The worldwide marijuana industry is forecast to climb from $39.1 billion in 2024 to more than $151 billion by 2033, according to a new report by Research and Markets.
That represents an annual growth rate of over 16%, driven largely by expanding legalization, medical adoption, and shifting consumer preferences.
The report highlights North America and Europe as the dominant markets, with the United States, Canada, and Germany playing leading roles. Companies like Canopy Growth, Tilray Brands, Curaleaf, Aurora Cannabis, Green Thumb Industries, Trulieve, Cresco Labs, Organigram, TerrAscend, and Jazz Pharmaceuticals are expected to remain at the forefront of industry expansion through the next decade, notes the report.
Medical marijuana continues to be one of the fastest-growing sectors. Patients and doctors are increasingly turning to cannabis to help with chronic pain, epilepsy, multiple sclerosis, and cancer-related side effects, fueling both pharmaceutical research and patient access programs. Curaleaf, for example, recently expanded its branded products into Australia, further establishing its global reach in medical markets.
On the recreational side, demand is accelerating as stigma fades and legalization spreads. Younger demographics are driving sales of flower, pre-rolls, edibles, concentrates, and infused beverages. New markets such as Delaware, which began adult-use sales in August 2025, are expected to add significant momentum.
Still, the industry faces ongoing hurdles. A patchwork of regulations across countries—and within the United States—creates challenges for banking, taxation, and cross-border trade. Meanwhile, competition from illicit markets continues to pressure prices, especially in regions where compliance costs make legal products more expensive.
Among product categories, pre-rolls and edibles stand out as two of the fastest-growing. Pre-rolls have surged due to convenience and consistent quality, while edibles are gaining traction as a discreet and smoke-free option, appealing to both new and health-conscious consumers.
The report projects that as legalization spreads, consumer demand rises, and medical applications broaden, the global marijuana market will continue to accelerate, with established companies competing to capture an increasingly diverse consumer base. The findings closely mirror another recent projection published by The Marijuana Herald, which estimated growth from $38 billion in 2025 to $141 billion by 2032—further underscoring the broad consensus on rapid market expansion.
More articles from The Marijuana Herald can be found below.
