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

Drivers

Regulatory Liberalization

• The expansion of the legal cannabis market in North America has been largely attributed to favorable government laws and partial legalization of cannabis for adult-use recreational and medical purposes in both the United States and Canada.

Market Participants

• The market's expansion is facilitated by the entry of local businesses and the presence of major marijuana producers. Both seasoned competitors and recent arrivals are reshaping the competitive environment.

Medical Benefits

• The demand for medical cannabis products has increased dramatically as a result of the increased public awareness of the therapeutic advantages of cannabis and its derivatives, boosting market growth.

Restraints

Health and Safety Concerns

• Regulating organizations are concerned about the health dangers of cannabis usage, particularly among some groups of the population, which has an impact on market expansion.

Illicit Market Competition

• Legal cannabis markets may face competition from established illegal markets, particularly if regulatory measures fail to completely shut down the unlawful trade.

Supply Chain Challenges

• Due to variables such as weather, transportation, and legal changes, the cannabis supply chain is susceptible to disruptions.