North America Cannabis Market

North America Cannabis Market Size (2024 to 2029)

The North American cannabis market is estimated to be worth USD 10.84 billion in 2024 and USD 25 billion by 2029, growing at a CAGR of 18.19% from 2024 to 2029.

The increased awareness among consumers about the health advantages of cannabis and its medical application is propelling the expansion of the cannabis market in North America. Proven medical effects of cannabis, legalization of cannabis, active research on genetic development and modification of the plant, and developments in cannabis intellectual property rights have all been recognized as market drivers. The use of the drug for therapeutic purposes has been lawful in Canada since 2001; nevertheless, recreational use was made possible by a bill enacted in 2018. Because of this transformation in the legal landscape, more people are turning to medicinal cannabis to treat ailments including chronic pain, depression, PTSD, social anxiety, cancer, multiple sclerosis, and epilepsy, linked to changing lifestyles. Furthermore, because of these harsh rules, suppliers must adhere to rigorous safety control procedures and supply high-quality products to consumers, supporting the market growth. Marijuana has been legalized in 30 states for medicinal purposes and nine for therapeutic and recreational purposes in the United States.

On the other hand, the complex regulatory structure for the use of cannabis is one of the primary issues limiting the growth of the North American cannabis market. Companies that sell cannabis and cannabis-infused products must follow varied regulatory rules. As a result, manufacturers and stakeholders may find it challenging to comply with the strict regulatory requirements governing the manufacturing and sale of cannabis. Furthermore, because the laws governing the use of cannabis differ from country to country, the market's growth is hampered even further.

This report has been segmented and sub-segmented into the following categories.

By Type:

• Flowers
• Concentrates

By Application:

• Medical
• Recreational

By End-User:

• Pharmaceutical Industry
• Research and Development Centres

By Country:

• The United States
• Canada
• Rest of North America

North America is expected to hold the most significant market share during the forecast period. Because of the growing legalization of cannabis for medical and recreational purposes in North America, the region dominates the global market during the forecast period. As a result, North America dominates the market. Because cannabis is widely utilized for therapeutic purposes in the United States, the market has evolved and matured tremendously. Cannabis, as a psychoactive drug, continues to be popular among recreational and medicinal users in the United States. Cannabis is commonly consumed by those over the age of 50 in the United States provinces where it has been authorized. This demographic profile is predicted to raise cannabis demand in the country due to a higher likelihood of chronic diseases after 50 years of age and the effectiveness of cannabis in treating such conditions. Following Canada's legalization of cannabis, the North American cannabis market is poised to become the world's leading producer. In addition, ten states and the District of Columbia have legalized cannabis for recreational use, while 33 states and the District of Columbia have approved cannabis for medical use. California, Washington, and Colorado are the top three states for cannabis sales. The expansion of the leading players' production capacities has resulted in a rapid increase in cannabis production in North America during the last few years.

KEY MARKET PLAYERS:

Companies playing a significant role in the North American cannabis market profiled in this report are Canopy Growth Corporation, GW Pharmaceuticals, PLC, Aurora Cannabis, Inc., Aphria, Inc., MedReleaf Corporation, Insys Therapeutics, Inc., CanniMed Therapeutics, Inc., Cara Therapeutics, Inc., and United Cannabis Corporation.