Global marijuana market: cannabis industry statistics

It's not surprising that the cannabis industry is rapidly growing, due to the legalisation of marijuana and its acceptance around the world, and there are many statistics proving that.

According to a report by Grand View Research, the global marijuana market is rising, and it's projected to reach $82.3 billion by 2027.

One of the key aspects of such growth is the increasing legalisation of marijuana for medical and recreational use. Many countries around the world, such as Canada, Uruguay, and South Africa, have legalized marijuana.

This is leading to an increase in the number of dispensaries, cultivators, and manufacturers, which in turn is driving the growth of the market, and nowadays, ordering products like purple punch strain with dispensary WestCoastSupply is much more accessible than it has ever been.

Medical marijuana

The medical marijuana market can witness the highest growth rate, driven by the increasing acceptance of marijuana as a medicine, thanks to various studies and research.

The use of marijuana to treat various medical conditions, such as pain, sclerosis, and even cancer, is becoming more common.

Based on a report by Arcview Market Research and BDS Analytics, global medical marijuana sales are expected to reach $22.2 billion by 2024. It's important to mention that the increasing number of states and countries legalizing medical marijuana is also contributing to the growth of the market.

Recreational marijuana

As more places are making recreational marijuana legal, the recreational market is also expected to grow.

According to a report by Grand View Research, the recreational marijuana market is expected to reach $35.8 billion by 2027, growing at a CAGR of 18.2% from 2020 to 2027.

The increasing number of people using marijuana for recreational purposes leads to such changes.

Additionally, the legalization of marijuana for recreational use is leading to the opening of new dispensaries and cultivators, which in turn is driving the growth of the market.

Regional market trends

The North American region holds the largest share of the global marijuana market, driven by the increasing legalisation of marijuana in the US and Canada.

As for the latter, online dispensaries like WestCoastSupply already provide everything from purple punch strain to various cannabis edibles, and they seem to expand.

Additionally, the Asia Pacific region is expected to witness the highest growth rate, driven by the increasing acceptance of marijuana in countries such as Australia and New Zealand. This is due to the growing number of countries in the region that are legalising marijuana for medical and recreational use.

Competitive landscape

The global marijuana market is highly competitive, with a large number of players operating in the market. Some of the major players in the market include Canopy Growth Corporation, Aurora Cannabis Inc., Tilray Inc., Aphria Inc., and MedMen Enterprises Inc.

Also, the increasing number of small and medium-sized players entering the market is leading to increased competition as well.

Summary

Overall, the global marijuana market is expected to continue growing as more and more countries legalise the drug for medical and recreational use. The increasing acceptance of marijuana as a medicine, along with the growing recreational market, is expected to drive the market's growth.

Additionally, the increasing number of dispensaries, cultivators, and manufacturers also plays a huge role in the growth of the market.

Furthermore, the increasing number of research studies and clinical trials that are being conducted on the medicinal benefits of marijuana is also expected to attract more customers to the industry.