The value of New York’s legal cannabis market is expected to reach $3.22 billion annually by 2030, registering a compound annual growth rate of 15.3% from 2024 to 2030.
“Factors such as the legalization of medicinal cannabis, rising consumer disposable income, increasing consumer awareness of the health benefits of cannabis, growing demand for cannabis from the pharmaceutical industry, and the approval of the U.S. Farm Bill are expected to boost market growth”, states the new report, released by Research and Markets.
“Cannabis is utilized for managing a range of ailments, including mental health issues, cancer, nausea, and pain, and for adult use purposes”, notes the report. “The increasing prevalence of cancer is expected to significantly contribute to the increasing acceptance of medical marijuana over the forecast period. For instance, according to data published by the Government of New York, annually 116,000 New Yorkers are diagnosed with cancer.”
In addition, “The growing awareness among people regarding the therapeutic benefits of cannabis and the rise in cannabis certification educational and training programs fuel market growth. Moreover, the increase in research activities related to cannabis is driving the market growth.”
Some highlights of the report include:
- Based on source, the marijuana segment accounted for the largest revenue share in 2023, owing to the growing research studies on cannabis for its medical use
- Based on derivatives, the CBD segment dominated the market with the largest revenue share in 2023, owing to the growing adoption of CBD-infused medication, food, and cosmetics
- Based on cultivation, the indoor cultivation segment accounted for the largest revenue share in 2023, owing to favorable government regulations and a rise in the number of cannabis cultivators
- Based on end-use, the recreational use segment held the largest market share in 2023 due to the rise in the number of consumers adopting cannabis consumption in the form of smoking and vaping
Key market players include:
- Curaleaf Holdings, Inc.
- New York Hemp Oil
- COOKIES CREATIVE PRODUCTIONS & CONSULTING, INC.
- ACREAGE HOLDINGS.
- Cannabist Company Holdings Inc.
- Cresco Labs.
- PharmaCann Inc.
- Vireo Health International, Inc.
- Green Thumb Industries (GTI)
