11 Billion Dollar Cannabis States

Cannabis Business Times shared 2024 billion-dollar cannabis states based on their projections. I’ll share some insights on the three biggest gainers and the three biggest markets.

Top 3 Gainers

• Maryland: Projected 2024 sales at $1.13 billion, at 43.8% increase from 2023 (recent launch in July 2023).

• New Jersey: Projected 2024 sales at $959 million, at 19.8% increase from 2023 (in the close to billion-dollar section, launched in April 2022).

• Pennsylvania: Projected 2024 sales at $1.67 billion, at 9.4% increase from 2023 (medical only).

Maryland is the shining star here. Back in July 2024, Governor Moore Announced $1.1 Billion in total sales during the first year of cannabis legalization.

As New Jersey's cannabis market celebrates its third anniversary under the New Jersey Cannabis Regulatory Commission (NJ-CRC), its exponential growth, marked by $959 million in projected 2024 sales and a 19.8% year-over-year increase.

Pennsylvania will be well into the 10-figure club should lawmakers pass this recently introduced bipartisan legislation to legalize adult use.

Top 3 Biggest Markets

• California: Projected 2024 sales at $4.72 billion, at -3.4% decrease from 2023 (largest market, launched in January 2018).

• Michigan: Projected 2024 sales at $3.32 billion, at 8.6% increase from 2023 (launched in December 2019).

• Florida: Projected 2024 sales at $2.15 billion, at 6.1% increase from 2023 (medical only).

Many say that California’s black market is stronger than ever. As of August 7th this year, year to date, California has seized over $120 million in illegal cannabis.

It was believed that Ohio’s launch of adult-use would’ve impacted Michigan sales, but Detroit Free Press reported $294 million in adult-use cannabis from Michigan dispensaries in August 2024, compared with $286 million in July 2024. That’s about a 3% increase, and a almost 9% increase compared with the $271 million in product that was sold August 2023.

It’s safe to say that Florida will likely overtake Michigan for the biggest markets and if they can overcome the political squabbling trying to fight adult use.

The 11 States Projected To Be At $1 Billion By Year End

• California

• Michigan

• Florida (medical use only)

• Illinois

• Massachusetts

• Pennsylvania (medical use only)

• Missouri

• Colorado

• Arizona

• Washington

• Maryland

^{As projected by Cannabis Business Times.}

The combined projected revenue for all 11 cannabis markets over $1 billion in 2024 is approximately $22.18 billion.