U.S. Cannabis Sales Projected to Reach $33.6 Billion in 2023

Key Takeaway

Combined US medical and recreational cannabis sales were projected to reach $33.6 billion for calendar year 2023, growing from approximately $30 billion in 2022. Growth was driven primarily by new adult-use market launches in Missouri, Maryland, and Connecticut, while mature markets in Colorado, Washington, and Oregon saw flat or declining revenues due to persistent price compression and oversupply. The overall growth masked significant regional divergence: newer markets were expanding rapidly while older markets were contracting. The total cannabis industry employment in the US was estimated at over 440,000 workers. For cannabis operators, the 2023 numbers illustrated the importance of market selection and timing in an industry where aggregate growth masked individual operator pain.