The emerging legal cannabis industry is spreading to every corner of the globe. While some countries continue to prohibit cannabis, a handful of countries have now adopted national adult-use cannabis legalization measures, many more have legalized medical cannabis, and even more countries than that now allow industrial hemp production and commerce.
Determining the overall value of the global cannabis industry at any particular point in time can be challenging, given the numerous components that comprise the industry. However, market data, economic analysis, and projections are available.
Economists affiliated with Research and Markets estimate that the legal worldwide cannabis industry was worth roughly $50.96 billion in 2024, and could increase in overall market value to $159.93 billion by 2029.
Another market analysis to consider comes from cannabis data company BDSA, which estimated that “in 2023, global legal cannabis spending grew to $36 billion” and will increase by a compound annual growth rate (CAGR) of 10%. Applying that CAGR would yield a result of $39.6 billion in worldwide market sales for 2024.
Yet another market value analysis to consider is from Straits Research, which determined that “the global cannabis market size was valued at USD 41.95 billion in 2024 and is projected to reach USD 52.01 billion in 2025.”
As you can see, the estimated overall value of the worldwide legal cannabis market in 2024 varies depending on the analysis involved, and until national and regional markets mature and industry data reporting is standardized, pinpointing an exact value will remain tough.
Something else to consider is that much of the global cannabis industry remains unregulated, and for hemp specifically, a lot of the legal industry’s potential remains untapped. To highlight that point, consider data provided by leading international cannabis economist Beau Whitney, founder of Whitney Economics, from his presentation at the International Cannabis Business Conference in Berlin, Germany, in April 2025.
Mr. Whitney projected that the value of the global industrial hemp industry could be as much as $456.2 billion if mainstream industries harnessed hemp as a production input. Comparatively, Beau Whitney’s estimate for the potential global medical and adult-use cannabis market is roughly $237.8 billion.