The global legal marijuana market size is expected to reach USD 61,927.86 million by 2032, according to a new study by Polaris Market Research. The report “Legal Marijuana Market Share, Size, Trends, Industry Analysis Report, By Product (Buds, Oils & Concentrates, Tinctures; By Application; By Compound; By Mode of Delivery; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Marijuana, also known as cannabis, refers to the dried flowers, leaves, seeds, and stems of the cannabis indica or cannabis sativa plant. It is widely used as a recreational drug and has been recognized for its potential medicinal properties in treating various diseases. The cultivation, possession, and distribution of marijuana are regulated and legalized in many regions for recreational and medical purposes.
The marijuana industry is being driven by the progressive legalization of cannabis in North America and Europe and the increasing awareness of its medicinal benefits as more people become informed about the therapeutic properties of marijuana, the stigma surrounding it diminishes, due to greater acceptance and a broader market.
Moreover, the legalization of recreational cannabis in significant U.S. states like California, Colorado, Washington, and others, coupled with its accessibility and expanding medicinal applications, is expected to impact the industry's growth in the foreseeable future positively. This trend reflects the evolving societal attitudes toward marijuana and the increasing recognition of its potential benefits.
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The market for marijuana oil is experiencing significant growth driven by increasing demand. Many governments have legalized marijuana for its medicinal effects, due to extensive research on marijuana oil and tinctures for various indications. This segment is expected to be the fastest-growing due to recent legalizations of medical cannabis and its derivatives. Cannabis oil alleviates vomiting and nausea associated with cancer, contributing to the market's expansion.
Cannabis derivatives have also been extensively studied for their analgesic properties in chronic disorders. They have shown promising results with fewer side effects compared to traditional medications. These derivatives have proven effective in reducing arthritic pain with minimal side effects. As awareness of medical cannabis and its products continues to rise, the market is expected to grow steadily in the forecast period, driven by the demand for alternative and more effective pain management options.
Furthermore, the market is being boosted by substantial healthcare spending from various organizations. For example, Verano Holdings, a cannabis multistate operator, secured an additional USD 100 million through its credit agreement for strategic initiatives and expansion. This investment includes acquiring a vertical medical marijuana enterprise established in New York, which holds one of the limited licenses in the state. This significant investment highlights the growth potential of the market.
Legal Marijuana Market Report Highlights
Polaris Market Research has segmented the legal marijuana market report based on type, products, application, compound, mode of delivery, and region:
Legal Marijuana, Product Outlook (Revenue - USD Million, 2019 - 2032)
Legal Marijuana, Application Outlook (Revenue - USD Million, 2019 - 2032)
Legal Marijuana, Compound (Revenue - USD Million, 2019 - 2032)
Legal Marijuana, Mode of Delivery (Revenue - USD Million, 2019 - 2032)
Legal Marijuana, Regional Outlook (Revenue - USD Million, 2019 - 2032)
Legal Marijuana Market Report Scope
Report Attributes |
Details |
Market size value in 2024 |
USD 18941.87 million |
Revenue forecast in 2032 |
USD 61,927.86 million |
CAGR |
15.9% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
Segments Covered |
By Products, By Application, By Compound, By Mode of Delivery, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Key Companies |
Cannabis Sativa, Inc., Aphria, Inc., Maricann Group, Inc., Tikun Olam, Lexaria Corp, Organigram Holding, Inc., GW Pharmaceuticals, plc., Canopy Growth Corporation, United Cannabis Corporation, The Cronos Group, Tilray, Ltd., Aurora Cannabis, and ABcann Medicinals, Inc. |
For Specific Research Requirements |