The Legal Cannabis Market is expected to register a CAGR of approx. 24% over the period of 2022-2028.
The global legal cannabis market is poised for significant growth, with a projected compound annual growth rate (CAGR) of approximately 24% between 2022 and 2028. Cannabis (Cannabis sativa) is increasingly recognized not just as a recreational substance, but also as a valuable medicinal plant, owing to its active compounds—cannabinoids—particularly THC (delta-9-tetrahydrocannabinol) and CBD (cannabidiol). These cannabinoids interact with the human body by binding to specific receptors in the brain and nervous system, providing therapeutic effects such as pain relief, muscle relaxation, and seizure reduction.
While there are over 100 cannabinoids in the cannabis plant, THC and CBD are the most studied and commercially viable. These are primarily found in the leaves and flowers of the plant. Cannabis is now widely accepted in the treatment of chronic conditions like multiple sclerosis (MS), Parkinson’s disease, Alzheimer’s disease, and various forms of nerve pain. For example, the UK's National Health Service reported in 2019 that 28 million people were living with chronic pain, with over 10% experiencing severe, disabling symptoms—highlighting a strong demand for alternative treatments like medical cannabis.
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The growing number of clinical trials, research initiatives, and regulatory approvals is pushing forward the legal acceptance of cannabis worldwide. Additionally, cannabis oil has shown promising results in managing epilepsy in children, further supporting its therapeutic relevance.
Market Segmentation
The legal cannabis market is segmented based on source, derivative, end-user, and region.
By Source:
Marijuana: Dominates the market due to increasing legalization for medical and recreational use in countries like the U.S., Canada, and several European nations.
Hemp: Also gaining traction, particularly for industrial uses and CBD extraction.
By Derivative:
CBD: Holds a significant share due to its non-psychoactive properties and effectiveness in treating anxiety, seizures, and chemotherapy-induced nausea.
THC: Still relevant, especially in recreational markets and treatments requiring stronger psychoactive or pain-relief effects.
Others: Includes emerging minor cannabinoids under exploration for specific health benefits.
By End-User:
Medical Use: Driving growth, fueled by increased prescriptions and ongoing clinical studies.
Recreational Use: Gaining popularity as more jurisdictions legalize adult-use cannabis.
Industrial Use: Includes applications in textiles, food products, and cosmetics derived mainly from hemp.
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Regional Outlook
North America leads the global legal cannabis market, driven by supportive legal frameworks, a mature consumer base, and expanding medical and recreational programs.
Europe is also emerging as a key region, with countries like Germany, Italy, and the UK advancing medical cannabis regulations.
Asia-Pacific shows potential with evolving policies in markets like Australia and Japan, while Rest of World regions are gradually entering the space through pilot programs and research.
These companies are investing heavily in R&D, strategic partnerships, and product innovation to gain competitive advantage.
Conclusion
As global acceptance and regulatory reforms continue to evolve, the legal cannabis market is set to expand rapidly. The increasing prevalence of chronic conditions, growing research backing cannabis efficacy, and consumer demand for natural therapies are driving forces behind the sector's robust outlook through 2028.
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