Legal Cannabis Market Size, Share, Growth, Trends and Forecast 2030

Legal Cannabis Industry Overview

The global legal cannabis market size was valued at USD 17.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.3% from 2022 to 2030.

The increasing rate of legalization of cannabis and acceptance of its use in the medical field are the key factors due to which the market is expected to boom. Cannabis has long been used for medicinal purposes but not as the first line of treatment. Research surrounding the use of cannabis for its medicinal properties has led to it being used for various indications. Cannabis has been found to be greatly effective in its ability as a therapeutic for chronic pain and in treating nausea caused due to chemotherapy. It is still classified as a Schedule I drug by the U.S. Drug Enforcement Administration (DEA), in spite of which it has been legalized in more than two-thirds of the states.

Gather more insights about the market drivers, restrains and growth of the Global Legal Cannabis Market

Even though surveys and studies done in the past have indicated diverse uses of cannabis for medical purposes, the fact that there are no federal laws legalizing the use of cannabis, pharmacists are still concerned about its use and do not suggest it to patients for fear of violating any federal laws. A survey conducted by California Pharmacists Association in 2019 stated that more than 75% of them would consider discussing the use of medical cannabis with patients if the same was approved by the FDA.

A steady rise in the legalization and legitimization of medicinal cannabis has resulted in the growth of the industry. Government-approved and designated purchasing options are rising as the demand for medical cannabis is also increasing. The FDA has approved medical cannabis in the form of CBD products for epilepsy seizures and for treating nausea caused due to chemotherapy. The FDA has agreed to consider changing the status of cannabis from Schedule I drug to Schedule II drug on the basis of studies being conducted on the efficacy of medical cannabis and its derivatives for several indications.

Medical cannabis has been legalized in around 20 states in the U.S. and several other countries have now established laws regarding the decriminalization of its use. Africa, Europe, Australia, and South America are among the few forerunners of its legalization. This comes with strict laws on the sale and distribution of cannabis and related products. The legalization of medical cannabis is still under different approval stages; countries like Portugal, Spain, the Czech Republic, Russia, Ukraine, and Switzerland have legalized it and other regions of Europe are still debating its decriminalization. South American countries are becoming more welcoming to cannabis but possession and sale of the same are still illegal. The Middle East and Asia are the regions where legalization and acceptance rates are quite low.

Browse through Grand View Research's Pharmaceuticals Industry Research Reports

Hearing Loss Disease Treatment Market: The global hearing loss disease treatment market size was valued at USD 12.71 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.92% from 2023 to 2030.
Biodefense Market: The global biodefense market size was valued at USD 15.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030.

Key Companies Profile

Some prominent players in the global legal cannabis market include: