U.S. Cannabis Market to Observe Strong Development by 2030: Grand View Research Inc.

 U.S. Cannabis Market Growth & Trends

The U.S. cannabis market size is anticipated to reach USD 76.39 billion by 2030 and is projected to grow at a CAGR of 12.10% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as legalization of medicinal cannabis, growing consumer disposable income, rising demand for cannabis from the pharmaceutical industry, growing consumer awareness of the health benefits of cannabis, presence of major manufacturers, and the approval of the U.S. farm bill are expected to boost the market growth.

Cannabis is generally used for the treatment of various conditions, such as cancer, mental disorders, pain management, & nausea, and for recreational purposes. The high prevalence of cancer is expected to be one of the factors driving the adoption of medical marijuana over the forecast period. For instance, according to an article published by the American Cancer Society in January 2023, 609,820 cancer deaths and 1,958,310 new cancer cases were anticipated to occur in the U.S. In addition to that, two cannabidiol (CBD) drugs namely nabilone and dronabinol are approved by the FDA for the treatment of vomiting and nausea caused by chemotherapy in the U.S.

Rising awareness among people regarding the therapeutic benefits of cannabis and the launch of cannabis certification programs through partnerships drives market growth. For instance, in December 2023, Bellarmine University introduced a cannabis education certificate program offered by a public Kentucky University focusing on agriculture, business, medicine, and law in the fast-changing cannabis industry.

With the legalization of cannabis in different areas of the U.S. for medical & recreational use, many well-known personalities and mainstream companies are seeking to benefit from this trend. For instance, celebrities such as Jay-Z and Snoop Dogg have joined this movement by launching branded cannabis products (Monogram). However, avid cannabis consumers seek information regarding the extent of the celebrity’s involvement in the cultivation process. Despite this scrutiny, more celebrities are expected to follow this trend and enter the cannabis cultivation industry.

New technologies and improvements are continually being developed for the cultivation of cannabis. With an increasing demand for technologically advanced cannabis production, these expanded techniques are anticipated to assist cultivators in optimizing their resources, which further drives the market growth.

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U.S. Cannabis Market Report Highlights

• Based on source, the marijuana segment led the market with the largest revenue share of 86.91% in 2023, due to the recognition of cannabis for medical purposes and the increasing legalization of its use
• Based on derivative, the CBD segment led the market with the largest revenue share of 64.7% in 2023, owing to growing acceptance and a rise in demand for CBD-infused food, cosmetics, and medication
• Based on cultivation, the indoor cultivation segment led the market with the largest revenue share of 54.59% in 2023, owing to favorable government initiatives and investment made by key players in the market
• Based on end use, the medical use segment led the market with the largest revenue share of 66.41% in 2023 due to the increasing research activity and growing clinical trials supporting its benefits in treating various chronic disease.

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U.S. Cannabis Market Segmentation

Grand View Research, Inc. has segmented the U.S. cannabis market report based on source, derivatives, end-use, and cultivation:

U.S. Cannabis Source Outlook (Revenue, USD Million, 2018 - 2030)

• Hemp
  • Hemp Oil
  • Industrial Hemp
• Marijuana
  • Flower
  • Oil & Tinctures

U.S. Cannabis Derivative Outlook (Revenue, USD Million, 2018 - 2030)

• CBD
• THC
• Others

U.S. Cannabis Cultivation Outlook (Revenue, USD Million, 2018 - 2030)

• Indoor Cultivation
• Greenhouse Cultivation
• Outdoor Cultivation

U.S. Cannabis End-use Type Outlook (Revenue, USD Million, 2018 - 2030)

• Industrial Use
• Medical Use
  • Chronic Pain
  • Depression & Anxiety
  • Arthritis
  • Post Traumatic Stress Disorder (PTSD)
  • Cancer
  • Migraines
  • Epilepsy
  • Alzheimer’s Disease
  • Multiple Sclerosis
  • AIDS
  • Amyotrophic Lateral Sclerosis
  • Tourette’s Syndrome
  • Diabetes
  • Parkinson's Disease
  • Glaucoma
  • Others
• Recreational Use

List of Key Players in U.S. Cannabis Market

• Medical Marijuana, Inc.
• NuLeaf Naturals, LLC
• CV Sciences, Inc.
• CHARLOTTE’S WEB.
• The Cronos Group
• Organigram Holding, Inc.
• Irwin Naturals
• Tilray Brands
• Canopy Growth Corporation
• Aurora Cannabis

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.