The legal global cannabis industry is set for significant expansion in the coming years, and a new report by Skyquest Technology Consulting is projecting that the regulated worldwide cannabis market will surpass $148.4 billion in value by 2031.
“Cannabis market was valued at USD 36.4 Billion in 2022 and is poised to grow from USD 42.6 Billion in 2023 to USD 148.4 Billion by 2031, growing at a CAGR of 16.9% during the forecast period (2024-2031).” the company stated in a press release.
“Legalization and regulation are among the primary factors contributing to the development of the cannabis market. The market is expanding beyond the capacity of understanding and awareness as an increasing number of countries have legalized cannabis for medical and recreational purposes.” the company also stated.
According to a recent study conducted by researchers from Ukraine and France, and published by the U.S. National Institute of Health, 57 countries have adopted medical cannabis legalization measures. Israel was the first country to adopt a national medical cannabis legalization measure (1999), and Ukraine was the most recent (2024) as of the posting of this article.
Additionally, Uruguay, Canada, Malta, Luxembourg, Germany, and South Africa have adopted adult-use cannabis legalization measures. Regional adult-use cannabis commerce pilot trials are also underway in the Netherlands and Switzerland, and several other nations have witness landmark court decisions that provide some level of protection to individual cannabis consumers and patients.
The emerging legal global cannabis industry is projected to grow to an estimated $147.4 billion in value by 2030 according to a separate market analysis by Vantage Market Research. Cannabis reform efforts around the world are driving the expected expansion of the legal cannabis industry.
“The Global Cannabis Market was valued at USD 26.8 Billion in 2022, and it is expected to reach USD 147.4 Billion by 2030, growing at a CAGR of 23.9% during the forecast period (2022-2030).” Vantage Market Research stated in a press release.
Technavio, a self-described global technology research and advisory company, also recently published an industry projection, finding that the “global legal cannabis market size is estimated to grow by USD 100.61 billion from 2024-2028.”