Cannabis Market Size: Facts and Figuresby Michelle Aban SEO Content Strategist
The global legal cannabis market was worth USD 17.8 billion in 2021 and is expected to grow by 25.3% between 2022 and 2030. The growing legalization and acceptance of cannabis as a medicine are expected to benefit the industry. Cannabis has long been used as a medicine, but it was not the first.
Cannabis's medicinal properties have led to a wide range of applications. Cannabis can help with both chronic pain and chemotherapy-induced nausea. Despite remaining on Schedule I, more than two-thirds of states have legalized it. Because people recognize the benefits of marijuana, the cannabis market has grown since then.
How big is the legal cannabis market?
The global market for legally grown marijuana could be worth $102.2 billion by 2030. The market is anticipated to expand by 25.5% between 2022 and 2030. More people are using marijuana to treat chronic illnesses as more states legalize its medical and adult-use/recreational uses.
Oil and tinctures accounted for nearly half of 2021's revenue. Many countries are legalizing or permitting its use as medicine because it can aid in treating many health issues. An increasing number of people prefer it to commonly prescribed drugs. It will propel the oils and tinctures market.
The medical applications that made up more than 80% of 2021's revenue are anticipated to increase quickly. Patients and younger people want more cannabis prescriptions. Because it is becoming legal in more and more places, the size of the cannabis market is anticipated to increase.
In 2021, North America accounted for more than 80% of market revenue. One of the first places to legalize marijuana for both medical and recreational purposes was North America. The legal cannabis industry's supply chain has suffered from the COVID-19 pandemic, just like other cannabis markets.
What is the legal cannabis market growth?
In 2021 or 2022, cannabis will be legal to purchase in ten states. This will generate $43 billion by 2025. It is among the shocking revelations made by New Frontier Data. Size of the US cannabis market. The "2021 Mid-Year Market Update" examines market statistics and trends following the legalization of marijuana in some states and offers updated forecasts for 2021 and beyond.
By 2025, 42% of cannabis used in the U.S. will be legal, up 24% from 2020, according to New Frontier Data, which claims that spending on legal markets and the shift of spending from illegal markets to needs under government control are to blame for the increase in consumer demand. 141 million people, or 43% of the adult population, currently reside in the 18 adult-use states.
Cannabis will be used for medical purposes by 5.4 million Americans, or 2.4% of the population, by 2025. Investor confidence has grown as more states legalize cannabis, and people use it. It made $6 billion when cannabis became legal in May 2021.
Not all of the outcomes were positive. The black market is thriving. People spent more than $65 billion on illegal cannabis in 2020, when the pandemic was widespread. Without legalization, the cannabis market is rapidly expanding. More legal states will not stop the black market.
Cannabis has a bright future ahead of it. From increased investments and sales to new products, the future of this industry appears bright. Financial institutions are critical to the expansion of cannabis market-size businesses.
Cannabis companies have several options for expanding and entering new markets. It will be exciting to see what happens next in this rapidly growing industry with numerous opportunities. QRX Dispensary Solutions has information about the cannabis industry.
Created on Dec 2nd 2022 08:44. Viewed 196 times.