According to a new report, the global legal marijuana market is already valued at tens of billions of dollars, and is expected to nearly quadruple by 2033.
The report found that the market will grow at a compound annual growth rate (CAGR) of 14.4% from 2023 to 2033. North America has contributed more than 70% of the market share in 2023, the report found. The report was conducted by Towards Healthcare, a sister firm of Precedence Research.
The report found that flower buds dominated the market in 2023 with a 51% share, “proving their enduring popularity.” Medical marijuana for pain management topped the market in 2023, holding a 28% share.
“The medicinal use of marijuana has indeed contributed to the growth of the global legal marijuana market”, states the report. “The increasing acceptance of cannabis for medical purposes has led to the legalization of medical marijuana in numerous countries and states. This has created a burgeoning market for legal cannabis products, such as oils, tinctures, and capsules, customized to address various medical conditions.”
One key factor driving this demand “is the therapeutic potential of cannabinoids, the active compounds in marijuana.”
The report says:
Cannabidiol (CBD), for instance, is renowned for its purported anti-inflammatory and analgesic properties, making it a popular choice for conditions like chronic pain and certain neurological disorders. As more research is conducted on the medical benefits of marijuana, there’s a growing understanding of its potential applications in treating conditions like epilepsy and anxiety and even in alleviating the side effects of chemotherapy.
The changing societal attitudes toward marijuana “have paved the way for increased legalization, not only for medical but also for recreational use in some regions.”
On the recreational front, the report states:
changing attitudes challenge traditional stigmas linked to marijuana use. Many now perceive it as a means to relax and unwind, comparable to consuming a glass of wine. As societies become more open-minded, the concept of responsible recreational marijuana use gains traction, further contributing to its acceptance. The economic impact of legalizing marijuana is a substantial driver in its growing acceptance. The legalization process creates new industries, generates tax revenue, and offers job opportunities. Governments, recognizing these financial advantages, are more inclined to support and promote the acceptance of marijuana.
Key players in the marijuana market include:
- Curaleaf Holdings Inc.
- Green Thumb Industries Inc.
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Maricann Inc.
- Jazz Pharmaceuticals, Inc.
- Organigram Holdings Inc.
- Controlled Environments Limited
- Lexaria Bioscience
- Tikun Olam
For more information on this report, click here.
