North America Legal Marijuana Industry Overview
The North America legal marijuana market size was valued at USD 13.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.0% from 2023 to 2030. Across North America, cannabis legitimization has brought about a massive change in the market. Due to ease of access, its demand is high which is reflected in the revenue for the region. The legitimization has come due to its varied uses in different medical applications for easing symptoms of diseases like epileptic seizures, chronic pain, Alzheimer’s, Parkinson’s, and other neurological conditions. At present 38 states across the US have legitimized the use of cannabis for medicinal use.
In April 2022, New Jersey legalized recreational and medical marijuana, it is being sold at 13 facilities, New Jersey has become one of the 18 states in the U.S. to have legalized recreational marijuana. The wide acceptance and high demand for cannabis is a primary factors driving the growth of the market. Since its legalization, its use in medical treatments has increased. This has brought about a decrease in the illicit trade of cannabis which is also responsible for the growth. A study conducted by New York University stated that cannabis usage among age groups 50-64 has doubled in the past decade and has reached 9.0%.
Gather more insights about the market drivers, restraints, and growth of the North America Legal Marijuana Market
Another step to legalize cannabis in the U.S. has been in the form of the MORE (Marijuana Opportunity, Reinvestment, and Expungement) Act. This act has the potential to decriminalize the drug if it is passed, it was introduced in May 2021 in the US House of Representatives. The legitimization will not only create a lot of job opportunities but will also benefit industries like transportation, finance, food, etc.
Various banks provide loans to marijuana businesses and small- and large-scale production and processing industries which will bolster the growth of the legal cannabis market. However, federal banks still shy away from giving out loans or securing banks that give loans for businesses because marijuana is still not federally legal. The stringency around promoting businesses for recreational purposes comes with a risk of possible charges of aiding and abetting and other criminal felonies, this however could change if the government legalizes marijuana at the federal level.
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North America Legal Marijuana Industry Segmentation
Grand View Research has segmented the North America legal marijuana market based on product, marijuana type, medical use, and region:
North America Legal Marijuana Product Type Outlook (Revenue, USD Million, 2017 - 2030)
- Flower
- Oil
North America Legal Marijuana Type Outlook (Revenue, USD Million, 2017 - 2030)
- Adult
- Medical
North America Legal Marijuana Medical Use Outlook (Revenue, USD Million, 2017 - 2030)
- Cancer
- Chronic Pain
- Depression and Anxiety
- Arthritis
- Glaucoma
- Migraines
- Epilepsy
- Multiple Sclerosis
- AIDS
- Amyotrophic Lateral Sclerosis
- Post-Traumatic Stress Disorder (PTSD)
- Alzheimer’s
- Parkinson’s
- Tourette’s
- Others
Key Companies profiled:
Some prominent players in the North America Legal Marijuana Industry include
- Canopy Growth Corporation
- Aphria, Inc.
- Aurora Cannabis
- Tilray
- Organigram Holdings, Inc
- Lexaria Bioscience Corp.
- ABcann Medicinals, Inc. (Part of Vivo Cannabis)
- The Cronos Group
- Wayland Group Corp. (Maricann Group Inc.)
- CannTrust Holdings
Order a free sample PDF of the North America Legal Marijuana Market Intelligence Study, published by Grand View Research.
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