Recreational Cannabis Global Market Report 2024

The recreational cannabis market size has grown strongly in recent years. It will grow from $1.98 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the past period can be attributed to changing societal perceptions, the economic impact and generated tax revenue, the emergence of medical cannabis as a precursor, and the development of the cannabis tourism and hospitality industry.

The recreational cannabis market size is expected to see strong growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the upcoming period can be linked to the expanding global legalization of cannabis, ongoing innovations in cannabis product diversity, the integration of cannabis into mainstream culture, the increasing emphasis on health and wellness trends, and continued research and development in cannabinoids. Noteworthy trends in the forecast period encompass a strong focus on wellness and health aspects, the adoption of sustainability practices, ongoing regulatory advancements, the emergence of social consumption spaces, as well as increased collaborations and partnerships within the industry.

The anticipated rise in the prevalence of neurological disorders is set to drive the growth of the recreational cannabis market. Neurological disorders, which affect the central and peripheral nervous systems, encompass conditions involving the spinal cord, nerves, and the brain. Common types include Alzheimer's disease, epilepsy, seizures, and Parkinson's disease. Cannabis has shown efficacy in treating neurological conditions by regulating calcium homeostasis and reducing neuroinflammation. For example, a December 2022 report from the Parkinson's Foundation, a US-based non-profit organization focused on Parkinson's disease, revealed an increase in the Parkinson's disease incidence rate to nearly 90,000 diagnoses per year, up from previous estimates of 60,000 yearly diagnoses. Consequently, the growing prevalence of neurological disorders is a significant factor propelling the growth of the recreational cannabis market.

The shifting societal attitudes toward cannabis use are poised to contribute to the expansion of the recreational cannabis market. These attitudes encompass prevailing perceptions, beliefs, and opinions within a community or society regarding the acceptance, legality, and social norms surrounding cannabis consumption. Notably, a survey conducted by the Pew Research Center in October 2022 revealed that a significant 88% of U.S. adults expressed a preference for the legalization of marijuana. Specifically, 59% advocated for its legalization for both medical and recreational purposes, while 30% supported legalization solely for medical use. This evolving acceptance of cannabis within society is a driving force behind the growth of the recreational cannabis market.

The prominence of product innovations has risen as a key trend, with major companies strategically focusing on the development of innovative products to reinforce their market standing. Illustratively, in June 2023, Aurora Cannabis Inc., a licensed cannabis producer based in Canada, introduced a range of innovative recreational cannabis products. This lineup includes Lil' Bits Sour Grape and Sour Watermelon (10 x 1mg edibles), Mango XL Vape, Signature Hash, among others. The Lil' Bits Sour Grape and Sour Watermelon Low Dose Edibles offer delectable flavors in a snackable form, catering to novice users or those interested in micro-dosing. These products feature crowd-pleasing, nostalgic flavors with minimal to no aftertaste from cannabis. Mango XL Vape (510–1.2g) utilizes a unique blend of quality resin enriched with botanical terpenes, providing a full-spectrum and full-flavor vaping experience. The Signature Hash (2g) represents a groundbreaking bubble hash blend, setting new standards for malleability and burnability.

Major companies within the recreational cannabis market are also channeling their efforts into innovative methods, such as online platforms and delivery services, to solidify their market position. Online platforms and delivery services contribute to enhanced accessibility, convenience, and efficiency within the recreational cannabis sector, aligning with the digital age. As an example, in August 2023, Canterra, a US-based company, initiated licensed cannabis delivery in Western New York. Their online platform enables customers in various counties to explore and purchase adult-use recreational cannabis. With a focus on customer education, Canterra aims to revolutionize the cannabis shopping experience by offering a user-friendly interface, an extensive product catalog, and a seamless purchasing process. This strategic approach reflects the industry's commitment to leveraging technology and convenience to meet evolving consumer demands.

In June 2023, Tilray Brands, a prominent cannabis and beverage alcohol company based in the US, completed the acquisition of Hexo Corporation for an estimated $56 million. This strategic move enhances Tilray's market dominance in Canada's cannabis sector, enabling the combined entity to maximize sales, refine marketing strategies, and bolster distribution networks. This acquisition aims to fortify Tilray's commercial presence and expedite its expansion in capturing a larger market share. Hexo Corporation, the acquired entity, is a renowned Canadian recreational cannabis producer.

Major companies operating in the recreational cannabis market report are The Cronos Group, Verano Holdings, Cresco Labs Inc., SNDL Inc., Medical Marijuana Inc., Tilray Inc., 22nd Century Group, Aurora Cannabis Inc., Canopy Growth Corporation, Columbia Care, PharmaCann Inc., Perrigo, Village Farms International Inc, Indiva Limited, VIVO Cannabis Inc., TerrAscend Corp., Acreage Holdings, HEXO Corp, 4Front Ventures, C3 Industries, TILT Holdings, Maricann Inc., Organigram Holding Inc., Ascend Wellness Holdings, Curaleaf Holdings Inc., Trulieve Cannabis, Green Thumb Industries, Geron Corporation.

North America was the largest region in the recreational cannabis market in 2023. The regions covered in the recreational cannabis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the recreational cannabis market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The range of products within recreational cannabis includes oils, transdermal patches, tablets, capsules, vapes, suppositories, tinctures, creams, edibles, and more. Oil, in this context, represents a diverse array of compounds characterized by their unctuous, viscous, flammable nature, liquid state at room temperature, and solubility in ether or alcohol but not water. These compounds predominantly contain tetrahydrocannabinol (THC), cannabidiol (CBD), or a balanced combination of both, administered orally, topically, through inhalation, rectally, or sublingually. These applications cover a spectrum including chronic pain, cancer, mental health conditions, sleep management, among others. End users encompass pharmaceuticals, food and beverage, tobacco, personal care, as well as research and development entities.

The recreational cannabis market research report is one of a series of new reports that provides recreational cannabis market statistics, including recreational cannabis industry global market size, regional shares, competitors with a recreational cannabis market share, detailed recreational cannabis market segments, market trends and opportunities, and any further data you may need to thrive in the recreational cannabis industry. This recreational cannabis market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The recreational cannabis market consists of sales of cannabis indica and cannabis sativa. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.