Cannabis

Lithuania is projected to reach a revenue of US$55.15m in the Cannabis market by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 3.45%, leading to a market volume of US$65.34m by 2029.
When compared globally, the United States is anticipated to generate the most revenue in 2024, with US$42.98bn.
In terms of per person revenues in 2024, in Lithuania generates US$165.90 based on total population figures.
Lithuania's cannabis market is budding with potential as regulations evolve to support a growing interest in medical and recreational cannabis products.

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

In Lithuania, the Cannabis market is experiencing a significant shift in consumer preferences and regulatory landscape, leading to notable developments in the industry.

Customer preferences: Customers in Lithuania are increasingly showing a preference for high-quality and organic cannabis products. This trend mirrors the global movement towards natural and sustainable products. Consumers are also leaning towards a variety of consumption methods, including oils, edibles, and topicals, indicating a growing acceptance and interest in alternative forms of cannabis consumption.

Trends in the market: One of the key trends in the Lithuanian Cannabis market is the gradual acceptance and legalization of medical cannabis. As more research emerges highlighting the potential therapeutic benefits of cannabis, there is a growing demand for medical cannabis products in the country. This trend is in line with the broader European shift towards medical cannabis legalization and regulation. Additionally, the market is witnessing an increase in the number of cannabis-related businesses and startups, indicating a growing interest and investment in the industry.

Local special circumstances: Lithuania's unique position within the European Union plays a significant role in shaping the Cannabis market in the country. As a member of the EU, Lithuania is subject to the regulations and policies set forth by the European Commission regarding cannabis cultivation, distribution, and consumption. This connection to the larger European market influences the development of the Cannabis industry in Lithuania and presents both opportunities and challenges for businesses operating in the sector.

Underlying macroeconomic factors: The economic landscape in Lithuania, characterized by steady growth and increasing consumer spending, provides a favorable environment for the Cannabis market to expand. As disposable incomes rise and purchasing power increases, consumers are more willing to explore cannabis products, driving demand in the market. Additionally, the government's efforts to regulate and tax the Cannabis industry contribute to its overall growth and legitimacy in the country.

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.