Medical & Recreational Marijuana Growing in the US - Industry Market Research Report

New highs: Growing acceptance of medical and recreational marijuana will fuel industry expansion

The industry, which includes establishments that grow marijuana for medical and recreational use, flourished over the five years to 2023. Legislative victories over recent years, proved that the cannabis industry is one of the fastest growing industries in the US. Consumer attitudes are also accelerating legalization efforts at the state level. Gallup reports that an estimated 80.0% of US citizens approve of legal access to medical marijuana, while 60.0% approve of full adult use legalization. The growing acceptance of medical marijuana is providing growers and investors with unprecedented opportunities. As a result, industry revenue increased at a CAGR of 30.5% to $22.6 billion over the five years to 2023, including an increase of 11.8% in 2023 alone.

This industry’s establishments grow marijuana for medical and recreational use. Most operators are nonprofit collectives that provide medical marijuana to other collective members. Transactions are typically conducted on a donation basis because the sale and distribution of marijuana is illegal in most states that permit medical marijuana. The industry also includes operators in Colorado and Washington, which grow medical and recreational marijuana on a for-profit basis.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.