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

The development of the regional industry has been greatly assisted by the favorable regulatory frameworks and the partial legalization of cannabis in the United States and Canada for adult (recreational) as well as medical purposes. The United States was the major contributor in 2022, generating an enormous 86.7% of the total revenue. The regional market's expansion is attributed to a number of factors, including the geographic concentration of major marijuana producers. The U.S. government's accommodating approach and the continuous movement in favor of medical marijuana legalization suggest that the country's leading revenue share will continue to grow, solidifying its market position for the foreseeable future. Additionally, the 2018 Farm Bill's crucial passage, which effectively legalizes hemp and products produced from it across the U.S., is a key factor driving the popularity of these goods.

An increase in demand and more favorable consumer opinions of cannabis and its various derivatives across the nation are driving the industry's growth trajectory higher still. Canada is expected to grow at the fastest rate going forward, with a forecasted 16.8% growth rate. This elevated growth can be ascribed to an increase in local market entrants, a rising user population, and the government's proactive measures to promote cannabis-related commodity production, distribution, and cultivation. Furthermore, it is projected that key players who have staked a lot in the nation's funding prospects would be crucial in fostering the growth of both the local and regional markets in the next forecast period. Regulatory backing, shifting views, and changing market landscapes are all contributing elements that together highlight the cannabis industry's explosive growth potential.