According to a new report by Expert Market Research titled, “North America Legal Cannabis Market Size, Share, Report and Forecast 2024-2032″, the North America legal cannabis market reached a value of USD 20.97 billion in 2023. Aided by growing medical application of cannabis and implementation of favourable government policies, the market is projected to further grow at a CAGR of 26.70% between 2024 and 2032 to reach a value of USD 87.1 billion by 2032.
Cannabis, a naturally occurring plant, has been at the centre of economic, health, and political debates in recent decades. It’s predominantly utilised for recreational and medicinal purposes, the latter being a driving force behind the push for legalisation. THC and CBD, the plant’s primary compounds, have diverse applications, from pain relief to anxiety alleviation. Beyond its consumable form, cannabis finds its place in a plethora of products including topicals, tinctures, and edibles.
The North America legal cannabis market trends reflect a robust shift towards embracing cannabis not only as a recreational substance but also for its therapeutic virtues. An increasing number of research substantiates the medical benefits of cannabis, ranging from pain management in chronic conditions to reducing epileptic seizures. This scientific endorsement has bolstered its acceptance, with more patients considering cannabis-based treatments as viable therapeutic options.
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The change in public sentiment coupled with economic incentives has nudged several states towards legalisation. A domino effect is evident in the North America legal cannabis market growth, as more regions are jumping on the bandwagon, recognising the revenue potential from cannabis sales, which can be channelled into public welfare and infrastructure projects.
Moreover, the innovations and diversification in cannabis product offerings significantly contribute to the growing North America legal cannabis market demand. Gone are the days when cannabis consumption was restricted to smoking. Today, the market is flooded with edibles like gummies and chocolates, beverages, vapes, and even luxury cannabis products, catering to a broad and evolving consumer base.
A comprehensive North America legal cannabis market analysis reveals an undeniable growth momentum. The market is also witnessing the entry of large corporations and celebrities, thereby enhancing its mainstream acceptance. Strategic partnerships, research, and development, coupled with brand-building efforts, are in full swing, indicating promising market outlook.
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Market Segmentation
The market can be divided based on products derived, distribution channel, and country.
Market Breakup by Products Derived
• Marijuana
o Medical
Migraine
Arthritis
Cancer
Others
o Recreational Use
• Industrial Hemp
o Personal Care
o Hemp CBD
o Food
o Consumer Textiles
o Others
Market Breakup by Distribution Channel
• Regulated Dispensary
• Recreational Stores
• Stand-Alone Retailers
• Others
Market Breakup by Country
• United States of America
• Canada
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America legal cannabis market. Some of the major players explored in the report by Expert Market Research are as follows:
• Tilray
• Marijuana Company of America, Inc
• Others
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