According to current market research conducted by the CMI Team, the global Legal Cannabis Market is expected to record a CAGR of 23.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 32.4 Billion. By 2033, the valuation is anticipated to reach USD 216.5 Billion.

Legal Cannabis Market: Growth Factors and Dynamics

  • Changes in Regulations: The legal marijuana industry is greatly affected by changes in regulations. Increased access to the market, through the legalization of marijuana for medical and recreational use by more countries and states, encourages investment and innovation in the industry. Better guidance also promotes consumer trust and thereby a safer product. It further helps ancillary businesses grow, such as testing labs and distribution services. It can further be extended that market growth, attraction to new participants, and greater competition, await ahead as law keeps on changing.
  • Changing Attitudes of Consumers: Changing attitudes of consumers toward marijuana use alters the entire market. The social perception regarding marijuana keeps changing as more people stop becoming skeptical about using marijuana for medicinal reasons. This is more in the case of younger generations who consider marijuana to be one of the best-recognized systems of health. Increased awareness of possible health benefits, combined with an educational campaign, increases better acceptance. This builds a higher willingness in the consumer to buy cannabis products both recreationally and medicinally; which creates increased demand almost in all segments.
  • Product Innovation: The legal cannabis market is witnessing tremendous innovation related to products. Such factors are driven by consumers regarding the diversification of their preferred products. Companies are investing in research and development to create new and improved cannabis products, such as edibles, beverages, and topical applications. New techniques for extraction and formulation improve the quality and safety of products, which appeal to health-conscious consumers.
  • Increasing Medical Applications: The work on cannabis that helps treat chronic pain, anxiety, and epilepsy drove the demand for such pharmaceuticals. As more medical professionals become aware, so are patients. Besides that, clinical trials and ongoing studies are rapidly adding approved medical applications to the portfolio. This aspect is forcing pharmaceutical companies to invest more in cannabis product development. This has promoted the growth of cannabis in the health sector further.
  • Increasing Demand for CBD Products: The more people learn that CBD has several medicinal benefits, including the reduction of inflammation and easing anxiety, the more it calls for CBD-infused products. Product lines include a wide variety of applications, such as personal care, food and beverages, and supplements. What’s more, growing interest in healthy and organic well-being will continue to be the driving force for such demand and reinforce CBD as a fundamental building block in the growth of legal cannabis.

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Legal Cannabis Market: Partnership and Acquisitions

  • In 2024, Aurora Cannabis Inc. announced a partnership with a major retailer to expand its product offerings in the Canadian market, focusing on both medical and recreational segments.

Legal Cannabis Market: COVID-19 Analysis

  • Positive Impact of COVID-19 on the Legal Cannabis Market: The COVID-19 pandemic left a very significant positive impact on the legal cannabis market. This is because the increased consumer demand was triggered by heightened stress and anxiety from lockdowns and health concerns, which led people to consume more cannabis as a means of relief. This positively influenced the sales of medical and recreational cannabis. Relaxation and sleep support products recorded high sales. The pandemic also spurred online shopping, where the consumer can sit at home and easily make purchases of cannabis products. This opened up a wider customer base and made companies improve their online presence, which changed how cannabis is marketed and sold in the long run.
  • Negative Effect of COVID-19 on the Legal Cannabis Market: Lockdowns and lockdown-like scenarios caused supply chain disruptions resulting in raw material and finished product shortages and delayed manufacturing and distribution of products. Many businesses found themselves running at a financial loss from increasing operational costs that included maintaining safety measures in place along with reduced customer foot traffic in physical locations. Some regulation barriers were also established from the government’s aim toward public health, such that at times it even raised more stringent regulations toward selling cannabis. This raised uncertainty among the participants in the market, thereby raising challenges in planning and implementing expansion tactics.
  • Current Market Scenario: The current legal cannabis market is in an excellent recovery and continues growing. Acceptance among consumers is rising with the de-stigmatization of the substance and increased knowledge about the therapeutic benefits. Further expansion of legal frameworks across different regions is also supporting the opportunity in the market. Companies are innovating their products and diversifying them in line with the shifting consumer preferences. Though there are major challenges that relate to regulatory and saturation issues, the broad consensus appears to be sound as considerable investment flows pour into the industry in efforts to grasp emerging opportunities and trends.

List of the prominent players in the Legal Cannabis Market:

  • Canopy Growth Corporation
  • Aphria Inc.
  • Aurora Cannabis Inc.
  • Tilray Inc.
  • Cronos Group Inc.
  • Organigram Holdings Inc.
  • Maricann Group Inc.
  • VIVO Cannabis Inc.
  • Tikun Olam Ltd.
  • The Green Organic Dutchman Holdings Ltd.
  • Terra Tech Corp.
  • Medical Cannabis Inc.
  • Stenocare A/S
  • Cannabis Science Inc.
  • HEXO Corp.
  • Others

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