The legal cannabis industry continued to expand in value sales despite exogenous challenges, such as socioeconomic and geopolitical tensions, and industry-specific ones, such as ongoing price compressions, oversupply and unpredictable regulatory measures. Resilient adult-use consumer demand and telemedicine-fuelled medical sales driven by quasi-recreational consumption were key propellers for the global cannabis industry in 2025.
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Key findings
Adult-use and medical cannabis lead 2025 value growth
Global cannabis value sales experienced high single-digit growth in 2025, led by the continuously strong US adult-use market and increases in telemedicine-fuelled medical cannabis sales, particularly in Germany, compensating another challenging year for CBD and Other Non-Intoxicating Cannabinoids.
Volatile regulations remain an inherent component in the cannabis industry
Regulatory ebbs and flows have been an intrinsic element of the global cannabis industry, and 2025 was a good example of that. Regulatory amendments in the US, in medical cannabis in Germany, adult-use in Thailand and CBD in Italy were some of the key revisions that will shape the future of global cannabis sales.
HDIC momentum continues despite nebulous times ahead
US hemp-derived intoxicating cannabinoids (HDIC) continued to lead a significant amount of new product launches and expand across mainstream retailers in both legal and illicit cannabis states, posing fiercer competition to legal cannabis and regular FMCG sales, particularly alcoholic drinks. However, recent revisions on US hemp definitions put its future at stake.
Wider channel access as a key cannabis sales driver
Cannabis sales are usually restricted to a limited channel scope; namely pharmacies in medical and dispensaries in adult-use. Nevertheless, the ongoing expansion of telemedicine platforms in medical markets and of HDIC products across everyday retailers highlighted the power and influence of the channel landscape on cannabis sales.
US adult-use states to drive most of the projected global value increases
Despite the current hazy momentum, future global cannabis value sales will grow. Medical markets will continue to expand and emerge around the world, but most pockets of value growth will inevitably derive from US adult-use; particularly through the unlocking of newer states and the ongoing evolution of the cannabis products landscape, supported by resilient consumer demand.
Our expert’s view of cannabis in 2025
Cannabis snapshot
Key findings in 2025
Adult-use segment as the driving force behind the global legal market
Top five trends in cannabis
Top five trends uncovered
Drivers of consumer markets and impact on cannabis
The intersectionalities between cannabis and adjacent industries
Another year of value growth backed by the adult-use and medical segments
The US continues to lead across the three legal segments
Adult-use remains as the main revenue engine for the US
Germany establishes itself amongst the main cannabis markets in the world
North America leads the decrease in the global illicit penetration
Legal prevalence resumes growth in 2025 after challenges in 2024
Previous cannabis experience as a differing factor across adult-use and CBD users
Product features preference as a lens to understand cannabis consumers’ profiles
Cannabis as a cross-industry disruptor
Positive economic impact of legalisation is more widely perceived by the public
Uncertain periods for cannabis companies are overcome by solid consumer demand
Notable M&As, retail expansion and market entry as key corporate strategies in 2025
Legacy formats still dominate, but emerging ones continue to expand
Prominent product innovation trends in 2025
Key areas of emerging regulatory focus
Global legislative updates from 2025 to date
Telemedicine as a driver for medical cannabis
Rise of digital clinics and telemedicine platforms presents double-edged sword
Cannabis retailers’ strategies go beyond their product portfolios
Adult-use remains the main source of future growth
Curb on telemedicine and adult-use presence to shape the future of medical cannabis
Brighter future for CBD despite recent global sales contractions
New US states and move from Schedule I to III can boost future adult-use value growth
Hemp-derived intoxicating products at a crossroads
Flowers to face fierce competition with ever-growing less traditional formats
“Social regulation” as a key factor setting the future trajectory of cannabis globally
Future opportunities ahead amidst a hazy period
Opportunities for growth
Our expert’s view of cannabis to 2030
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