2024 Cannabis Industry Report

J.S. Held’s Inaugural Global Risk Report Examines Potential Business Risks & Opportunities in 2024

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The US Department of Justice’s recent move to reclassify cannabis as a less harmful Schedule III drug is the latest indication of the overall industry’s proliferation. As of 2024, the global cannabis market is projected to reach approximately $38.19 billion and is expected to grow at a CAGR of 14.6% between 2024 and 2028. This growth is fueled by continued legalization, technological advancements in cultivation and processing, and a growing body of research supporting the medical benefits of cannabis. However, marijuana is still federally outlawed, and as such, the list of intellectual property protections for marijuana businesses -- despite operating legally in their state -- is short.

In the 2024 Cannabis Industry Report, experts with J.S. Held and Ocean Tomo, a part of J.S. Held, examine the current state of the cannabis market. Topics include:

  • Industry Insights
    • The science of cannabis
    • Regulations & cannabis classifications 
    • Banking & income taxes for cannabis-related businesses (CRBs)
  • Cannabis Market Overview
    • Key players by space, public players by revenue
    • Key factors influencing the market
    • Cannabis M&A – relevant transactions & looking ahead
  • Capital Markets
    • Cannabis vs S&P 500 vs Dow Jones (2021-2024)
    • EV/Total Revenue – LTM
  • Intellectual Property (IP) Overview
    • Cannabis trademark infringements & examples
    • Largest patent portfolios (US/Global)
    • Patent analyses (various companies)

More About the Contributors

Daniel Principe is a Manager in the Intellectual Property Disputes Financial Expert Testimony practice working from the Chicago headquarters of Ocean Tomo, a part of J.S. Held. The practice area quantifies economic damages arising from Intellectual Property disputes and provides general litigation support. Mr. Principe also oversees the Ocean Tomo Industry Analysts who report on the industry trends, deal activity, and share unique insights related to technology and intellectual property informing business value.

Daniel can be reached at [email protected] or +1 312 327 4426.


Brent Hull is an Analyst in the Management Consulting and Valuation practice of Ocean Tomo, a part of J.S. Held. Brent provides strategy, valuation, and transaction advisory assistance to public and private companies in a wide range of industries by applying knowledge to financial statement analysis, market research, and consultation to develop complex models for clients. These can then be used to provide financial insight and guidance for M&A, litigation support, and financial strategies.

Brent can be reached at [email protected] or +1 872 224 3461.


Paula Durham has over 20 years’ experience as an investigation, operations, and compliance specialist. She has performed complex compliance reviews, fraud investigations, FCPA investigations, and litigation support in a wide range of industries, including defense, oil services, and manufacturing. Ms. Durham is skilled in receivership management, accounting investigations, compliance assurance, litigation support, and process improvement. Her experience also includes management of multiple State Court and Federal receiverships, as well as several financial fraud investigations. In addition, Ms. Durham has extensive experience in the cannabis industry, having served as the Director of Operations and Compliance for a vertically integrated cannabis enterprise.

Paula can be reached at [email protected] or +1 602 279 7505.


Dr. Patrick Kerzic is a Board-Certified Toxicologist (DABT) with extensive experience designing, conducting, and analyzing mechanistic and human-subject research studies and human health risk assessments. Prior to joining J.S. Held, Dr. Kerzic previously served as a Staff Toxicologist with the California Environmental Protection Agency, overseeing human health risk assessment activities for over 100 sites contaminated with solvents, metals, and other hazardous materials. He served as a writer and reviewer for the Safer Consumer Products program, which aims to encourage the substitution of hazardous compounds with safer alternatives. Dr. Kerzic has served as Scientific Director for a laboratory, conducting research and clinical studies into blood diseases, including leukemia and lymphoma, and where he oversaw molecular biology and toxicology programs.

Brent can be reached at [email protected] or +1 818 940 8015.

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This publication is for educational and general information purposes only. It may contain errors and is provided as is. It is not intended as specific advice, legal, or otherwise. Opinions and views are not necessarily those of J.S. Held or its affiliates and it should not be presumed that J.S. Held subscribes to any particular method, interpretation, or analysis merely because it appears in this publication. We disclaim any representation and/or warranty regarding the accuracy, timeliness, quality, or applicability of any of the contents. You should not act, or fail to act, in reliance on this publication and we disclaim all liability in respect to such actions or failure to act. We assume no responsibility for information contained in this publication and disclaim all liability and damages in respect to such information. This publication is not a substitute for competent legal advice. The content herein may be updated or otherwise modified without notice.

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