Cannabis

In Baltics, revenue in the Cannabis market is forecasted to reach US$90.02m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.53%, leading to a market volume of US$107.10m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$182.00 are generated concerning the total population figures.
In the Baltics, the Cannabis market is gaining traction as regulatory frameworks evolve, attracting investors seeking opportunities in the emerging industry.

Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.

Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

The Cannabis market in Baltics has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the Baltics are increasingly favoring a shift towards more liberal cannabis regulations, aligning with the global trend of growing acceptance and legalization of cannabis. This shift in preferences is driven by changing attitudes towards cannabis for both medical and recreational use.

Trends in the market: In the Baltics, there is a noticeable trend towards the legalization of medical cannabis, with several countries in the region taking steps to allow for the use of cannabis for medicinal purposes. This trend is in line with broader movements across Europe towards recognizing the potential therapeutic benefits of cannabis.

Local special circumstances: Each Baltic country has its own unique regulatory framework and cultural attitudes towards cannabis, which influences the market dynamics in the region. For example, Estonia has been more progressive in exploring the potential of cannabis for medical use compared to other Baltic states. Latvia and Lithuania, on the other hand, have been more cautious in their approach to cannabis legalization.

Underlying macroeconomic factors: The growing cannabis market in the Baltics can also be attributed to broader macroeconomic factors such as increasing disposable income and a desire for new economic opportunities. The cannabis industry has the potential to create jobs and stimulate economic growth in the region, which is particularly appealing given the relatively small size of the Baltic economies.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.