments of the legal marijuana market?
The legal marijuanamarket covered in this report is segmented –
1) By Product: Buds, Oils And Concentrates, Tinctures
2) By Compound: Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC And CBD
3) By Mode Of Delivery: Capsules, Concentrates, Edibles, Other Mode Of Deliveries
4) By Application: Chronic Pain, Mental Disorders, Cancer, Other Applications
5) By End-User: Pharmaceutical, Food, Beverages, Tobacco, Personal Care, Research And Development Centers
Subsegments:
1)By Buds: Flower Buds, Pre-Rolled Joints, Bud Blends
2)By Oils And Concentrates: Cannabis Oil, Wax And Shatter, Hash And Live Resin
3) By Tinctures: Alcohol-Based Tinctures, Glycerin-Based Tinctures, CBD-Infused Tinctures
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Which firms are leading the legal marijuana market?
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.
Which market trends are set to define the future of the legal marijuana market?
Major companies operating in the legal marijuana market are focusing on product innovations, such as cannabis beverages, to cater to evolving consumer preferences, differentiate their offerings, and capture a larger share of the growing market. Cannabis beverages are infused drinks that deliver the benefits of cannabis, offering consumers a smoke-free consumption option. For instance, in March 2023, Canopy Growth Corporation, a Canada-based cannabis company, launched six new beverage flavors, a cannabis-infused beverage- Deep Space Propulsion. It is a cannabis beverage with naturally occurring caffeine. Canopy’s new cannabis beverages, featuring caffeinated sodas and iced teas, offer unique flavors and aim to boost consumer enjoyment with refreshing, THC-infused drinks.
Which geographic trends are shaping the legal marijuana market, and which region has the highest market share?
North America was the largest region in the legal marijuana market in 2024. 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.
What Does The Legal Marijuana Market Report 2025 Offer?
The legal marijuana market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Legal marijuana refers to cannabis that is permitted for use under state or national laws, which can include its use for medicinal, recreational, or both purposes. The legality varies significantly depending on the jurisdiction. Legalization aims to regulate the cannabis market, reduce illegal sales, and generate tax revenue, among other goals.
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