Cannabis market growth accelerates with $32 billion in global sales

On March 17, 2025, 420 Seeds reported significant insights into the evolving landscape of the global cannabis market. The industry is transforming due to factors like legalization efforts, advancements in medical applications, and changing consumer preferences. Analysts project the market to reach $58 billion by 2028, driven by a compound annual growth rate of 13.2%. In 2023, global cannabis sales were valued at $32 billion, with over 75% of revenue from North America, notably the U.S. and Canada, where legalization is widespread. However, as states in the U.S. continue to adapt laws, international markets such as Europe and Latin America are also gaining traction. Regulatory frameworks in these regions are gradually becoming more supportive of cannabis, particularly for medical use. The legal recreational cannabis market is burgeoning, yet challenges remain from illicit markets and competitive pricing due to taxation. Nevertheless, the expansion offers substantial investment opportunities in medical cannabis and industrial hemp, with the latter projected to reach $15.1 billion by 2028. Countries like China and France are leading in industrial hemp production, while European seed producers are starting to capture a share of the U.S. market. This growing diversification allows home growers access to a wider range of cannabis genetics at competitive prices. The financial prospects of the cannabis sector are compelling investors and stakeholders, creating a dynamic environment for future growth. The accelerating legalization momentum in Europe, notably efforts in Germany and the UK, might trigger a broader adoption across the EU, ushering in new financial opportunities. As the industry develops, the ongoing regulatory changes and market innovations will likely shape the landscape of both recreational and medical cannabis sectors.