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Legal Cannabis Market To Reach An Estimated $147.4 Billion Globally By 2030

The emerging legal global cannabis industry is projected to grow to an estimated $147.4 billion in value by 2030 according to a new market analysis by Vantage Market Research. Cannabis reform efforts around the world are driving the expected expansion of the legal cannabis industry.

“The Global Cannabis Market was valued at USD 26.8 Billion in 2022, and it is expected to reach USD 147.4 Billion by 2030, growing at a CAGR of 23.9% during the forecast period (2022-2030).” Vantage Market Research stated in a press release. Below are the report’s other major findings:

• Edibles and alternative consumption methods are gaining popularity
• CBD products are expanding into wellness and skincare segments
• Sustainable and organic cultivation practices are on the rise
• Advanced technologies are improving cultivation and production efficiency
• Regulatory changes continue to drive market expansion
• Significant investments are being made in research and development
• The competitive landscape is marked by mergers, acquisitions, and strategic partnerships

“The North American Cannabis Market is the largest and most developed globally, primarily driven by the legalization of both medicinal and recreational cannabis in several states in the United States and across Canada.” the researchers stated.

Technavio, a self-described global technology research and advisory company, also recently published an industry projection, finding that the “global legal cannabis market size is estimated to grow by USD 100.61 billion from 2024-2028.”

According to a separate cannabis market analysis by Skyquest Technology, the legal global cannabis market is projected to reach an estimated value of $148.4 billion by 2031.

“SkyQuest projects that the Global Cannabis Market will attain a value of USD 148.4 Billion by 2031, with a CAGR of 16.9% during the forecast period (2024-2031).” the company stated in a press release.

The global medical cannabis market is projected to be worth an estimated $121.33 billion by 2033 according to a separate analysis by Spherical Insights. Spherical Insights describes itself as “a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.”

“The Global Medical Cannabis Market Size is to Grow from USD 17.60 Billion in 2023 to USD 121.33 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.30% during the projected period.” Spherical Insights stated in a press release.

A different report published by Research and Markets projected that the legal global cannabis market will be worth an estimated $125.4 billion by 2030. Research and Markets also recently published a report projecting that the global medical cannabis sector will be worth $82.5 billion by 2030.

“The global market for Legal Marijuana estimated at US$30.6 Billion in the year 2023, is projected to reach a revised size of US$125.4 Billion by 2030, growing at a CAGR of 22.3% over the analysis period 2023-2030.” Research and Markets stated in a press release.

The global cannabidiol (CBD) market was worth an estimated $7.6 billion in 2023 according to a previous market analysis by, and will climb to a projected $36.6 in value by 2033.

“Between 2023 and 2032, this market is estimated to register the highest CAGR of 27%.” the researchers stated.

According to a prior analysis by New Frontier Data, cannabis consumers around the globe “spent an estimated $415 billion on high-THC cannabis in 2020” and that figure is expected to increase to to $496 billion by 2025.

“Much of the world has not yet legalized cannabis, and nearly all the demand resides in illicit or unregulated markets. In 2020, 94% of high-THC cannabis spend was in unregulated channels.” New Frontier Data states.

New Frontier Data has determined that sales of high-THC cannabis products through legal regulated outlets totaled $23.7 billion in 2020 and that legal sales are projected to reach $51 billion by 2025. New Frontier Data estimates that legal cannabis sales of adult-use cannabis “are projected to be double those of legal medical sales by 2025, despite the higher number of medical markets globally.”