The market for legal cannabis has a global value of over $13 billion, and is expected to grow rapidly in the coming years, according to a new report.
The Global Cannabis Market Report, conducted by the research firm Contrive Datum Insights, found that as of the end of 2022 the global legal cannabis market is worth $13.43 billion. Given the rapid pace at which marijuana laws are being reformed throughout the United States and globally, the value is expected to almost quintuple to $66.35 billion by the end of 2030.
If the market did see this kind of growth, it would represent a shockingly high compound annual growth rate of 22.1% during the forecasted period (2023 to 2030).
According to the report, North America is the largest legal market for cannabis, followed by Europe. However, “Asia-Pacific region is expected to grow the most in the coming years, as countries like Australia, New Zealand, and Thailand move toward legalization.”
Noting on how cannabis has multiple compounds that conjure their own markets, the report says that “The outlook for derivatives is an important part of the cannabis market, since different derivatives can be used and have different effects. CBD is becoming more popular in the health and wellness market, while THC is used both medically and for fun. Other cannabinoids and compounds are also being studied to see if they could be used as medicines.”
Authors of the report say that although some of the strictest laws and rules about cannabis are in the Middle East and Africa, some countries in those regions “are starting to look into the possible benefits of medical cannabis, so their laws may change in the future.”
The top market players are said to be:
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- Cronos Group
- Tilray, Sundial Growers Inc.
- Insys Therapeutics, Inc.
- The Scotts Company LLC
- VIVO Cannabis Inc.,
- Cara Therapeutics Inc.,