Australia Legal Cannabis Market Projected To Reach USD 540.6 Million By 2030
San Francisco, 18 June 2024: The Report Australia Legal Cannabis Market Size, Share & Trends Analysis Report By Source (Marijuana, Hemp), By Derivative (CBD, THC), By End-use (Medical Use, Recreational Use, Industrial Use), And Segment Forecasts, 2024 - 2030 The Australia legal cannabis market size is expected to reach USD 540.6 million by 2030, registering a CAGR of 27.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as a growing patient population, cannabis legalization, government initiatives, and the presence of local and foreign players in the country contribute to market growth. For instance, according to the data published by the Penington Institute in 2022, approximately 250,000 medicinal cannabis prescriptions were approved up to June 2022. The marijuana industry is booming due to the increasing adoption of marijuana for medical and adult use. Marijuana has only been legalized for medical use in Australia and is anticipated to