According to a comprehensive report¹, the global market size of cannabis is projected to experience a substantial growth in the coming years. The report anticipates that the market size will expand from a sizable USD 57.18 billion in 2023 to a gargantuan USD 444.34 billion by the year 2030. This impressive growth trajectory translates into a compound annual growth rate (CAGR) of 34.03% during the forecast period, an indication of an exponential increase in the demand and consumption of cannabis. This report’s findings are corroborated by a second study², which provides a slightly more conservative estimate but still underscores the booming prospects of the cannabis industry. This secondary analysis estimates the global cannabis market size at USD 29.32 billion in 2023. However, this figure is anticipated to more than double over the next five years, reaching a whopping USD 60.01 billion by 2028. Such a robust growth translates into a CAGR of 15.40% during the same period. This expansion is attributed to the growing acceptance of cannabis, its adoption in medical and therapeutic applications, and the wave of countries worldwide decriminalizing or legalizing its use. A third report³, focusing specifically on the U.S., projects another encouraging forecast for the legal cannabis industry. According to its estimates, the U.S. legal cannabis market alone could reach over USD 31.8 billion in annual sales by the end of 2023. By 2028, this figure is predicted to increase significantly to USD 50.7 billion. This surge is largely attributed to the steady trend of states legalizing cannabis for both medical and recreational use, coupled with the mounting public support for cannabis legalization. In a fourth report⁴, the revenue in the cannabis market worldwide is predicted to reach USD 51.27 billion in 2023. This prediction is based on the increasing global trend of cannabis legalization and the growing awareness of its potential benefits in healthcare, cosmetics, and other industries. Consequently, as more regions legalize cannabis, and as its potential benefits become more widely recognized, its worldwide market revenue is predicted to increase significantly. In conclusion, the cannabis industry worldwide is on a significant growth trajectory. Various reports point towards a multifold increase in the global cannabis market size within the next decade. This growth is driven by decriminalization and legalization moves worldwide, growing acceptance, and its increasing application in diverse fields such as healthcare, cosmetics, and therapeutics. Despite different estimates, all reports converge on the consensus that the future growth prospects of the cannabis industry are incredibly promising.

(1) Cannabis Market Size & Growth | Forecast Report [2030]. https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219.

(2) Cannabis Market – Industry Growth, Research & Statistics. https://www.mordorintelligence.com/industry-reports/cannabis-market.

(3) Despite Some Stumbles, Total Sales In U.S. Cannabis Market … – Forbes. https://www.forbes.com/sites/irisdorbian/2023/02/15/despite-some-stumbles-total-sales-in-us-cannabis-market-could-soar-to-507-billion-by-2028-says-top-researcher/.

(4) Cannabis – Worldwide | Statista Market Forecast. https://www.statista.com/outlook/hmo/cannabis/worldwide.

Factors driving growth of the global cannabis market:

• Legalization: The legalization of cannabis for both medical and recreational use is a major driver of growth in the global cannabis market. In recent years, a number of countries have legalized cannabis, including Canada, Uruguay, and several US states. This has led to a significant increase in the number of people who have access to cannabis, as well as the number of businesses that are involved in the cannabis industry.
• Growing acceptance: There is a growing acceptance of cannabis as a legitimate medicine. This is due in part to the increasing body of research that is demonstrating the potential health benefits of cannabis. For example, cannabis has been shown to be effective in treating a number of conditions, such as chronic pain, epilepsy, and nausea.
• Rising awareness: There is a rising awareness of the potential health benefits of cannabis. This is due in part to the increasing media coverage of cannabis, as well as the growing number of people who are using cannabis for medical purposes.
• Increasing investment: There is increasing investment in the cannabis industry. This is due in part to the potential for the cannabis industry to generate significant profits. For example, the legal cannabis market in the United States is expected to generate US$33.88 billion in revenue in 2023.
• Growing consumer demand: There is a growing consumer demand for cannabis products. This is due in part to the increasing popularity of cannabis, as well as the growing number of people who are using cannabis for both medical and recreational purposes.

Regional trends in the global cannabis market:

• North America: The North American cannabis market is the largest and most mature in the world. The United States is the largest cannabis market in North America, and is expected to generate US$33.88 billion in revenue in 2023. Canada is the second largest cannabis market in North America, and is expected to generate US$5.39 billion in revenue in 2023.
• Europe: The European cannabis market is expected to grow significantly in the coming years. Germany is the largest cannabis market in Europe, and is expected to generate US$4.33 billion in revenue in 2023. The United Kingdom is the second largest cannabis market in Europe, and is expected to generate US$2.72 billion in revenue in 2023.
• Asia Pacific: The Asia Pacific cannabis market is expected to grow significantly in the coming years. China is the largest cannabis market in Asia Pacific, and is expected to generate US$1.91 billion in revenue in 2023. Australia is the second largest cannabis market in Asia Pacific, and is expected to generate US$1.15 billion in revenue in 2023.
• Latin America: The Latin American cannabis market is expected to grow significantly in the coming years. Brazil is the largest cannabis market in Latin America, and is expected to generate US$1.23 billion in revenue in 2023. Mexico is the second largest cannabis market in Latin America, and is expected to generate US$0.98 billion in revenue in 2023.

Key players in the global cannabis market:

• Curaleaf Holdings, Inc.
• Green Thumb Industries Inc.
• Trulieve Cannabis Corp.
• Cresco Labs Inc.
• Canopy Growth Corporation
• Aurora Cannabis Inc.
• Tilray Brands, Inc.
• Cronos Group Inc.
• OrganiGram Holdings Inc.

The future of the global cannabis market:

The global cannabis market is expected to continue to grow rapidly in the coming years. This is due in part to the increasing legalization of cannabis, as well as the growing acceptance of cannabis as a legitimate medicine. The cannabis market is also expected to benefit from the growing consumer demand for cannabis products.

1. Curaleaf Holdings, Inc.: Curaleaf Holdings, Inc. is a cannabis operator in the United States that engages in the cultivation, production, and sale of cannabis products through retail and wholesale channels. It offers flowers, pre-rolls, vaporizer cartridges, concentrates for vaporizing and dabbing, and edibles under various brands. The company was founded in 2010 and is headquartered in New York, New York¹
2. Green Thumb Industries Inc.: Green Thumb Industries is an alternative medicine company that services the cannabis industry through products and dispensaries. It was founded in 2014 and is headquartered in Chicago, Illinois²
3. Trulieve Cannabis Corp.: Trulieve Cannabis Corp., together with its subsidiaries, operates as a medical cannabis company that cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as through home delivery. It produces flowers, edibles, vaporizer cartridges, concentrates, topicals, capsules, tinctures, dissolvable powders, and nasal sprays under various brands. The company was founded in 2015 and is headquartered in Quincy, Florida³
4. Cresco Labs Inc.: Cresco Labs is a cannabis operator in the United States that manufactures a suite of cannabis extracts and vape products. The company is a processor and retailer of cannabis products with operations in six states including Illinois, Ohio, Pennsylvania, Nevada, California and Arizona. It was founded in 2013 and is headquartered in Chicago, Illinois⁴
5. Canopy Growth Corporation: Canopy Growth Corporation engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments: Global Cannabis and Other Consumer Products. The company offers dried cannabis flower; oils and concentrates; softgel capsules; and hemps products under various brands such as Tweed, Spectrum Therapeutics, Tokyo Smoke, Twd., DNA Genetics CraftGrow Rooms etc… The company was founded in 2009 and is headquartered in Smiths Falls, Canada⁵
6. Aurora Cannabis Inc.: Aurora Cannabis is a Canadian licensed cannabis producer that cultivates and sells medicinal and recreational cannabis products under various brands such as Aurora Drift etc… The company was founded in 2006 and is headquartered in Edmonton, Canada⁶
7. Tilray Brands Inc.: Tilray Brands is a Canadian pharmaceutical and cannabis company that produces medical cannabis products under various brands such as Aphria etc… The company was founded in 2013 and is headquartered in Nanaimo, Canada.
8. Cronos Group Inc.: Cronos Group is a Canadian diversified cannabis company that produces medical marijuana products under various brands such as Peace Naturals etc… The company was founded in 2013 and is headquartered in Toronto, Canada.
9. OrganiGram Holdings Inc.: OrganiGram Holdings is a Canadian licensed producer of medical marijuana that produces dried flowers under various brands such as Edison Reserve etc… The company was founded in 2013 and is headquartered in Moncton, Canada.

Learn more:

1. finance.yahoo.com2. gtigrows.com3. finance.yahoo.com4. marketscreener.com5. finance.yahoo.com6. curaleaf.com7. bloomberg.com8. crunchbase.com9. wsj.com10. globaldata.com11. pitchbook.com12. investors.trulieve.com13. bing.com14. globaldata.com15. zoominfo.com16. dnb.com17. marketscreener.com18. stockanalysis.com19. datanyze.com20. stockanalysis.com21. globaldata.com22. vault.com23. trulieve.com24. canopygrowth.com— see less

According to the latest data available, the top cannabis companies by market capitalization are:

1. Curaleaf Holdings, Inc.: $2.95 billion ¹
2. Green Thumb Industries Inc.: $2.40 billion ¹
3. Innovative Industrial: $2.20 billion ¹
4. Verano Holdings: $1.59 billion ¹
5. Tilray: $1.51 billion ¹

Learn more:

1. companiesmarketcap.com2. forbes.com3. stash.com4. statista.com