Global Cannabis Market Size to Surpass USD 86.6 Billion by 2031 as Medical Demand and Legal Reforms Accelerate

Market Size Outlook Reflects Strong Regulatory and Prescription-Led Momentum

The global cannabis market size is forecast to reach USD 86.6 billion by 2031, rising from USD 45.0 billion in 2026. This growth trajectory underscores consistent cannabis market Growth, supported by increasing acceptance of cannabis-based therapies and widening legal access across developed and emerging economies.

North America continues to account for the largest cannabis market Share, driven by mature medical programs and established adult-use markets. Meanwhile, the Asia-Pacific region is emerging as the fastest-growing territory, supported by rising medical cannabis prescriptions, particularly in Australia.

As regulatory frameworks continue to evolve, both medical and adult-use segments are expected to contribute meaningfully to the cannabis market Forecast, creating sustained opportunities across the cannabis industry.

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Legalization and Medical Adoption Reshape Industry Fundamentals

Adult-Use Policy Expansion Opens New Revenue Channels

Adult-use legalization is becoming a critical growth catalyst within the cannabis industry. Germany's cannabis Act, implemented in April 2024, allows adult possession and limited home cultivation, laying the groundwork for a regulated consumer market with millions of potential users.

Such reforms are reducing legal barriers, encouraging institutional investment, and expanding the addressable cannabis market Size across Europe and other reform-oriented regions.

Medical cannabis Prescriptions Gain Preference Over Traditional Therapies

Medical cannabis continues to gain traction, particularly in chronic pain management. Australia recorded more than 420,000 medical cannabis prescriptions in 2024, with pain treatment accounting for a significant share. In the United States, registered medical cannabis patients exceeded 7.2 million by mid-2025.

This shift reflects changing clinical attitudes toward cannaabinoid-based treatments and remains a major contributor to evolving cannabis market Trends in the medical segment.

Product Innovation and Premiumization Drive Value Growth

High-T H C and Craft Products Gain Pricing Power

Premiumization is reshaping consumer preferences within the cannabis market Growth cycle. High-T H C flower, craft strains, and traceable cultivation methods are commanding higher price points, particularly in Canada and select European markets.

International exports of premium flower and the rising popularity of infused formats, including beverages, are expanding the revenue mix and strengthening the cannabis market Forecast.

Consumer-Packaged-Goods Partnerships Accelerate Commercial Scale

Strategic partnerships between cannabis producers and established beverage or tobacco companies are accelerating commercialization. These alliances leverage existing distribution networks, brand recognition, and regulatory expertise, expanding consumer access and supporting cannabis market Size growth in edibles and drinkable formats.

cannabis Market Segmentation Overview

By Product Category - Flower, concentrates, edibles, topicals, beverages, and other cannabis formats

By Compound Profile - T H C-dominant, C BD-dominant, and balanced T H C/C BD products

By Usage Type - Medical cannabis and adult-use cannabis

By Distribution Channel - Dispensaries, pharmacies, online direct-to-consumer platforms, and mass-market retail

By Geography - North America, Europe, Asia-Pacific, South America, Middle East, and Africa

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Competitive Landscape Highlights Strategic Expansion and Vertical Integration
The global cannabis industry features a mix of vertically integrated operators and brand-focused companies investing in scale, compliance, and international expansion.

Key participants include:

Curaleaf Holdings - Emphasizes end-to-end vertical integration
Tilray Brands - Expanding across Europe and North America with beverage innovation
Canopy Growth Corporation - Focused on premium flower and infused products
Trulieve cannabis Corporation - Strong dispensary footprint and medical programs
Green Thumb Industries - Brand-driven growth in adult-use markets

Competition increasingly centers on regulatory compliance, supply chain efficiency, brand trust, and international market access.

Outlook: cannabis Industry Positioned for Long-Term Structural Growth

The global cannabis market is expected to maintain steady expansion through 2031, supported by rising medical adoption, progressive legalization, and diversified product innovation. While challenges such as advertising restrictions and supply constraints persist, compliant and well-capitalized companies are positioned to benefit from evolving consumer acceptance.

With North America anchoring revenue and Europe and Asia-Pacific offering high-growth potential, the cannabis market Forecast points toward sustained relevance within the global healthcare, wellness, and consumer products ecosystem.

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