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 Drivers

Growing Legalization of Cannabis 

• Governments and regulatory bodies around the world are playing a crucial role in promoting the decriminalization of cannabis.  Countries like Canada, Germany, and parts of the U.S. have fully embraced legal cannabis. Establishment of proper framework to promote cultivation, distribution, and retail of cannabis in most regions is expected to bolster the demand for legal cannabis over the coming years.   

High Demand for Wellness Products 

• Rising consumer awareness regarding health and fitness is also expected to benefit the legal cannabis market outlook in the future. Cannabis-based wellness products, such as CBD oils, edibles, and topicals, are gaining popularity among consumers as they become more aware of its benefits. This driver is expected to further bolster legal cannabis demand.  

Global Legal Cannabis Market Restraints 

Social Stigma and Resistance 

• While cannabis is being legalized and its use is being normalized, it still has a negative perception in the society. This social stigma is especially prevalent in conservative societies and older generations where use of cannabis is frowned upon. This social stigma and resistance is expected to impede the demand for legal cannabis going forward. 

High Taxation and Pricing Issues 

• While legal cannabis is a major step forward for cannabis users, the high taxes levied on it by governments and regulatory authorities make it inaccessible. High taxation results in expensive end products and this causes consumers to turn towards black markets to get the same product for cheap thereby limiting the sales of legal cannabis.