Legal Cannabis Market Size, Share, Growth Analysis, By Source(Marijuana (Flowers, Oil and Tinctures), Hemp (Hemp CBD, Supplements), By Derivative(CBD, THC, Others), By End-use(Medical Use (Cancer, Chronic Pain, Depression and Anxiety, Arthritis), By Region - Industry Forecast 2024-2031

Global Legal Cannabis Market size was valued at USD 22.2 billion in 2022 and is poised to grow from USD 27.91 billion in 2023 to USD 173.93 billion by 2031, growing at a CAGR of 25.70% during the forecast period (2024-2031).

The global legal cannabis market is dynamic and highly competitive. The market is characterized by the presence of established companies, emerging startups, and a growing number of strategic partnerships. Established cannabis companies such as Canopy Growth, Aurora Cannabis, and Aphria Inc. have already established themselves as key players in the market, leveraging their brand recognition, distribution networks, and product quality. These companies often follow a strategy of vertical integration, controlling various stages of the supply chain from cultivation to retail, which allows them to maintain quality control and streamline operations. strategic partnerships and acquisitions are prevalent in the industry, as companies seek to expand their market share and access new markets. Research and development also play a crucial role, with companies investing in innovation to develop new cannabis-based products and improve cultivation techniques. 'Canopy Growth Corporation (Canada) ', 'Aurora Cannabis, Inc. (Canada) ', 'Cronos Group (Canada) ', 'Sundial Growers Inc. (Canada) ', 'The Scotts Company LLC (US) ', 'VIVO Cannabis Inc. (Canada) ', 'Cara Therapeutics Inc. (US)  ', 'Curaleaf Holdings, Inc. (US) ', 'Trulieve Cannabis Corp. (US) ', 'Green Thumb Industries Inc. (US) ', 'Cresco Labs Inc. (US) ', 'MedMen Enterprises Inc. (US) ', 'Acreage Holdings, Inc. (US) ', 'TerrAscend Corp. (Canada) ', 'Organigram Holdings Inc. (Canada) ', 'Liberty Health Sciences Inc. (US) ', 'iAnthus Capital Holdings, Inc. (US) ', 'Planet 13 Holdings Inc. (US) ', 'High Tide Inc. (Canada) ', 'Jushi Holdings Inc. (US) ', '4Front Ventures Corp. (US)'

The growing acceptance of cannabis for both medical and recreational purposes has been a major driver of market growth. Governments worldwide are recognizing the potential benefits and economic opportunities associated with legal cannabis, leading to increased legalization efforts.

Product Diversification: The legal cannabis market witnessed a trend towards product diversification in 2022. Companies expanded their product offerings beyond traditional forms such as flower and concentrates, introducing edibles, beverages, topicals, and other innovative formats to cater to a broader consumer base.

In 2022, North America emerged as the dominant region in the global legal cannabis market, capturing a revenue share of over 68.8%. This can be attributed to the region's laws and policies on cannabis trade, which heavily influence revenue generation. The presence of well-established companies primarily based in North America further solidifies its position as the largest market shareholder. Key players in the industry include Canopy Growth, Curaleaf Holdings, Green Thumb Industries, Innovative Industrial Properties, Trulieve Cannabis, GW Pharmaceuticals, Cronos Group, Grow Generation, Cresco Labs, and Columbia Care. The growing consumer demand for cannabis products has contributed to the overall growth of the regional market, along with the increasing rate of legalization across North American jurisdictions.