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

North American Legal Cannabis Market size was valued at USD 15.50 Billion in 2022 and is poised to grow from USD 17.83 Billion in 2023 to USD 54.53 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031). 

The legal cannabis industry has been significantly shaped by North America, especially the United States and Canada. Significant numbers of states in both countries have legalized cannabis for recreational use in addition to sanctioning its use for medical purposes. This increase in acceptance can be ascribed to cannabis' superior effectiveness in treating chronic illnesses compared to conventional therapies, which has led to a noticeable increase in the local market.

Cannabis is used in a variety of ways – in oils, tinctures, dried flowers, or buds. A lot of the time, it is used to stop or lessen epileptic convulsions. It is a sought-after treatment for persistent pain management in illnesses like multiple sclerosis and HIV/AIDS because the active ingredients, CBD and THC, act on the pain receptors and inhibit signal transmission.

Cannabidiols, or the active substances in cannabis, have received a scant amount of thorough research on their effects and processes, but its acceptance as an alternative treatment option is growing.

Growth in the cannabis industry is anticipated as a result of governmental efforts to control the illegal drug trade. The MORE (Marijuana Opportunity, Reinvestment, and Expungement) Act's reappearance in the U.S. House of Representatives serves as an excellent example.

If this proposal is approved, it might end the federal ban of cannabis and promote decriminalization. From an economic standpoint, adult use legalization promises to increase employment and significantly boost the economy across a number of industries, including travel, real estate, banking, food, and transportation. This upcoming change in law is expected to increase the number of people who use cannabis legally and decrease the existence of the black market, supporting the expansion of the legal business in North America.