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Legal cannabis industry to double in value: report

Published on July 11, 2025 by Pat Bulmer

Photo: Adobe Stock/the oz.

Canada’s legal cannabis market will double in value by 2030, a report predicts.

“The Canada Legal Cannabis Market was valued at USD 3.61 billion in 2024 and is expected to reach USD 7.19 billion by 2030, rising at a CAGR (compound annual growth rate) of 12.13%,” says Dublin-based Research and Markets in a news release.

The company’s full 83-page report (officially Canada Legal Cannabis Market, Region, Competition, Forecast & Opportunities, 2020-2030F) can be purchased for about $3,000.

“The rising use of medical cannabis is a key driver for the Canada Legal Cannabis Market,” the release says.

“Medical cannabis is now more accessible through licensed producers and prescribing healthcare providers. Public awareness around its therapeutic benefits — especially for chronic pain, insomnia, anxiety, and neurological conditions — has led to increased adoption.”

The recreational market is growing too: “Demand continues to rise, particularly for recreational cannabis, as consumers shift toward regulated, high-quality products.”

Different provincial regulations are a problem, the report says: “The fragmented regulatory landscape across provinces presents a major challenge for cannabis businesses in Canada.”

The industry is now moving into what’s called Cannabis 3.0.

“Cannabis 2.0, introduced in 2019, brought edibles, beverages, vapes, and topicals to market,” Research and Markets says. “The next wave, Cannabis 3.0, includes advanced delivery systems, personalized formulations, and wellness-focused applications such as cannabis-infused skincare and nutraceuticals.