Canada Legal Cannabis Market Size, Share & Trends Analysis Report By Source (Marijuana, Hemp), By Derivatives (CBD, THC), By Cultivation, By End-use (Medical, Recreational, Industrial), And Segment Forecasts, 2024 - 2030

Canada Legal Cannabis Market Size, Share & Trends Analysis Report By Source (Marijuana, Hemp), By Derivatives (CBD, THC), By Cultivation, By End-use (Medical, Recreational, Industrial), And Segment Forecasts, 2024 - 2030

Canada Legal Cannabis Market Growth & Trends

The Canada legal cannabis market size is expected to reach USD 5.79 billion by 2030, registering a CAGR of 10.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness of the health benefits related to cannabis and CBD consumption for treating anxiety & seizures and reducing pain is projected to propel the market growth. The high demand for CBD for health and wellness purposes, attributed to its therapeutic properties, is a key driver in the market's growth.

Moreover, the rising number of clinical trials signifies the positive effects of utilizing cannabis for treating various medical conditions. For instance, in February 2024, researchers at the University of British Columbia introduced a first-of-its-kind clinical trial examining the potential of CBD as a treatment for bipolar depression. The trials were approved by Health Canada and funded by the Canadian Institutes of Health Research (CIHR) to investigate how CBD can help manage acute bipolar depression.

Moreover, medical professionals' increasing preference for cannabinoid-based formulations to treat numerous health conditions is another major factor supporting the country's market. Healthcare professionals' higher preference for CBG, CBN-derived products creates a positive influence on consumer minds, thereby boosting their adoption rate and popularity. For instance, in October 2021, Cronos Group Inc. launched its SPINACH FEELZ Chill Bliss 2:1 THC|CBG gummy that features THC and cultured CBG.

Some of the key players in the market are Canopy Growth Corporation, Charlotte's Web, Inc., Aurora Cannabis, Tilray Brands, The Cronos Group, Jazz Pharmaceuticals, Inc., Sundial Growers, and Maricann, Inc. These market players adopt key strategic initiatives to expand their business footprint and market position. For instance, in April 2023, Aurora Cannabis Inc. partnered with Strainprint and announced the launch of the tracking program through Strainprint App. The tracking program is designed for Aurora patients to keep track of their medical cannabis journey.

Furthermore, the rise in awareness regarding cannabis and its potential use in various industries and the introduction of educational programs boost the market growth. For instance, in July 2022, Tilray Brands launched a cannabis education platform, WeCare-Medical Cannabis. The platform is dedicated to educating patients and healthcare practitioners about medical cannabis.

Canada Legal Cannabis Market Report Highlights

• Based on source, the marijuana segment dominated the market in 2023 and is anticipated to witness the fastest growth over the forecast period owing to the growing adoption of marijuana-based products
• Based on derivatives, the CBD segment held the largest market share in 2023, owing to the awareness regarding CBD's effectiveness in treating various medical conditions
• Based on cultivation, the indoor segment held the largest market share in 2023 due to the incorporation of artificial intelligence (AI) in cannabis cultivation, rising investments, and favorable government initiatives
• Based on end use, the recreational segment dominated the market in 2023 and is anticipated to grow at the fastest CAGR over the forecast period due to the growing consumption of cannabis in the form of vapes, foods, and beverages

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