The California Legal Cannabis Market size is projected to reach USD 10.34 billion by 2030, expanding at a CAGR of 9.4% during the forecast period, according to a report by Grand View Research, Inc. The growth is driven by rising awareness regarding the benefits associated with the use of cannabis products for post-traumatic stress disorder (PTSD) and Alzheimer’s. According to a study conducted by National Alliance on Mental Illness California found that around 9 million adults in the U.S. are affected by PTSD.
Moreover,
according to Alzheimer’s Association, around 690,000 adults aged more than 65
years are suffering from Alzheimer’s and more than 7% of adults aged 45 years
and above are suffering from subjective cognitive decline in the state.
Additionally, according to a study published by NCBI in 2022, the adoption of
cannabis for the treatment of mental health disorders such as PTSD is
increasing among citizens in the U.S.
The
rising government efforts in the form of funding and initiatives are driving
the demand for the market in the state. For instance, in April 2023, the
California Department of Cannabis Control (DCC) announced funding of USD 20
million for the scientific study on the effect of cannabis derivatives, such as
Delta-10 THC and Delta-8, on the mental health of the young population.
Moreover, the governor of California signed 10 marijuana-related bills in
September 2022. These bills are expected to facilitate interstate commerce of
cannabis and offer employment protections for marijuana customers. The
aforementioned factors are anticipated to fuel the market growth over the
forecast period.
California
legalized cannabis for medical use in 1996 by passing the Compassionate Use Act
with 55.6% votes. The law offered legal protection to caregivers, physicians,
and patients against marijuana possession and use. Proposition 64 was passed in
2016, which legalized the recreational use of cannabis. Under this law, an
adult aged 21 years and older can possess 28 grams of concentrated cannabis and
can cultivate six plants per residence.
The
presence of key players, such as Punch Edibles Media, LLC, Leef, Jetty
Extracts, Agrowth, 4C Labs, Catalyst Cannabis Co., Harborside, and THC Design,
is positively impacting the market. Major operators are adopting strategies
such as partnerships, expansions, acquisitions, new product launches, and
collaboration to strengthen their market position. For instance, in January
2023, Jetty Extracts, a high-grade cannabis extracts producer in California,
announced its expansion in New York by entering into partnerships with
retailers and local producers. Moreover, in April 2022, Harborside Inc.
announced the acquisition of LPF JV Corporation, a manufacturer, cultivator,
and distributor of cannabis brands in the state. This strategic acquisition is
anticipated to expand the company’s market share significantly.
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summary: California Legal Cannabis Market Report
California
Legal Cannabis Market Segmentation
Grand
View Research, Inc. has segmented the California legal cannabis market based on
source, product, cultivation end-use:
California
Legal Cannabis Source Outlook (Revenue, USD Million, 2018 - 2030)
- Hemp
- Hemp CBD
- Industrial
Hemp
- Marijuana
- Flower
- Oil and Tinctures
California
Legal Cannabis Derivatives Outlook (Revenue, USD Million, 2018 - 2030)
- CBD
- THC
- Others
California
Legal Cannabis Cultivation Outlook (Revenue, USD Million, 2018 - 2030)
- Indoor
Cultivation
- Greenhouse
Cultivation
- Outdoor
Cultivation
California
Legal Cannabis End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Industrial
Use
- Medical Use
- Chronic Pain
- Depression
and Anxiety
- Arthritis
- Post-traumatic
Stress Disorder (PTSD)
- Cancer
- Migraines
- Epilepsy
- Alzheimer’s
- Multiple
Sclerosis
- AIDS
- Amyotrophic
Lateral Sclerosis
- Tourette’s
- Diabetes
- Parkinson's
- Glaucoma
- Others
- Recreational
Use
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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