The legal cannabis market has had explosive growth since several states in the United States legalized recreational consumption. With Canada legalizing recreational consumption nationwide and the growing popularity of the plant in the United States, the global legal cannabis market is set to reach over 63 billion dollars in value by 2024.
The legal landscape
Since 1970’s passage of the Controlled Substances Act, cannabis has been outlawed as a Schedule I drug (the most restrictive of drug categories) in the United States. Despite legalization on a state level, cannabis is still federally illegal to possess, manufacture and sell. In 2012, Washington and Colorado became the first two states to legalize recreational use of cannabis. Today, recreational cannabis use is legal in 10 states and medical use is legal in 33.
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PR Newswire. (February 26, 2018). Forecast legal cannabis spending worldwide from 2016 to 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 09, 2024, from https://www.statista.com/statistics/820158/global-legal-cannabis-market/
PR Newswire. "Forecast legal cannabis spending worldwide from 2016 to 2024 (in billion U.S. dollars)." Chart. February 26, 2018. Statista. Accessed October 09, 2024. https://www.statista.com/statistics/820158/global-legal-cannabis-market/
PR Newswire. (2018). Forecast legal cannabis spending worldwide from 2016 to 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 09, 2024. https://www.statista.com/statistics/820158/global-legal-cannabis-market/
PR Newswire. "Forecast Legal Cannabis Spending Worldwide from 2016 to 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 26 Feb 2018, https://www.statista.com/statistics/820158/global-legal-cannabis-market/
PR Newswire, Forecast legal cannabis spending worldwide from 2016 to 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/820158/global-legal-cannabis-market/ (last visited October 09, 2024)
Forecast legal cannabis spending worldwide from 2016 to 2024 (in billion U.S. dollars) [Graph], PR Newswire, February 26, 2018. [Online]. Available: https://www.statista.com/statistics/820158/global-legal-cannabis-market/