- Market Size: The legal marijuana market reached USD 30.75 billion in 2023 and is projected to grow to USD 113.26 billion by 2033.
- Growth Rate: The market is expected to register a 14.4% CAGR (Compound Annual Growth Rate) through 2033.
- Product Type: Flower buds dominated the market in 2023, capturing a significant 51% share, reflecting their continued popularity among consumers.
- Medical Use: Medical marijuana for pain management led the market with a 28% share in 2023, underscoring its therapeutic benefits.
- Geographic Dominance: North America remains the leading region, holding an impressive 70% market share in 2023
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In 2021, the National Institute of Health estimates that 36 states allow medical marijuana, but the rules for getting it vary. Even though it’s legal in many places, medical marijuana is highly recommended for chronic pain management.
Marijuana is a plant that is commonly used for recreational and medicinal purposes. It contains a chemical called THC, which is responsible for the “high” feeling. People may smoke, vape, or eat marijuana for various effects, including relaxation and pain relief. However, it’s important to note that its legal status varies across different places. Legal marijuana refers to the regulated cultivation, sale, and use of cannabis within the boundaries of specific laws. It’s a significant shift in how society views and manages the use of marijuana. The legalization can be categorized into two main types: recreational and medicinal.
In places where recreational marijuana is legal, adults can use it for non-medicinal purposes. This often involves regulations on age restrictions, permissible quantities, and locations for consumption. Legalizing marijuana for medicinal purposes means that doctors can prescribe it to treat certain medical conditions. This recognizes marijuana’s potential therapeutic benefits.
The Economic Impact of Marijuana Legalization in the United States
There is a growing movement in the United States advocating for the legalization of marijuana for both medicinal and recreational purposes. Many states have already enacted laws to this effect. The push for legalization is largely driven by the potential economic benefits, including increased tax revenues, job creation, and investment opportunities. Currently, 24 states, three territories, and the District of Columbia have legalized recreational marijuana use, while 38 states, three territories, and the District of Columbia permit medical marijuana use.
Impact on Tax Revenue
One of the most immediate benefits of marijuana legalization is the boost in tax revenue. In 2023, states collectively generated over $4.18 billion in tax revenue from marijuana sales. California led the way, collecting $1.1 billion in sales tax from cannabis. Washington and Colorado, the pioneers of recreational marijuana legalization, have seen substantial tax revenues since 2014. Washington amassed $4.1 billion, while Colorado collected $2.38 billion in marijuana tax revenue during this period.
Legalizing marijuana nationwide could further increase tax revenues across other states and at the federal level, enhancing the economic impact of legalization.
Legal Marijuana Market Companies
- Curaleaf Holdings Inc.
- Green Thumb Industries Inc.
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Maricann Inc.
- Jazz Pharmaceuticals, Inc.
- Organigram Holdings Inc.
- Controlled Environments Limited
- Lexaria Bioscience
- Tikun Olam
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