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Marijuana Market Size 2024-2028

The marijuana market size is forecast to increase by USD 87.8 billion at a CAGR of 32.14% between 2023 and 2028.

The market is experiencing significant growth due to the increasing legalization of cannabis for medical and recreational use in various regions. This trend is further fueled by the expansion of the e-commerce industry, enabling easier access to cannabis-infused edible products, CBD oil, and other cannabinoid-based offerings. However, the market also faces challenges such as the potential side effects associated with inappropriate use of medical marijuana and the need for effective pest control solutions to ensure product quality and safety. The cannabis industry is evolving rapidly, with a focus on innovation and compliance to meet the growing demand for CBD and other cannabinoid-based products.

What will be the Size of the Marijuana Market During the Forecast Period?

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The market encompasses a diverse range of products derived from the Cannabis plant, including flowers, concentrates, edibles, topicals and tinctures. Two primary types of cannabis are commonly recognized: Cannabis sativa and Cannabis indica. THC (tetrahydrocannabinol) and CBD (cannabidiol) are the most prominent cannabinoids, with THC producing psychoactive effects and CBD offering therapeutic benefits. Medical cannabis and recreational cannabis are the two primary market segments. Medical cannabis is used to alleviate symptoms of various conditions, such as chemotherapy-induced nausea, while recreational cannabis is consumed for its psychoactive properties. CBD products, such as CBD gummies, have gained popularity due to their non-psychoactive nature and potential health benefits.
The market is continually evolving, with new products and innovations emerging regularly. Cannabinoids, including CBD (Epidiolex) and THC (Sativex, Marinol, Syndros, and others), are being developed and marketed as pharmaceuticals. The cannabis market is experiencing significant growth and is expected to continue expanding due to increasing legalization, consumer demand, and ongoing research and development.

How is this Marijuana Industry segmented and which is the largest segment?

The marijuana industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Medical marijuana
  Recreational marijuana


Type

  Oil and tinctures
  Flower


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC



  South America



  Middle East and Africa

By Product Insights

The medical marijuana segment is estimated to witness significant growth during the forecast period. Medical marijuana is experiencing significant growth In the US market due to its potential therapeutic benefits for various health conditions. Chronic pain, including neuropathic and inflammatory pain, is one of the primary conditions treated with marijuana. The increasing prevalence of chronic pain among adults and the popularity of medical marijuana as a pain reliever are driving market expansion. Additionally, medical marijuana has shown promise in alleviating nausea caused by conditions such as Crohn's disease, acute gastritis, hypoglycemia, panic disorder, and arachnoiditis. Marijuana plants used for medicinal purposes include Cannabis indica, Cannabis sativa, and hybrids. The market for medical marijuana products, including flowers, concentrates, edibles, topicals, and tinctures, is expected to continue growing due to their potential therapeutic applications in treating conditions such as epilepsy, multiple sclerosis, anxiety, cancer, glaucoma, and insomnia.

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The Medical marijuana segment was valued at USD 9.19 billion in 2018 and showed a gradual increase during the forecast period. THC and CBD are the primary cannabinoids found in marijuana, with THC providing psychoactive effects and CBD offering therapeutic benefits without the high. Other cannabinoid-based products, such as Sativex, Marinol, Cesamet, and various cannabis-based products, are also gaining popularity for their medicinal applications. The legalization of marijuana for adult use in some states and continued clinical trials for various conditions are further fueling market growth.

Regional Analysis

North America is estimated to contribute 87% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the legalization of marijuana for medical use is gaining momentum. In the US and Canada, marijuana is authorized for thera

Medical and recreational marijuana growing in the United States has experienced substantial growth, with industry revenue surging at a CAGR of 20.4% to reach $23.8 billion over the past five years, including a gain of 9.7% in 2024 alone. Legislative victories during the pivotal 2016 and 2020 elections have facilitated the approval of marijuana for both medical and recreational use in numerous states, contributing to this growth. The acceptance of medical and recreational marijuana has reached an overwhelming 88.0% among US adults, while 57.0% support full adult use legalization, as per a recent Pew Research Center survey. This growing acceptance has opened unprecedented opportunities for growers and investors, fundamentally reshaping the industry landscape. The profitability of marijuana growers has seen a marked increase. Influxes of new market entrants, particularly in states that have legalized recreational use, contributed to substantial revenue spikes, including a 39.6% increase in 2020 alone. Medical marijuana growers have benefitted from a growing aging population with higher incidences of chronic illnesses and cancer, further driving demand. The ongoing momentum for recreational marijuana legalization is expected to continue boosting profit, providing growers with the financial means to expand operations, invest in advanced cultivation technologies and develop diverse product lines. This economic growth has significantly impacted the overall profitability and stability of the industry. Looking ahead, industry revenue is projected to grow at a CAGR of 15.1% to $48.2 billion over the next five years. Although federal legalization remains uncertain, the expanding base of medical marijuana patients and the continuing movement toward recreational legalization are expected to sustain industry growth. Additionally, legalization trends in neighboring countries like Canada and Mexico could exert pressure on the United States federal government to reconsider its stance on marijuana. This evolving regulatory landscape, combined with increasing consumer demand, sets the stage for continued expansion. Consequently, the industry is poised to offer lucrative opportunities for both growers and investors, promising robust growth and innovation.

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US Cannabis Market Size 2025-2029

The US cannabis market size is forecast to increase by USD 141.48 billion at a CAGR of 37.1% between 2024 and 2029.

The US cannabis market is experiencing significant growth, driven by the expanding millennial population in key markets and increasing investment in research and production of medical marijuana. This demographic shift, coupled with growing acceptance of cannabis for medicinal purposes, presents a substantial opportunity for market expansion. From soothing medical treatments to trendy recreational products, cannabis is weaving its way into the fabric of American life, transforming healthcare, leisure, and local economies. However, challenges persist, including accessibility issues and high prices associated with medical cannabis. These obstacles necessitate strategic planning and innovation from industry players to effectively cater to consumer needs and maintain competitiveness.
Companies seeking to capitalize on market opportunities must navigate these challenges, ensuring regulatory compliance and offering competitive pricing and accessibility solutions. By addressing these factors, businesses can effectively position themselves in the dynamic and evolving cannabis market landscape.

What will be the size of the US Cannabis Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The cannabis market in the US is experiencing significant market dynamics and trends, with various entities playing crucial roles. Environmental impact is a pressing concern, as the industry explores sustainable practices, such as water management and energy efficiency, to minimize its carbon footprint. Economic impact is substantial, with tax revenue generation and job creation being key drivers. Regulatory challenges persist, as legal frameworks evolve, addressing issues like intellectual property, data analytics, and drug abuse prevention. Product safety and consumer safety are paramount, with rigorous testing for addictive substances and contaminants. Yield optimization and nutrient solutions are essential for maximizing profits, while cannabis accessories, including dab rigs and vaporizers, cater to diverse consumer preferences.
Waste management and public health concerns are also critical, as the industry navigates the complexities of the legal framework, grey market, and public opinion. Social equity initiatives aim to address historical injustices and promote community impact. Trichome analysis and legalization debates continue, as the industry strives for product standardization and consumer trust. Regulatory compliance, product safety, and sustainability are essential for navigating the evolving cannabis market landscape.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Derivative Type

  CBD
  THC
  Balanced THC and CBD


Product

  Medical
  Recreational


Source

  Marijuana
  Hemp


Cultivation Type

  Indoor Cultivation
  Outdoor Cultivation
  Greenhouse Cultivation


Distribution Channel

  Dispensaries
  Online


Geography

  North America

    US

By Derivative Type Insights

The cbd segment is estimated to witness significant growth during the forecast period.

The CBD segment in the US cannabis market is expected to remain dominant due to the federal legality of hemp-derived CBD oil. This trend is driven by relaxing government norms regarding CBD usage in most states and at the federal level. As of 2024, states like Georgia and Indiana allow hemp-derived CBD oil for medicinal purposes, with Georgia permitting oil containing up to 5% THC for specific medical conditions, and Indiana allowing its use as long as it contains less than 0.3% THC. Quality control and compliance regulations are crucial in the cannabis industry, with potency testing, heavy metal testing, microbial testing, and pesticide testing being essential for ensuring consumer safety.

Extraction methods, such as supercritical fluid extraction and CO2 extraction, play a significant role in the production of CBD isolate, broad-spectrum CBD, and THC oil. Brand development and marketing strategies are essential for businesses looking to succeed in the competitive cannabis market, with product labeling, inventory management, and consumer perception being key factors. The cannabis market encompasses various product offerings, including cannabis edibles, cannabis concentrates, and cannabis cultivation methods like soil cultivation, outdoor growing, and indoor growing. Organic cannabis and child-resistant packaging are also important considerations for businesses. D

The Cannabis Market Report is Segmented by Product Type (Flower, Pre-Rolls, Concentrates, and More), by Application (Medicinal, Adult-Use/Recreational, and More), by Compound Type (THC-Dominant, CBD-Dominant, and More), and by Geography (North America, Europe, Asia-Pacific, South America, Middle East, and Africa). The Market Forecasts are Provided in Terms of Value (USD).

The Medical Marijuana Market Report is Segmented by Formulation Type (Capsules, Oils, and More), Cannabinoid Composition (THC-Dominant, and More), Route of Administration (Oral, Inhalation, Sublingual, and More), Application (Chronic Pain, Arthritis, Migraine, and More), Distribution Channel (Hospital Pharmacies, and More), and Geography (North America, Europe, and More). The Market Forecasts are Provided in Terms of Value (USD).

The Legal Marijuana Market size will exceed a valuation of USD 61,927.86 Million by 2032, to grow at a CAGR of 15.9% during the forecast period.

This dataset presents a thorough analysis of the cannabis industry in 2025, highlighting key statistics and trends such as market growth rates, sales data, usage patterns, legalization progress, employment statistics, and the overall economic impact of the cannabis industry in the United States and globally.

Find the short introduction to what is medical marijuana: definition and main active compounds (cannabinoids). Marijuana from the Cannabis plant is classified as a psychoactive drug used for medical or recreational purposes.

Medical and recreational marijuana stores retail medical cannabis (by prescription) and recreational products, including edibles, pre-rolls, flower, cartridges, concentrates and other derivatives. The legalization of marijuana for medical or recreational purposes and the growing acceptance of legal marijuana use provided dispensaries and investors with unprecedented opportunities, leading to robust entry rates and skyrocketing revenues. Currently, 24 states and the District of Columbia have legalized recreational usage, with new states legalizing each year, creating massive revenue and profit growth. Overall, revenue has climbed at an expected CAGR of 20.8% through the current period to $40.5 billion, including a 9.7% jump in 2024, where profit reached 18.1% of revenue. The legalization of recreational marijuana sales in several states has fueled revenue growth. The licensing of commercial recreational marijuana retailers has also caused new entrants to flood the legalized market. Medical marijuana dispensaries have also continued to benefit from the steadily aging population and growing acceptance of the medical applications of marijuana. The continued development of edible cannabis products has helped attract consumers who were unfamiliar with marijuana products or averse to smoking. Edible products and vaporizer pens will continue to be a growth segment in the coming years, as they are convenient alternatives to traditional cannabis consumption. Cannabis markets will remain at risk until the federal government definitively changes its position on the legality of marijuana. The Drug Enforcement Agency released a proposal to re-classify cannabis as a Schedule III drug, but hasn't acted on this proposal. Rising demand is also forecast to keep profit high, as is the success of for-profit recreational marijuana businesses in states with large consumer markets like California, Colorado and Washington. Overall, revenue will expand at an estimated CAGR of 15.1% to $81.9 billion through the outlook period, where profit will settle at 18.1% of revenue.

Legal Marijuana Market Outlook

According to our latest research, the global legal marijuana market size reached USD 39.5 billion in 2024, with a robust compound annual growth rate (CAGR) of 24.2% projected from 2025 to 2033. By 2033, the market is forecasted to attain a value of USD 277.6 billion, driven by the accelerating pace of legalization, expanding medical applications, and surging consumer acceptance worldwide. The legal marijuana market is experiencing exponential growth as governments relax regulations, allowing for increased investment, innovation, and accessibility across both medical and recreational uses.

One of the primary growth factors propelling the legal marijuana market is the rapidly evolving regulatory landscape. Countries such as Canada, the United States, Germany, and several Latin American nations have made significant strides in legalizing marijuana for both medicinal and recreational purposes. This shift is largely attributed to growing recognition of marijuana’s therapeutic benefits in treating chronic pain, neurological disorders, and mental health conditions. The destigmatization of cannabis, coupled with government-backed research and clinical trials, has led to a surge in product approvals and commercial launches, further expanding the market’s reach. Additionally, the increasing prevalence of chronic illnesses and the demand for alternative pain management solutions have significantly contributed to the adoption of legal marijuana, especially in regions with advanced healthcare infrastructure.

Another key driver is the innovation and diversification of marijuana-based products. Companies are investing heavily in research and development to create a wide variety of offerings, including edibles, concentrates, topicals, and beverages, catering to a broad spectrum of consumers. The rise of cannabidiol (CBD)-dominant and balanced THC & CBD products has attracted new demographics, including wellness-focused and elderly consumers seeking non-psychoactive solutions. This trend has also fostered the development of advanced cultivation technologies, precision dosing methods, and sustainable farming practices, enhancing product quality and consistency. The proliferation of online distribution channels and the emergence of branded dispensaries have further facilitated consumer access, convenience, and education, driving higher sales volumes and market penetration.

The legal marijuana market is also benefiting from significant capital inflows and strategic partnerships. Venture capitalists, institutional investors, and multinational corporations are increasingly recognizing the lucrative potential of the cannabis industry. This has resulted in a wave of mergers and acquisitions, cross-sector collaborations, and international expansions, strengthening supply chains and accelerating market growth. The integration of cannabis into mainstream wellness, pharmaceutical, and consumer goods sectors has opened new avenues for revenue generation and product innovation. Moreover, the development of standardized testing protocols and regulatory frameworks has enhanced consumer confidence, ensuring product safety and quality assurance.

From a regional perspective, North America continues to dominate the legal marijuana market, accounting for the largest share due to widespread legalization in the United States and Canada. Europe is emerging as a significant growth engine, driven by progressive policy changes in countries like Germany, the Netherlands, and the United Kingdom. The Asia Pacific region, while still in the nascent stages of legalization, is showing promising potential with increasing investments in medical cannabis research and pilot programs. Latin America and the Middle East & Africa are gradually embracing legalization, with a focus on industrial hemp cultivation and export opportunities. Each region presents unique regulatory, cultural, and economic dynamics, shaping the trajectory of the global legal marijuana market.

Product Type Analysis

The Legal Cannabis Market size was valued at USD 27.4 billion in 2023 and is projected to reach USD 134.36 billion by 2032, exhibiting a CAGR of 25.5 % during the forecasts period. The market under consideration is the legal marijuana industry comprising marijuana production, distribution, and sale for medical marijuana and recreational marijuana usage with the help of governmental permissions. It is used for the purpose of medicinal consumption for some ailments such as chronic pain, epilepsy, and anxiety disorder. The main use is recreational, thus the inclusion of relaxation and social pleasure. It is used in both medical/health products and traditional food products and even in snack foods and drinks, and vapes. Current trends consist of worldwide legalization, a factor that is helping drive the market. As for the product innovations in beverage industry it is also worth mentioning CBD related products and new ways of consuming a product. These are the changes in regulations and growing concern about the effects of marijuana on people, resulting in quality assurance to customers.

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Cannabis Testing Market Size 2024-2028

The cannabis testing market size is forecast to increase by USD 2.05 billion, at a CAGR of 15.23% between 2023 and 2028.

The market is experiencing significant growth due to the increasing use of cannabis for medical purposes. With the legalization of medical and recreational marijuana in various regions, the demand for accurate and reliable testing services is on the rise. Additionally, the emergence of luxury cannabis products is fueling the market's expansion, as consumers seek out high-quality, lab-tested products. However, the high cost of analytical products poses a significant challenge for market participants. Producers and testing laboratories must balance the need for comprehensive testing with the financial constraints of their clients. This requires continuous innovation and cost optimization strategies to remain competitive in the market.
In summary, the market is driven by the expanding legal marijuana industry and the growing demand for premium, tested products. However, the high cost of analytical tools presents a substantial obstacle that market players must navigate to succeed. Companies seeking to capitalize on this market opportunity must focus on cost-effective testing solutions while maintaining the highest standards of accuracy and reliability.

What will be the Size of the Cannabis Testing Market during the forecast period?

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The market continues to evolve as new products and regulations emerge, necessitating advanced analytical methods and technologies. high-performance liquid chromatography (HPLC) and gas chromatography (GC) are essential tools for cannabinoid profiling and potency testing, ensuring consumer safety and regulatory compliance. Laboratory reporting and product labeling require stringent quality control procedures, including sample preparation, automation solutions, and data management. Industry standards mandate safety testing for microbial contamination, heavy metals, and solvent residue in cannabis edibles, vape cartridges, and concentrates. Laboratory accreditation and regulatory compliance are crucial for hemp and pharmaceutical cannabis industries. ASTM International sets the benchmark for clinical trials and method development, enabling best practices in cannabis research.

Cultivation practices and seed-to-sale tracking are integral to maintaining quality assurance and ensuring consistency in cannabis products. Quality management systems employ mass spectrometry and data analytics for test results interpretation and compliance testing. Terpene analysis and compliance with regulatory frameworks are essential for cannabis legalization and recreational use. Continuous innovation in analytical methods and automation solutions enables the cannabis industry to meet evolving consumer demands and regulatory requirements. The market's dynamic nature necessitates a commitment to ongoing research and development, ensuring the highest standards of safety, quality, and consistency.

How is this Cannabis Testing Industry segmented?

The cannabis testing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Product

  Consumables
  Instruments
  Software


End-user

  Cannabis cultivators/growers
  Cannabis drug manufacturers
  Others


Type

  Potency Testing
  Terpene Profiling
  Residual Solvent Screening
  Heavy Metal Testing
  Mycotoxin Testing
  Others


Geography

  North America

    US
    Canada


  Europe

    Germany
    UK


  APAC

    China


  Rest of World (ROW)

By Product Insights

The consumables segment is estimated to witness significant growth during the forecast period.

The market encompasses essential components such as high-performance liquid chromatography (HPLC) systems, laboratory reporting, product traceability, consumer safety, product labeling, cannabis edibles, quality control, sample preparation, automation solutions, safety testing, laboratory accreditation, and industry standards. HPLC plays a pivotal role in separating and identifying cannabinoid compounds, while safety testing ensures the absence of contaminants like microbial, heavy metals, and solvent residue. ASTM International sets the standards for testing methods, including potency testing, microbiology testing, and compliance testing. Cannabis research and development necessitate analytical data interpretation and data management. Seed-to-sale tracking and method development are crucial for ensuring regulatory compliance in the recreational and medical cannabis industries.

Quality assurance measures, such as cannabinoid profiling and terpene analysis, are essential for maintaining consistency in cannabis concentrates, edibles, and vape cartridges. Sigm

The legal marijuana market is expected to grow USD 30.18 billion in 2024 to USD 26.03 billion in 2025 and reach USD 212.39 billion by 2035, at CAGR of 19.41%

The Medical Marijuana Market size was valued at USD 6,338.1 USD million in 2023 and is projected to reach USD 44,512.2 USD million by 2032, exhibiting a CAGR of 21.2 % during the forecast period. The market of medical Marijuana is therefore growing because of the legalization of cannabis products for health management across the world. It offers multiple forms (oils, capsules, vaporizers) and contains THC and CBD from the Cannabis plant. Some uses are as follows: It can be used for pain control and in the treatment of long-term conditions such as epilepsy. These are synthetic and natural types that are significantly driven by advanced extraction and cultivation technologies used in the market to improve patient quality, minimize opioid reliance, and impact the economy through taxation and employment. Key drivers for this market are: Increasing Public Awareness for Safer Medicines to Stimulate Market Value. Potential restraints include: Side Effects Associated with the Intake of Cannabis Might Restrict Market Growth. Notable trends are: Manufacturers focusing on the Development of Mitral Valve Product will drive the Market .

Get key insights from Market Research Intellect's Industrial Marijuana Market Report, valued at USD 9.5 billion in 2024, and forecast to grow to USD 21.6 billion by 2033, with a CAGR of 12.3% (2026-2033).

Medical marijuana dispensaries have enjoyed massive revenue growth amid more favorable state-level legislation. At the time of writing, 38 states permit the medical use of cannabis products, with legislation constantly evolving. Not only have more states adopted favorable laws but states with existing legalized medical marijuana dispensaries have also expanded and reached more areas. In states where recreational marijuana sales are permitted, dispensaries face heightened competition, but some have circumvented this by becoming hybrid operations and serving both medical and recreational patients. These conditions have led to revenue spiking at a CAGR of 21.0% over the past five years; though growth is expected to slow in 2024, expanding just 3.4%, revenue will reach an estimated $19.6 billion. The rise in favorable marijuana legislation is primarily beneficial for medical dispensaries. The number of suppliers has boomed, giving dispensaries greater purchasing power and ultimately reducing operational costs. More visibility and acceptance have led to more patients becoming willing to give medical marijuana a try. Some medical dispensaries have become hybrid operations, serving medical and recreational markets, boosting profit substantially. However, the boom in recreational laws is a double-edged sword. Obtaining a medical card can be time-consuming and costly for patients, while recreational dispensaries only require customers to be of legal age. Since the price differential between products is minimal in many states, the draw of recreational dispensaries is becoming difficult to ignore. Over the next five years, medical marijuana dispensaries will likely enjoy more favorable legislation. Marijuana may be reclassified as a Schedule III drug, making it far easier to conduct research on medical marijuana and develop better products, likely reducing purchase costs for dispensaries. The reclassification could also spur more banks and financial institutions to work with medical dispensaries. However, the threat of recreational dispensaries overtaking the market and siphoning medical facilities' customers will likely grow, as states typically legalize recreational use at some point after medical. Thus, revenue is forecast to climb at a relatively subdued CAGR of 4.3% over the next five years, reaching $24.2 billion.

The global market size of Legal Marijuana is $XX million in 2018 with XX CAGR from 2014 to 2018, and it is expected to reach $XX million by the end of 2024 with a CAGR of XX% from 2019 to 2024.
Global Legal Marijuana Market Report 2019 - Market Size, Share, Price, Trend and Forecast is a professional and in-depth study on the current state of the global Legal Marijuana industry. The key insights of the report:
1.The report provides key statistics on the market status of the Legal Marijuana manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
2.The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
3.The report presents the company profile, product specifications, capacity, production value, and 2013-2018 market shares for key vendors.
4.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
5.The report estimates 2019-2024 market development trends of Legal Marijuana industry.
6.Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out
7.The report makes some important proposals for a new project of Legal Marijuana Industry before evaluating its feasibility.
There are 4 key segments covered in this report: competitor segment, product type segment, end use/application segment and geography segment.
For competitor segment, the report includes global key players of Legal Marijuana as well as some small players. At least 5 companies are included:
* Medicine Man
* Canopy Growth
* Aphria
* Aurora Cannabis Inc.
* mCig Inc

The information for each competitor includes:
* Company Profile
* Main Business Information
* SWOT Analysis
* Sales, Revenue, Price and Gross Margin
* Market Share

For product type segment, this report listed main product type of Legal Marijuana market
* Indoor
* Greenhouse
For end use/application segment, this report focuses on the status and outlook for key applications. End users sre also listed.
* Recreational
* Medical

For geography segment, regional supply, application-wise and type-wise demand, major players, price is presented from 2013 to 2023. This report covers following regions:
* North America
* South America
* Asia & Pacific
* Europe
* MEA (Middle East and Africa)
The key countries in each region are taken into consideration as well, such as United States, China, Japan, India, Korea, ASEAN, Germany, France, UK, Italy, Spain, CIS, and Brazil etc.

Reasons to Purchase this Report:
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
We also can offer customized report to fulfill special requirements of our clients. Regional and Countries report can be provided as well.

The United States medical cannabis market size reached around USD 15.10 Billion in 2024. The market is projected to grow at a CAGR of 12.20% between 2025 and 2034 to reach nearly USD 47.74 Billion by 2034.

US Cannabis Market Outlook 2031:

The US cannabis market size size was valued at USD 13.20 Billion in 2022 and is projected to reach USD 43.61 Billion by 2031, expanding at a CAGR of 14.2% during the forecast period 2023 - 2031. The growth of the market is attributed to the common use of cannabis products for various applications in industries such as cosmetic, pharmaceutical, and food & beverage.



Despite its quasi-legal status, the market is expected to exhibit exponential growth due to gradual expansion of hemp legalization in several states in the country.



As more states approved marijuana legalization, the market has grown significantly in recent years. As of 2019, marijuana was made legal in 33 states and several states are under the process of legal approval of the products for medical, recreational, or both purposes. This has resulted in an increase in the number of business startups, which has aided in collectively driving the market.

Cannabis plant, a key source of marijuana, is widely adopted to treat patients having chronic illnesses including cancer, Parkinson's disease, Alzheimer's disease, and neurologic problems such as depression and epilepsy. According to a study published by the International Agency for Research on Cancer (IARC), the global burden of cancer was around 18.1 million new cases and 9.6 million deaths in 2018.



Keeping the view of surging illegal trade of cannabis products in the US, industrial companies and government officials are working towards for striking a balance between combating illegal marijuana usage and maintaining a safe and controlled supply. However, the country's illicit cannabis sector is thriving as items sold through illegal channels are costing less than those available in the market officially.



Furthermore, politicians are working towards resolving issues between federal and state regulations to curb stifle of the market growth. Owing to the unavailability of long-term banking solutions, cannabis businesses in the country have been forced to conduct transactions in cash, which has resulted in financial security issues such as money laundering.



States in the United States are addressing these issues by allowing cannabis credit co-operatives to aid business development to ensure accountability in the financial transaction related to cannabis trade. Section 280E of the federal tax code prohibits the deduction of ordinary business expenses related to the "trafficking" of Schedule I drugs.

The size of the Legal Marijuana Market was valued at USD 8.58 Billion in 2023 and is projected to reach USD 16.65 Billion by 2032, with an expected CAGR of 9.93% during the forecast period. The legal marijuana market includes growing, distributing, and selling the buds and their derivatives for medical and recreational use under regulatory systems. Legalized marijuana is characterized by regulated production with assured safety, quality, and controlled distribution. Important characteristics are therefore the following diverse product forms: buds, edibles, oils, and topicals to emphasize advancement in cultivation technologies like hydroponics, aeroponics, and genetic engineering to boost yield and potency. Applications range from treating chronic pain and epilepsy to other mental health illnesses, and leisure use for relaxation, as well as social consumption. Technological changes in extraction technology (CO₂ extraction, solvent-free) and in product development of CBD-infused products are two factors driving this market. The implications of the industry have been highly impactful on economics, creating numerous jobs and taxing revenue, not to mention less incarceration for cannabis offence-related crimes. A major push factor is the growing acceptance of marijuana's medicinal benefits, making it legal in many places and destigmatizing it. It has opened doors for investment, innovation, and healthcare integration into the market globally. Recent developments include: March 2022, Verano Holdings, the Cannabis multistate operator, has received an additional USD 100 million under its credit agreement to 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., Report Outlook, Market overview highlights the global recognition of marijuana federally Legal Analysis Overview. Key drivers for this market are: . Driver 1, . Driver 2. Potential restraints include: . Restraint 1, . Restraint 2.