Cannabis

Revenue in the Cannabis market in the United States is forecasted to reach US$42.98bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.89%, leading to a market volume of US$49.56bn by 2029.
When compared globally, the United States is expected to generate the highest revenue in 2024, amounting to US$42.98bn.
In terms of per person revenues in 2024, US$279.90 are generated based on total population figures.
The United States sees a growing trend in cannabis investments, with increased focus on regulatory developments and market expansion.

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 United States has been experiencing significant growth and evolution in recent years.

Customer preferences: Consumers in the United States are increasingly seeking out a wide variety of cannabis products, including edibles, concentrates, and topicals, in addition to traditional flower products. This shift in consumer preferences has led to a surge in product innovation and diversification within the market.

Trends in the market: One of the key trends in the United States cannabis market is the legalization of both medical and recreational cannabis in a growing number of states. This has created a more favorable regulatory environment for cannabis businesses, leading to increased investment and market expansion. Additionally, the rise of online retail platforms and delivery services has made cannabis products more accessible to consumers across the country.

Local special circumstances: The United States has a complex regulatory landscape when it comes to cannabis, with each state having its own set of laws and regulations governing the production, sale, and consumption of cannabis products. This patchwork of regulations can create challenges for businesses operating in multiple states, but it also allows for experimentation and innovation at the local level.

Underlying macroeconomic factors: The growth of the cannabis market in the United States is also influenced by broader macroeconomic factors, such as changing consumer attitudes towards cannabis, increasing acceptance of its medicinal properties, and the potential for tax revenue generation for states that have legalized cannabis. These factors, combined with ongoing regulatory developments, are expected to continue shaping the future of the cannabis market in the United States.

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.