Legal Marijuana Market Development Opportunity and Challenges Analysis by 2030

San Francisco, Calif., USA, Mar 28, 2023 — /EPR Network/ —

Legal Marijuana Industry Overview

The global legal marijuana market size was valued at USD 16.7 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 25.4% from 2023 to 2030. The growing demand for legal marijuana has been a primary factor in the growth of the market. Recently, a large number of countries have legalized the use of medical marijuana for treating various ailments. A number of studies carried out show that medical marijuana and its derivatives can be used to treat symptoms of various diseases, for e.g., it has been successfully used to treat patients with chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s, and other neurological diseases. The FDA and other such associations have now started accepting the marijuana derivatives for the prescription of diseases in which it has proven to be useful. This is another factor for the quick turnaround of its legal status in a lot of countries. North America (the U.S. and Canada) has gone a step further and has sanctioned the use of recreational marijuana as well and more than two-thirds of the U.S. states have legalized marijuana.

U.S. legal marijuana market size, by product type, 2020 - 2030 (USD Billion)

The pandemic severely affected the logistics network for cannabis and its derivatives and due to the ongoing restrictions, the government authorized dispensaries are also facing shortages owing to disruption in the supply chain network. Import and export of nearly all commodities essential or not have been affected as well. However, with the governments endorsing legalization, the demand has risen and is likely to be high in the next few years. Patients are opting for marijuana derivatives instead of the prescription medicines previously being used.

Gather more insights about the market drivers, restraints, and growth of the Global Legal Marijuana market

With the government policies changing, the demand for medical marijuana is also rising. A lot of countries that have legalized the use of medical marijuana are also paving way for its cultivation to cut on the imports and gain revenue in the form of taxes. This, in turn, has generated jobs in the industry and a lot more companies are dabbling in this territory. Several startups in the U.S. and Europe are now focusing on alternate uses of cannabis, other than recreational and medicinal. With so much happening in and around the cannabis industries, the countries are paving way for more liberal policies regarding its cultivation and usage in the medical field as well as industrial use.

The U.S. is seeing a growing number of cultivators for cannabis, including marijuana since this rakes in more revenues for the government and also cuts down on the cost of import. It has a myriad of applications from medical to industrial and since its legalization, the rise in its sale has been exponential and this has generated new opportunities to increase revenues. With the FDA-level authorizations underway, the market for legal marijuana is only going to expand. A large number of clinical trials will support the prowess of marijuana derivatives for it to be legally prescribed for indications.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

Cannabis Cultivation Market – The global cannabis cultivation market size was valued at USD 392.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 21.3% from 2023 to 2030.

Medical Marijuana Market – The global medical marijuana market size was valued at USD 13.8 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 21.80% from 2023 to 2030.

Legal Marijuana Market Segmentation

Grand View Research has segmented the global legal marijuana market based on product type, application, and region:

Legal Marijuana Product Type Outlook (Revenue, USD Million, 2016 – 2030)

  • Flower
  • Oil and Tinctures

Legal Marijuana Application Outlook (Revenue, USD Million, 2016 – 2030)

  • Medical
  • Adult Use

Legal Marijuana Regional Outlook (Revenue, USD Million, 2016 – 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Key Companies profiled:

Some of the prominent players operating in the global Legal Marijuana market are:

  • Aurora Cannabis
  • Canopy Growth Corporation
  • Maricann Group, Inc.
  • Aphria, Inc.
  • Tilray
  • The Cronos Group
  • ABcann Medicinals, Inc.
  • Lexaria Corp.
  • Organigram Holding, Inc.
  • GW Pharmaceuticals
  • United Cannabis Corporation
  • Tikun Olam, Ltd.

Order a free sample PDF of the Legal Marijuana Market Intelligence Study, published by Grand View Research.

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