Global Legal Cannabis Market Size Expected To Reach 58 Billion in 2028

The cannabis market is undergoing a transformative phase, with global cannabis sales projected to reach a staggering $58 billion in 2028. This blog dives deep into the current state of the global legal cannabis market, analyzing its growth trajectory, key market trends, and the role of recreational and medical cannabis in shaping the industry's future. Whether you're a stakeholder in the cannabis industry, a curious enthusiast, or a prospective investor, this comprehensive forecast will provide valuable insights into a burgeoning sector poised for strong growth.

What Is the Current Market Size of the Cannabis Industry?

In recent years, the cannabis sector has developed a lot. During the year 2023, the adult-use cannabis market size worldwide was largest in the United States estimated at 20 billion dollars selling adult-use cannabis. This progress can be attributed to the growing number of states that have legalized cannabis usage for adult recreational purposes.

Key Market Figures:

This prediction is expected to hold true because more and more areas are contemplating normalization. Some key takeaways however can also be summarized about the current market size:

• U.S. is the main progressive market and most of the states has legalized the recreational usage.
• Post-legalization in 2018, Canada also has shown enormous growth.
  
• Other countries are beginning to explore cannabis legalization, which could impact future market size.
  

How Fast Is the Cannabis Market Expected to Grow?

The cannabis market is bursting like a bubble. As more states legalize cannabis, experts forecast substantial revenue increases. For instance, the global recreational cannabis market is forecasted to increase from $1.98 billion in revenue in 2023 to $2.12 billion in 2024 with a compound annual growth rate (CAGR) of 7.2%. This progressive expansion can be attributed to a variety of factors including:

• Increased legalization across various states.
  
• Growing acceptance of cannabis for both medical and recreational use.
  
• Innovations in cultivation and product development.
  

Cannabis Legal Market Projections

The cannabis industry is undergoing rapid changes which are subsequently transforming the labor markets and providing new job prospects.

What Are the Key Drivers of Cannabis Market Growth?

The cannabis market growth is on the very fast pace and this in part is traced to several reliable factors. To begin with, it is the increasing amount if cannabis acceptance that is witnessed both for the medical purposes and leisure. This trend in societal views has led to an increase in the number of states who allow legalization of cannabis which provides fresh opportunities for business and employment.

Cannabis Legalization

• More and more states each day continue amending their laws to legalize the use of cannabis.
• Legalization creates more jobs, for example in farming, retail, and distribution.
• It also provides tax revenue to local governments.
  

Medical Marijuana Market Expansion

• The medical cannabis market is expanding as more people seek alternative treatments.
  
• Patients are using cannabis for conditions like chronic pain and anxiety.
  
• This growth is encouraging more research and development in the field.
  

Cannabis Cultivation Innovations

• The increasing number of farmers in the market makes it easier to farm cannabis.
• The usage of technology allows us to maximize outputs while minimizing costs.
• Due to the advancements in cultivation, cannabis has become more readily available to the market.
  

Medical Cannabis vs. Recreational Cannabis Sales: Which Has the Larger Share?

The cannabis market consists of two primary market subcategories, being medical and recreational cannabis. Both segments differ in a number of ways and market behavior:

Market Overview

• The medical cannabis market was valued at $13,119.89 million in 2023.
  
• It is expected to grow significantly, reaching $91,065.89 million by 2032, with a CAGR of 24.02%.
  
• In contrast, recreational cannabis sales are also on the rise, but the growth rate varies by state and region.
  

Key Differences

• Purpose of Use: Medical cannabis is used for health-related issues, while recreational cannabis is used for enjoyment.
  
• Regulations: Medical cannabis often has stricter regulations compared to recreational cannabis.
  
• Consumer Base: Medical users may require prescriptions, whereas recreational users do not.
  

Sales Comparison

How Are Legal Cannabis Markets Evolving Globally?

The global cannabis market’s changes are taking place at a fast pace. The frequency and intensity of regulatory change seem to be on the upward trend in most places with notable encroachment towards tolerance and legalization of cannabis use. The use trend is leading to widening potential shopper base which has an inclination towards cannabis related products.

Key Trends in Global Cannabis Markets

• Legalization at A Higher Rate: Policymakers in more jurisdictions legalizing cannabis cultivation, sale and consumption for medical as well as leisure purposes.
• Expansion of Territory Covered Market: New geographic markets more so within Europe and Latin America are emerging.
• Education about the Product: More consumers around the world, as new materials appear, begin to understand and know enough of cannabis products.
  

Market Size and Growth

What Role Do Emerging Adult-Use States Play in Market Dynamics?

With the emergence of new legalization of adult-use in the market for cannabis, it is shifting greatly. Such states are expected to boost the growth of the industry because they offers chance for the businesses and some consumers. Here are some key points to consider:

• Market Expansion: They also expect that eleven states will become billion dollar cannabis markets by 2024, with both recreational as well as medical usage.
• Increased Tax Revenue: The legalization of marijuana in these states can result in more taxes, and these can be used to fund services.
• Job Creation: Expansion of this industry in these states will also pave the way for thousands of new employment opportunities as growers and sellers.

Cannabis Retail: A Closer Look at Industry Trends

The evolution and expansion of the cannabis retail market are uncontested. So much so that October marked a monthly sales figure of $2.8 million cannabis sales making it the highest for the current year. Some major trends concerning cannabis retail are as follows:

Key Trends in Cannabis Retail

• Growth of Sale: Increased purchase capacity has brought a wider market for cannabis products.
• Growth in the Range of Goods: Retailers today have a variety of products such as edibles, oils and even vape cartridges among others.
• Convenience in Orders: Online ordering, shopping and delivery have been made easy even for the busiest consumers which, facilitates cannabis access.

What Educational and Training Opportunities Are Available in the Cannabis Industry?

The new and emerging sector of the cannabis industry continues to provide career-oriented courses for interested parties as its domestic market grows. Presently, multiple institutions offer relevant courses to enable persons attain the requisite qualifications.

Rise of Cannabis Certification Programs

• Many organizations provide certification programs that focus on various aspects of the cannabis industry.
  
• These programs often cover topics like cultivation, sales, and compliance.
  
• Cannabis Career Academy is one such program that offers virtual courses and certifications for those wanting to excel in today's cannabis industry.
  

Integration into University Curriculums

• Some universities are starting to include cannabis studies in their curriculums.
  
• This helps students learn about the legal, medical, and business sides of cannabis.
  
• Students can earn degrees that prepare them for careers in this expanding market.
  

Workshops and Seminars for Skill Development

• Various workshops and seminars are available for skill development.
  
• These events often feature industry experts who share their knowledge.
  
• Participants can learn about the latest trends and best practices in the cannabis sector.
  

What are the Challenges Facing the Cannabis Job Market?

Looking at the cannabis job market, its pros outweigh the challenges that are present and evident to exist but it is quite promising. Nowadays, one of the most pressing issues in the given sector is fluctuation with employees particularly in the retail, agriculture and manufacturing industries. 

Regulatory Hurdles and Compliance

• Many cannabis businesses struggle with complex regulations.
  
• Compliance with state and federal laws can be confusing and costly.
  
• Companies must invest time and money to stay compliant, which can limit growth.
  

Addressing Industry Stigma

• The cannabis industry still faces negative perceptions from some people.
  
• Stigma can make it hard to attract talent and customers.
  
• Education and awareness are needed to change these views.
  

Navigating Market Saturation

• As more states legalize cannabis, the market is becoming crowded.
  
• Increased competition can lead to lower profits for businesses.
  
• Companies need to find unique ways to stand out in a busy market.
  

How the Legalization of Cannabis Is Shaping Job Markets

The legalization of cannabis continues to shift the global employment in the following ways. This opens employment chances which is attached to cannabis farming ,sale and research. Their employees are getting placed in this yet unexplored area, which is very good for the economy. But there are obstacles still, and the most significant of them are still the protection of the workers, as well as the issues of the adherence to the law. However, increasing acceptance of cannabis across different states is gradually revealing how different economies and the employment fraternity will adapt to new emerging cannabis job markets is something many would lookout for.