2023 U.S. Cannabis Report

Market Updates & Projections

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The U.S. cannabis industry is experiencing a mix of challenges and opportunities. While the oldest legal adult-use state markets saw declining revenues in 2022, the newly legalized east coast state markets are expected to drive growth in the medium-term. With more states legalizing either medical or adult-use markets, legal sales could reach $71 billion by 2030. 

Key Points to Uncover: 

  • Oldest legal adult-use state cannabis markets experienced declining revenues for the first time in 2022.
  • Newly legalized east coast state markets serve as a strong foundation for growth of the industry in the medium-term.
  • Legal sales could top $71 Billion by 2030 with 18 additional states positioned to legalize either medical or adult-use in the next decade.
  • 96% of Americans will live in a state with some form of legal cannabis access if all 18 new states successfully pass legalization measures.
  • Political opposition in historically conservative states will continue to resist legalization efforts.
  • Registrations for medical programs trend up in medical-only states bordering newly legal adult-use states and trend down in states that legalize adult-use on top of existing medical programs.
  • Broader macro factors like inflation, high taxes and the illicit market could impact near-term revenues, but will have little impact on the surging levels of demand for legal cannabis.



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