North America Legal Cannabis Market Research Report 2023-2028

IMARC Group has recently released a new research study titled “North America Legal Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the North America legal cannabis market?

The North America legal cannabis market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 130.3 Billion by 2028, exhibiting a growth rate (CAGR) of 30.1% during 2023-2028.

What is legal cannabis?

Legal cannabis refers to the regulated production, sale, and use of cannabis (marijuana) under specific legal frameworks. The legality of cannabis varies greatly across different countries and regions, and it encompasses both medical and recreational use. In the context of medical use, legal cannabis is prescribed for a variety of health conditions, such as chronic pain, epilepsy, nausea from chemotherapy, and multiple sclerosis. It contains active compounds like tetrahydrocannabinol (THC) and cannabidiol (CBD), which are believed to provide therapeutic benefits.

Medical cannabis is typically regulated, requiring a prescription and adherence to medical guidelines. Recreational use of cannabis involves the consumption of cannabis for personal enjoyment rather than for health purposes. The legalization of recreational cannabis has been gaining ground in various parts of the world. Legalization often comes with regulations regarding the age of use, the amount one can possess, and where it can be consumed.

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Market Trends and Growth Drivers: 

The gradual legalization of cannabis in various states in the U.S. and nationwide in Canada represents one of the key factors driving the growth of the market across the North American region. As laws evolve to permit the use of medical and recreational cannabis, the market expands accordingly. Increased recognition of the medical benefits of cannabis for treating conditions like chronic pain, epilepsy, and the side effects of chemotherapy has boosted the medical cannabis sector. This is supported by growing research and clinical trials. There is a significant shift in public opinion towards the acceptance of cannabis, partially influenced by increased awareness of its medical benefits and the decriminalization of its use in several jurisdictions.

Legal cannabis opens new revenue streams through taxation, which is a strong motivator for governments. The economic benefits also extend to job creation in cultivation, distribution, and retail. The development of regulatory frameworks governing the sale, quality, and consumption of cannabis ensures consumer safety and standardizes the industry, which is contributing to the market growth. Innovation in cannabis products, including edibles, oils, and topicals, appeals to a broader range of consumers, including those who prefer not to smoke. The burgeoning market is attracting significant investment, fueling growth, research, and development in the sector. This includes investments in cultivation facilities, product development, and retail networks.

Demographic factors, including an aging population seeking alternative treatments for chronic conditions, play a role in the market expansion. The opioid crisis in North America is prompting a search for safer pain management alternatives, with medical cannabis emerging as a potential option. Cannabis tourism, especially in regions where recreational use is legal, is becoming a niche market, drawing visitors, and stimulating local economies.

Significant technological advances in cannabis cultivation and production are leading to higher yields, quality improvements, and product diversification, which is further propelling the market across the region.

Who are the key players operating in the industry?

The report covers the major market players including: 

What is included in market segmentation?

The report has segmented the market into the following categories:

Products Derived Insights:

Distribution Channel Insights:

Breakup by Region:

Key Highlights of the Report:

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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