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 projected to register a compound annual growth rate (CAGR) of approximately 24% from 2022 to 2028. This rapid growth is driven by increasing medical applications, supportive regulatory frameworks, and ongoing research and development.
Cannabis (Cannabis sativa) contains over 100 cannabinoids, with tetrahydrocannabinol (THC) and cannabidiol (CBD) being the most studied. These compounds interact with receptors in the brain and nervous system, offering a range of therapeutic benefits. Cannabis is widely used for both recreational and medicinal purposes, with notable effectiveness in treating conditions such as multiple sclerosis (MS), epilepsy, nerve pain, and chronic pain disorders.
Growing prevalence of chronic diseases such as Parkinson’s, Alzheimer’s, and other neurological disorders is significantly contributing to market expansion. For instance, in the UK alone, nearly 28 million people reportedly suffer from chronic pain, with 10–14% experiencing moderate to severe pain (NHS, 2019). This growing patient base is fueling demand for legal cannabis treatments worldwide.
Another key growth driver is the increasing volume of clinical trials and R&D activities focused on cannabis-derived products. Cannabis-infused oils, particularly for pediatric epilepsy, have gained attention, further supporting the sector’s expansion.
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Market Segmentation
By Source:
- Marijuana: Leading the market due to wider legalization for both medical and recreational use.
- Hemp: Gaining traction for industrial and wellness applications.
By Derivative:
- CBD (Cannabidiol): Holding a significant market share owing to its perceived safety and effectiveness in managing conditions like anxiety, sleep disorders, and chemotherapy-induced nausea.
- THC (Tetrahydrocannabinol): Commonly used for its psychoactive effects and medical benefits.
- Others: Includes lesser-known cannabinoids under early-stage research.
By End-User:
- Medical Use: The largest segment, driven by increasing prescriptions for cannabis-based therapies.
- Recreational Use: Growing rapidly due to changing legal frameworks.
- Industrial Use: Primarily includes hemp applications in textiles, food, and cosmetics.
Regional Insights
North America dominates the global legal cannabis market, led by the U.S. and Canada. Legalization in various states, rising patient awareness, and expanding e-commerce platforms are accelerating adoption. For example, in 2020, Verda Innovations launched a cannabis e-commerce and delivery platform, boosting access across the U.S. and Canada.
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Europe is also showing strong growth, with countries like Germany, Italy, and the UK adopting medical cannabis regulations. Meanwhile, Asia-Pacific and Rest of the World regions are gradually opening up, supported by policy changes and increasing medical use.
Key Market Players
Prominent companies in the legal cannabis market include:
- Canopy Growth Corporation
- Jazz Pharmaceuticals, Inc
- Aurora Cannabis Inc
- Tilray Inc
- The Cronos Group
- Sundial Growers Inc
- CARA Therapeutics, Inc
- Medical Marijuana, Inc
- Pfizer Inc
- VIVO Cannabis Inc
These players are investing heavily in R&D, strategic partnerships, and product innovation to strengthen their market positions.
Conclusion
As medical research continues to validate the therapeutic potential of cannabis, and as more regions embrace legal frameworks, the global legal cannabis market is poised for sustained growth. Rising consumer awareness, technological advancements, and increasing acceptance of cannabis for both health and wellness are likely to propel the market forward in the years ahead.
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