Cannabis

Revenue in the Cannabis market in North America is forecasted to reach US$51.34bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.09%, leading to a market volume of US$59.79bn 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$289.00 is generated based on the total population figures.
In North America, the Cannabis market is experiencing a surge in investment opportunities as regulatory changes pave the way for growth.

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 North America has been experiencing significant growth and evolution in recent years.

Customer preferences: Customers in North America are increasingly favoring a wide range of cannabis products, including CBD-infused items, edibles, and beverages. This shift in preferences is driven by a growing awareness of the potential health benefits of cannabis and an increasing acceptance of its recreational use.

Trends in the market: In the United States, the trend towards legalization of cannabis for both medical and recreational purposes is driving market expansion. States are gradually legalizing cannabis, leading to a more widespread availability of products and a larger customer base. In Canada, the market is more established due to nationwide legalization, with trends focusing on product innovation and quality.

Local special circumstances: In the United States, the market is heavily influenced by state-specific regulations, creating a fragmented landscape with varying degrees of legalization and restrictions. This dynamic environment leads to differences in market size and product offerings across different states. In Canada, federal legalization has created a more uniform market, allowing for nationwide distribution and standardized regulations.

Underlying macroeconomic factors: The growing trend of cannabis legalization in North America is driven by changing societal attitudes, potential tax revenues for governments, and the economic opportunities presented by a thriving cannabis industry. This shift is also influenced by the desire to combat the illicit market and regulate cannabis production and sales for consumer safety.

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.