The legal marijuana market reached USD 30.75 billion in 2023 and is projected to hit USD 113.26 billion by 2033, with a 14.4% CAGR. Flower buds dominated with 51% of the market share, while medical marijuana for pain management held 28%. North America led the market, capturing 70% of the share in 2023.
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In 2021, the National Institutes of Health estimated that 36 states allowed the use of medical marijuana, though the specific rules for accessing it varied widely. Despite these differences, medical marijuana is widely recommended for managing chronic pain.
Marijuana, derived from the cannabis plant, is commonly used for both recreational and medicinal purposes. Its psychoactive effects come from THC, the compound responsible for creating a “high.” People consume marijuana by smoking, vaping, or eating it to achieve effects like relaxation or pain relief.
The term “legal marijuana” refers to cannabis that is grown, sold, and used under government regulations. This shift reflects a significant change in how society perceives and manages cannabis use. Legalization generally falls into two categories: recreational and medicinal.
- Recreational marijuana allows adults to use cannabis for personal enjoyment, often regulated by laws that limit age, possession amounts, and where it can be consumed.
- Medicinal marijuana is prescribed by healthcare providers to treat specific medical conditions, recognizing its potential therapeutic benefits.
This growing acceptance of marijuana marks a turning point in public policy and health care, with ongoing debates about its broader implications.
Key Players in the Legal Marijuana Market
The legal marijuana market is fueled by innovative companies leading the way in cultivation, production, and distribution. These organizations are shaping the industry’s growth and meeting the increasing demand for both recreational and medicinal cannabis products.
- Curaleaf Holdings Inc.: A global leader in cannabis cultivation and retail, offering a wide range of medical and recreational products.
- Green Thumb Industries Inc.: Focused on quality cannabis products and retail experiences, Green Thumb operates numerous dispensaries under recognized brands.
- Canopy Growth Corporation: Known for its comprehensive product portfolio and global reach, Canopy Growth emphasizes innovation and responsible growth.
- Aurora Cannabis Inc.: A pioneer in medical cannabis, Aurora combines research-driven production with a commitment to patient care.
- Maricann Inc.: Specializing in premium-quality cannabis products, Maricann serves both medical and recreational markets.
- Jazz Pharmaceuticals, Inc.: Leveraging its expertise in pharmaceuticals, Jazz is advancing cannabis-based medicines for various therapeutic needs.
- Organigram Holdings Inc.: Focused on sustainability and innovation, Organigram produces high-quality cannabis products for diverse markets.
- Controlled Environments Limited: This company specializes in precision-controlled environments for optimized cannabis cultivation.
- Lexaria Bioscience: A leader in drug delivery innovation, Lexaria focuses on improving cannabis bioavailability through its patented technology.
- Tikun Olam: A pioneer in medical cannabis research, Tikun Olam develops evidence-based therapeutic products that cater to global healthcare needs.
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