Connect with us

Hi, what are you looking for?

Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Legal cannabis market projected to have steady growth into 2030: report

Industry is set to expand by approximately US$155 billion between 2020-2030

Legal cannabis market projected to have steady growth into 2030: report
Photos via Unsplash - Kym Mackinnon

A new report found that the market for legal cannabis is anticipated to project a noteworthy CAGR of 26.55 per cent in 2030. As countries across the globe continue to legalize recreational cannabis, industry growth shows no signs of stopping.

In fact, the legal marijuana market is expected to proliferate all the way up to US$178.5 billion by 2030 according to ReportLinker data released on Friday. A staggering number when considering that back in 2020 the market revenue was sitting at US$21.16 billion. The medical marijuana market in North America alone was worth approximately US$8.1 billion in 2020 and has been on the rise ever since.

ReportLinker also claims that growth in the industry is partly attributed to rising rates of chronic diseases and the benefits associated with cannabis use for those suffering from these conditions. Relief from symptoms brought on by chemotherapy treatment such as chronic pain, vomiting, and nausea serves as a good example of why cannabis legalization is becoming more generally acceptable in society. The potential for THC to aid with mental disorders is another good example as stated in the ReportLinker research document.

Read more: Legal cannabis market expected to grow to US$48.3B by 2028: Vantage report

Read more: U.S. legal and illicit cannabis sales totalled US$97 billion in 2021: report

Other noteworthy factors contributing to a flourishing cannabis market include the ever-increasing use of nebulizers, sinsemilla flower, and resin concentrates. A reduction in crime is also an added bonus.

In the state of New York last year, CEO of cannabis production and renowned lawmaker advisor – Kaelan Castetter, helped to facilitate the legalization of medical and recreational marijuana – solidifying New York as one of America’s next developed cannabis centers according to the ReportLinker author. Cannabis has proved itself to be invaluable for the treatment of debilitating diseases like epilepsy, glaucoma and cancer for many unfortunate New York residents.

The medical cannabis segment has been projected to heighten growth in the legal cannabis industry due to the growing prominence of medical product within the health care system. Additionally, the segment of legal cannabis distribution attributed to mental health disorders has been predicted by GlobeNewswire to exhibit the fastest growth over the course of the aforementioned 10-year period due to the prevalence of those within the population who suffer from anxiety and stress.

12 per cent of all Americans have been positively identified as cannabis users according to ReportLinker.


Follow Mugglehead on Twitter

Like Mugglehead on Facebook





Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Hawaii senate's approval of recreational marijuana legalization bill marks milestone in state's cannabis reform


The country's lawmakers voted 407 to 226 in favour of the new legislation


Ontario was the top contributor, generating $167.8 million in the last month of Q2 this year


The House voted 71-59 in favour of passing the recreational cannabis bill which now moves to the Senate Friday