Legal Cannabis Market Projected To Surpass $110 Billion By 2030
The legal global cannabis market is projected to experience major growth, according to a recent economic report published by analysts from Research and Markets. The analysts’ latest market projection demonstrates the profit potential of the emerging international industry.
“The global market for legal cannabis was estimated at US$33.8 billion in 2024 and is projected to reach US$110.1 billion by 2030, growing at a CAGR of 21.8% from 2024 to 2030.” stated Research and Markets in a press release.
“The global legal cannabis market has witnessed unprecedented growth due to increasing legalization, rising medical applications, and shifting consumer attitudes towards cannabis use. Governments worldwide are recognizing the economic and medicinal potential of cannabis, leading to widespread regulatory reforms.” they also wrote.
“The legalization of cannabis for medical and recreational use in key markets such as the United States, Canada, and parts of Europe has created significant business opportunities.” the press release also stated.
Over 100 countries worldwide have adopted medical cannabis legalization measures, with medical cannabis industry models varying around the globe. Models range from being very limited and only permitting safe access to select products for certain conditions, to models that offer a wide variety of safe access options to patients suffering from a range of medical conditions.
Additionally, Uruguay, Canada, Malta, Luxembourg, Germany, and South Africa have adopted national adult-use cannabis legalization measures, although not all of those nations currently permit regulated adult-use cannabis sales. Regional adult-use commerce pilot trials are operating in the Netherlands and Switzerland, and two dozen states in the U.S. have approved recreational cannabis measures.
The emerging international legal cannabis industry is obviously made up of various sectors, with some individual sectors projected to experience more potential growth in the future than others.
Cannabis-infused beverages are increasing in availability and popularity in many legal markets, and Coherent Market Insights recently projected that the “global cannabis beverage market is estimated to be valued at USD 251.7 Mn in 2025 and is expected to reach USD 1,054.4 Mn by 2032.”
The cannabis pharmaceutical sector is another area of the industry that holds a lot of potential, with many governments around the world still only permitting cannabis pharmaceutical products to be sold in their jurisdictions.
Research and Markets recently published a sector market analysis, finding that “the global market for cannabis pharmaceuticals was estimated at US$5.2 billion in 2024 and is projected to reach US$72.7 billion by 2030, growing at a CAGR of 55.1% from 2024 to 2030.”
A common regulatory requirement in legal cannabis markets around the globe is that cannabis products be tested for such things as contaminants and cannabinoid levels. Cannabis testing requirements are presumably going to be a mainstay of legal cannabis commerce in the future.
Economic researchers with Future Market Insights project that “the global automated cannabis testing market is poised for significant expansion, with industry experts forecasting a Compound Annual Growth Rate (CAGR) of approximately 11% to 13% from 2022 to 2032.”