The North America legal cannabis market size reached US$ 20.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 111.9 Billion by 2027, exhibiting a growth rate (CAGR) of 33.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Cannabis is a drug derived from the dried leaves and flowers of the hemp plant that grows in the tropical and temperate areas of the world. Also known as hash, weed, marijuana, pot, dope, smoke and cone, cannabis can be obtained in various forms ranging from the simple process of drying and curing marijuana flowers to the sophisticated chemistry of producing cannabis concentrates. In North America, the legal landscape is giving way to the decriminalization and full legalization of cannabis, owing to which it is gaining prominence for both medical and recreational purposes.

In the United States, marijuana has been legalized in 30 states for medicinal use and in 9 states for both therapeutic as well as recreational purposes. In Canada, medicinal usage of the drug has been legalized since 2001; however, its recreational use has been authorized through a bill passed in June 2018. This modification in the regulatory landscape has led to an increase in the usage of medical cannabis for treating several diseases associated with changing lifestyles such as chronic pain, depression, post-traumatic stress disorder, social anxiety, cancer, multiple sclerosis and epilepsy. Also, with the implementation of these stringent regulations, suppliers have to comply with proper safety control measures and provide consumers with high-quality products, which further acts in favor of the growth of the market.

The use of industrial hemp, a product derived from cannabis, has also expanded to a great variety of products, including health foods, organic body care, clothing, construction materials, biofuels and plastic composites. Moreover, increasing research and development (R&D) activities in the medical applications of cannabis are expected to create positive opportunities for both the existing players and new entrants in the upcoming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the North America legal cannabis market report, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on products derived and distribution channel.

Breakup by Products Derived:

Marijuana
Industrial Hemp

Marijuana currently represents the leading segment. It is a greenish-grey mixture of the dried flowers of Cannabis sativa. The applications of marijuana are further divided on the basis of medical and recreational uses. Its therapeutic applications include the treatment of various diseases such as migraine, cancer, arthritis and others.

Breakup by Distribution Channel:

Regulated Dispensary
Recreational Stores
Stand-Alone Retailers
Others

Among these, legal cannabis is mostly distributed through regulatory dispensaries.

Regional Insights:

United States
Canada

Country-wise, the United States enjoys a leading position in the market as the medical use of cannabis has been legalized in 31 states including the territories of Puerto Rico and Guam, and the District of Colombia and in 9 states including California, Nevada, Alaska and Colorado for both medicinal and recreational uses.

Competitive Landscape:
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:

22nd Century Group, Inc
Medical Marijuana Inc
Hemp, Inc.
Axim Biotechnologies, Inc
Arena Pharmaceuticals, Inc.
Canopy Growth Corporation
Aphria Inc.
Aurora Cannabis Inc.
Abcann Medicinals Inc.

Key Questions Answered in This Report
1. What was the size of the North America legal cannabis market in 2021?
2. What is the expected growth rate of the North America legal cannabis market during 2022-2027?
3. What has been the impact of COVID-19 on the North America legal cannabis market?
4. What are the key factors driving the North America legal cannabis market?
5. What is the breakup of the North America legal cannabis market based on the products derived?
6. What is the breakup of the North America legal cannabis market based on the distribution channel?
7. What are the key regions in the North America legal cannabis market?
8. Who are the key players/companies in the North America legal cannabis market?