The U.S. cannabis market is expected to grow from USD 38.4 billion in 2024 to USD 115.1 billion by 2034, driven by legalization, medical acceptance, and shifting consumer preferences. As more states legalize cannabis for medical and recreational use, the legal landscape is becoming more supportive. Federal efforts to ease research restrictions are also legitimizing the industry. Medical professionals are increasingly recommending cannabis for conditions like chronic pain and anxiety, boosting its use among patients. At the same time, younger adults are more open to cannabis, fueling broader social acceptance. Innovation in product formats—such as edibles, oils, and beverages—is attracting new users who prefer non-smoking options. Economically, cannabis is creating jobs and generating tax revenue for states. With improved retail access and stricter safety regulations, trust in legal products is growing. All these factors are working together to strengthen the market and drive long-term growth.
Key Takeaways
- In 2024, the U.S. cannabis market earned US$ 38.4 billion, projected to hit US$ 115.1 billion by 2033, growing at 11.6% CAGR.
- Marijuana dominated the source segment in 2023, securing 58.3% of the market share over hemp due to rising recreational and medical usage.
- When looking at derivatives, CBD products led the market, accounting for a substantial 63.4% share owing to their widespread therapeutic appeal.
- Among cultivation methods, indoor cultivation stood out, capturing 52.5% of the revenue due to its controlled environment and high-quality yield.
- Recreational use was the top-performing end-use category, representing 55.7% of market revenue as legalization efforts expanded nationwide.
Emerging Trends
- Wider Public Acceptance and Use
- Growth of Cannabis-Infused Beverages
- Focus on Wellness and Functional Products
- Expansion of Legal Sales Across More States
Use Cases
- Retailers Choosing Store Locations
- Product Innovation for Different Age Groups
- Farmers Growing Specific Cannabis Strains
- Medical Clinics Using Cannabis as a Treatment Tool
View more: https://market.us/report/us-cannabis-market/
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