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 has witnessed significant growth in recent years, driven by the increasing acceptance and legalization of cannabis across various jurisdictions. The legal cannabis market serves multiple purposes. It caters to the growing demand for medicinal cannabis products, which are used to treat various health conditions such as chronic pain, epilepsy, multiple sclerosis, and nausea caused by chemotherapy. Several factors are driving the growth of the global legal cannabis market. The increasing recognition of the therapeutic potential of cannabis and its derivatives has led to the legalization of medical cannabis in many countries.

The legal cannabis market faces several challenges. there is a lack of standardized regulations and guidelines, leading to inconsistencies in quality control and product safety. This creates uncertainty for both businesses and consumers. The legal cannabis market presents significant opportunities. The expanding legalization of cannabis in more jurisdictions provides a larger addressable market and increases business prospects. Moreover, advancements in cultivation techniques, genetics, and extraction methods offer opportunities for improved product quality, efficiency, and cost-effectiveness. The global legal cannabis market is experiencing rapid growth driven by increasing acceptance, changing regulations, and evolving consumer preferences. While there are challenges and restraining factors, such as regulatory complexities and safety concerns, the market presents numerous opportunities for businesses to cater to the demand for medicinal and recreational cannabis products, contribute to public health, and drive economic growth.