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.”
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