Legal Cannabis Market Report, Size, Share, Trends & Forecast 2028

The Legal Cannabis Market is expected to register a CAGR of approx. 24% over the period of 2022-2028.

The global legal cannabis market is poised for significant growth, projected to register a compound annual growth rate (CAGR) of approximately 24% between 2022 and 2028. Cannabis (Cannabis sativa), known for its medicinal and recreational use, contains over 100 cannabinoids—of which delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD) are the most widely studied. These compounds interact with receptors in the brain and nervous system, providing therapeutic benefits such as pain relief and anti-inflammatory effects.

Cannabis has gained widespread acceptance for treating chronic conditions, including multiple sclerosis, nerve pain, epilepsy, Parkinson’s, and Alzheimer’s disease. For example, the UK’s National Health Service reported in 2019 that nearly 28 million people suffered from chronic pain, with up to 14% experiencing moderate to severe pain—highlighting a significant potential market for medical cannabis products.

Key Market Drivers

Several factors are fueling the rise of the legal cannabis industry:

Increasing legalization of medical and recreational cannabis across North America and parts of Europe.

Growing public awareness of cannabis-based treatments as an alternative to traditional medicine.

Advancements in research and clinical trials demonstrating the efficacy of cannabis in treating various health conditions.

A rise in the use of cannabis oil in pediatric epilepsy and other neurological disorders.

Market Segmentation

By Source:

Marijuana: The dominant segment, driven by expanding legalization for both medicinal and recreational use in countries like the U.S., Canada, and Italy.

Hemp: Gaining traction due to its applications in wellness and industrial sectors.

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By Derivative:

CBD: Holds a substantial market share and is expected to grow rapidly. Recognized for its therapeutic properties without psychoactive effects, CBD is widely used for anxiety, sleep disorders, and seizure treatment.

THC: Known for its psychoactive properties, it is used in pain management and neurological therapies.

Others: Includes minor cannabinoids being explored for various applications.

By End-User:

Medical Use: A major driver of growth, as cannabis is increasingly prescribed for chronic pain, cancer-related symptoms, and neurological disorders.

Recreational Use: Expanding rapidly where legalized, contributing significantly to overall market size.

Industrial Use: Includes applications in textiles, construction, and bio-composites, particularly for hemp-derived products.

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Regional Insights

North America leads the legal cannabis market, with the United States and Canada at the forefront of both legalization and consumption. The presence of major players, coupled with favorable regulations and growing public support, underpins market expansion in the region. Europe is also emerging as a key market, with increasing acceptance of medical cannabis. In the Asia-Pacific region, countries like Australia and Japan are gradually embracing regulated cannabis use.

Key Market Players

Prominent companies shaping the global legal cannabis landscape include:

·        Canopy Growth Corporation

·        Aurora Cannabis Inc

·        Tilray Inc

·        The Cronos Group

·        Jazz Pharmaceuticals, Inc

·        Sundial Growers Inc.

·        Medical Marijuana, Inc

·        Pfizer Inc.

·        CARA Therapeutics, Inc

·        VIVO Cannabis Inc.

These players are focusing on strategic partnerships, product innovation, and expansion into new markets to strengthen their positions in this rapidly evolving industry.

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