Cannabis Market Projections
Projected US Cannabis Market Size
Updated April 2023
Combined US medical & recreational cannabis sales could reach $33.6 billion by the end of 2023, largely driven by the opening of new adult-use markets.
Retail cannabis sales are projected to be upwards of $53.5 billion by 2027, according to analysis from the MJBiz Factbook.
Where is New York’s Market Going in 2023?
New York may have been dealt a rough hand with the licensing and regulatory restraints leading up to the launch of adult-use, but with a 21+ adult population of ~15 million the market is still expected to be the largest single opportunity for 2023.
New York has also seen rapid consumer growth, with BDSA Consumer insights showing that the share of past six-month consumers in New York has grown from !38% in Fall 2021 to !44% in Fall 2022, suggesting that consumer interest in cannabis will not be a factor holding back the market at all.