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The legal cannabis market is the hottest industry in the U.S. By 2023, Brightfield Group estimates that the total U.S. market will reach $22.7 billion, with a CAGR of 20 percent from 2019 to 2023. While Western states like California, Colorado, Nevada, Washington and Oregon currently make up the vast majority of the market, Brightfield estimates that by 2023, Eastern states will comprise 34 percent of the total U.S. market.
By January 2020, 11 U.S. states will permit legal recreational cannabis sales, and Brightfield Group predicts that number will grow to 16 by 2023. The newest additions include Michigan and Illinois, with recreational legalization measures expected in New York and New Jersey. A total of 33 additional states permit medical cannabis, and a handful of new medical markets are also likely to open by 2023, increasing the total number to 35.