A new report projects the global legal marijuana market will grow from $45 billion in 2024 to $120 billion by 2034, driven by expanding legalization and technological advancements.
The report, released today by Exactitude Consultancy, forecasts a compound annual growth rate (CAGR) of 10.4% over the next decade for the legal cannabis market.
According to the report, dried marijuana flower remains the most popular product type, but concentrates, edibles, oils, and topicals are gaining ground, especially as legal markets continue to mature and consumers experiment with additional methods of consumption.
Although the legal cannabis market is blooming is areas across the globe, the report states that “North America currently dominates the market, contributing approximately 65% of the total revenue.” North America is expected to see even furth growth in the coming years, with Delaware and Minnesota’s adult-use market expected to launch in 2025 or 2026, and with numerous other states considering legalizing cannabis.
Europe is also poised for substantial growth, with countries like France moving to legalize medical cannabis, and nations like Switzerland making moves to legalize recreational cannabis.
“Rapid expansion” is also expected in Asia-Pacific, with a projected CAGR of around 18%, making it the fastest-growing region during the forecasted period.
Leading companies in the legal marijuana space, according to the report, include:
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Tilray Brands, Inc.
- Cronos Group Inc.
- Aphria Inc.
- Hexo Corp.
- GW Pharmaceuticals plc
- Curaleaf Holdings, Inc.
- Cresco Labs Inc.
- Trulieve Cannabis Corp.
- Green Thumb Industries Inc.
- Harborside Inc.
- Verano Holdings Corp.
- MedMen Enterprises Inc.
- TerrAscend Corp.
According to the report, “Advancements in technology, including enhanced cultivation methods and extraction techniques, are likely to play a crucial role in bolstering market growth. Additionally, the growing emphasis on health and wellness is driving the demand for CBD products, further fueling the market’s expansion. As jurisdictions continue to revise their cannabis regulations, the market is expected to experience both opportunities and obstacles, shaping its evolution over the next decade.”
For more information on this report, click here.
