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Cannabis market to get a whole lot bigger: report

Published on March 25, 2026 by Pat Bulmer

Photo: Adobe Stock/the oz.

The worldwide cannabis market will grow five times larger over the next 10 years, a new report says.

SNS Insider’s Cannabis Cultivation Market report said the industry will grow 18% per year thanks to growing demand for legal medical and recreational cannabis, and industrial hemp.

The worldwide market was estimated at US$676 billion in 2025 and is forecast to reach US$3,685 billion by 2035. The U.S. market was valued at US$262 billion in 2025 and is predicted to reach US$1,428 billion by 2035.

The expansion of adult-use cannabis in the United States, implementation of Germany’s Cannabis Act in 2024 (which legalized personal possession), and expansion of medical cannabis in nations such as Australia, Thailand and Brazil are driving the growth, a press release touting the report said.

Medical consumption accounted for almost half of the market share thanks to global expansion of government-approved medical cannabis programs.

Recreational consumption is slated to grow at the fastest rate, as legalization continues across new U.S. states, the Canadian market matures and other countries give legalization a try.

Asia Pacific — Thailand, Australia, South Korea, and India were cited — is expected to be the fastest-growing region, mainly due to medical cannabis.

About half of cannabis revenues are generated in North America.

Among cannabis strains, mood-mellowing indica accounted for approximately 45.62% of revenue in 2025, owing to its role in treating chronic pain, insomnia and anxiety disorders.

Mood-boosting sativa is anticipated to grow by nearly 20% per year, driven by the adult market, the report said.

Marijuana accounts for about 62% of the market while hemp will grow at a rate of about 20% a year due to its role in wellness products.

Canadian companies featured in the report include Canopy Growth, Aurora, Tilray, Cronos, Organigram, Hexo and SNDL.

SNS Insider is an Austin, Texas-based research and consulting company. SNS stands for Strategy and Stats.