Medical breakthroughs, shifting laws, and booming demand for CBD products are powering the region’s green gold rush.
North America is in the midst of a cannabis revolution — and the numbers say it all. The legal cannabis market, valued at $26.57 billion in 2024, is forecast to skyrocket to $285.49 billion by 2034, growing at an astonishing 26.8% compound annual growth rate (CAGR). This explosive growth is fueled by three major forces: medical and recreational demand, rapid product innovation, and a wave of government support.
Why Cannabis Is Booming in North America
What once sat on the margins of legality is now becoming a pillar of modern healthcare and wellness. Across the U.S. and Canada, cannabis is gaining recognition as both a therapeutic tool and a lifestyle product. An increasing number of patients are turning to medical marijuana to manage chronic pain, anxiety, and even symptoms linked to cancer treatment. As of 2024, roughly 33% of American cannabis users consume it for both medical and recreational purposes.
Legal changes are also clearing the path. More U.S. states are pushing through cannabis-friendly legislation, while hemp-derived CBD products — now legal across all 50 states — are surging in popularity. These extracts are being added to everything from oils and lotions to snacks and sparkling beverages.
The CBD Lifestyle Shift
Cannabidiol (CBD), a non-intoxicating compound found in hemp, is rapidly becoming a wellness staple. From stress-relief gummies to skincare serums, CBD-infused products are now part of everyday routines — especially for younger consumers and older adults seeking natural alternatives to prescription drugs. Some researchers even see cannabis as a potential aid in curbing America’s opioid crisis, with early studies suggesting medical marijuana could reduce dependence on addictive painkillers like Vicodin.
Industry Leaders Push Innovation
Major cannabis companies, including Tilray and Organigram Holdings, are going beyond dried flower sales. They’re investing in research and development to create next-gen products: think customized edibles, cannabis vapes, topical gels, and even CBD beverages. At the same time, the industry is embracing sustainability practices, responding to growing consumer demand for greener supply chains.
Looking Ahead: A Maturing Market
The momentum behind cannabis is showing no signs of slowing. With an aging population, growing public support, and shifting attitudes toward wellness and plant-based alternatives, the next decade could redefine how North Americans view — and use — cannabis. Expect more innovations, expanded legalization, and a thriving market ecosystem ready to deliver on both health and lifestyle fronts.
Related Insights from TheCannex
The cannabis economy doesn’t exist in a vacuum — it’s shaking up adjacent markets and reshaping consumer behavior. For instance, cannabis legalization is already impacting traditional alcohol sales, as shown in our deep dive into the cannabis vs. Jack Daniel’s market dynamics. Meanwhile, entrepreneurs like Erin Gore are speaking out on financing challenges faced by cannabis businesses, especially in a system that still marginalizes plant-based industries. And as cannabis use diversifies, our data reveals key gender differences in marijuana consumption habits through 2025 — a crucial factor for companies targeting personalized product lines.
