North America Legal Cannabis Market Growth Fueled by Increasing Consumer Demand
The North America legal cannabis market size is expected to reach USD 82.18 billion by 2030, registering a CAGR of 11.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as legalization of cannabis, growing awareness about the therapeutic benefits of cannabis-based products, and rising use of cannabis for medical & recreational purposes. Cannabis-derived products are widely used for treating patients suffering from chronic conditions, such as cancer, Parkinson’s disease, Alzheimer’s disease, and arthritis.
Moreover, the rising number of clinical trials signifies the positive effects of utilizing cannabis for treating various medical conditions. For instance, a clinical study published by Sage Journal in May 2023 reported that non-inhaled medical cannabis or cannabinoids result in a very small to small improvement in pain relief, sleep quality, and physical functioning in patients suffering from chronic pain. Thus, such positive results increase the demand for cannabis-based medicines in this region.
Incorporating artificial intelligence (AI) and robotics into cannabis cultivation enhances efficiency and standardizes yields by offering advanced crop management and prediction capabilities. This technology reduces costs and the need for manual labor by incorporating data analysis from various indicators, such as environmental conditions and soil quality, forecasting potential problems, optimizing growing practices, and managing resources effectively. For instance, in June 2024, PURPLEFARM,a Canadian company, partnered with Neatleaf, an AI company, to optimize and automate its cannabis cultivation processes using the Neatleaf Spyder system.
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Some of the key players in the market are Canopy Growth Corporation, Charlotte's Web, Inc., Aurora Cannabis, Tilray Brands, The Cronos Group, Jazz Pharmaceuticals, Inc., Sundial Growers, and Medipharm Labs. These companies adopt key strategic initiatives to expand their business footprint and market position. For instance, in November 2022, Charlotte's Web Inc. entered a strategic alliance with Tilray, a Canada-based cannabis packaged goods company. This alliance allows Charlotte to manufacture and distribute its CBD hemp extract offerings in Canada.
North America Legal Cannabis Market Report Highlights
- By source, the marijuana segment dominated the market in 2023 and is anticipated to witness the fastest growth over the forecast period owing to the growing adoption of marijuana products along with the increasing legalization of medical marijuana
- By derivatives, the CBD segment held the largest market share in 2023, owing to the rising use of CBD for various medical applications and awareness regarding its effectiveness in treating various medical conditions
- By cultivation, the indoor segment held the largest market share in 2023 due to rising investments, technological advancements & innovations, favorable government initiatives, and regulatory framework
- By end use, the recreational segment dominated the market in 2023 and is anticipated to grow at the fastest CAGR over the forecast period due to the growing adoption of cannabis vape pens among youths and increased use of cannabis for recreational purposes
- In 2023, the U.S. accounted for the largest market share in the North America legal cannabis market, owing to favorable reimbursement policies for medical cannabis and the positive attitude of consumers towards cannabis utilization
List of Key Players of North America Legal Cannabis Market
- Canopy Growth Corporation
- Charlotte's Web, Inc.
- Aurora Cannabis Inc.
- Tilray Brands
- The Cronos Group
- Jazz Pharmaceuticals, Inc.
- Sundial Growers
- Medipharm Labs
- NuLeaf Naturals, LLC
- Irwin Naturals
Order a free sample PDF of the North America Legal Cannabis Market Intelligence Study, published by Grand View Research.
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