2023 Retail Cannabis Sales Across the U.S.
April 2, 2024

2023 retail cannabis sales across the U.S. continue to grow, and the rank of the states that have the most total retail sales may be a surprise to some. The figures below are still incomplete as each state releases their sales figures at different intervals, yet the data available does provide for preliminary analysis of state-level performance.

Preliminary retail cannabis sales for select states in 2023 are illustrated below.

2023 Retail Cannabis Sales across the U.S.
(Not all states have reported full sales figures)

Key observations based on this subset of states include:

  • California remains the largest market in the county. It also currently has the lowest prices in the country, implying significantly more volume by weight transacted than any other state.
  • Michigan has quickly risen to be the second largest consumer market.
  • Illinois and Massachusetts claim rank 3rd and 4th, respectively, and are nearing the $2 Billion mark.
  • After peaking in 2021 with approximately $1.2 Billion in sales, retail cannabis sales in Oregon have declined for the second straight year.
  • Medical sales are rapidly offset/displaced by adult-use sales in markets offering both. This was witnessed most dramatically in Michigan (in February of 2024, medical sales represented just 1% of total sales). This suggests some probability that Pennsylvania and other large medical-only markets could see significant growth if/when adult-use is introduced. 
Share of medical cannabis market in Michigan and Massachusetts
  • Connecticut saw a significant increase in sales, as was expected with adult use legalization, yet fell short of expectations. We reported at the beginning of the year how supply bottlenecks hampered product availability. As the state Drug Control Division approves the brand registration for more products, the state will be better positioned for reaching forecasted sales in 2024.
  • Declining retail markup in several states limited sales revenue despite an increase in the number of products sold.

We will continue to collect and analyze data released for 2023 and provide periodic updates in our Wholesale Market Observer posts. For up-to-date information released by many states, take a look through the Interactive Charts that are available to all of our readers.