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Industry Landscape
The legal cannabis industry, particularly the vaping hardware segment, is experiencing rapid growth driven by increasing legalization and consumer demand for diverse consumption methods. Innovation in product safety and performance, alongside automation readiness, is critical for manufacturers to differentiate in a competitive landscape. Regulatory changes continue to shape market dynamics, requiring adaptability from businesses.
Total Assets Under Management (AUM)
Legal Cannabis Market Size in United States
~30.3 billion USD (2023)
(14.2% (2024) CAGR)
- This growth is primarily driven by expanding adult-use and medical cannabis markets across states.
- Increasing consumer acceptance and product diversification contribute to market expansion.
- Technological advancements in cultivation, processing, and consumption methods also play a role.
Total Addressable Market
30.3 billion USD