Cannabis Industry in the United States

The United States of America is the country that consumes the most weed in the world. As we mentioned in our article – 30 Cities with the Highest Weed Consumption in the US – the American legal cannabis industry fared well in 2023 as legal sales across the 38 states that allow some form of regulated marijuana reached $28.8 billion, a 10.3% increase from the previous year. Meanwhile, the legal cannabis industry also added 22,952 new jobs last year – a sign that the national business climate has somewhat stabilized following the turmoil of the previous two years. According to the 2024 Vangst Jobs Report, there were over 440,445 jobs supported by legal cannabis nationwide as of early 2024, an increase of 5.4% from 2023. The increasing legalization of cannabis and rising acceptance of its use for medical purposes are the key factors fueling the industry. Growth is also expected to come from new markets. One such example is Nebraska’s vote in favor of legalizing medical marijuana last month.

As of the writing of this article, 24 states have legalized recreational weed in America, in addition to the District of Columbia. However, possessing or selling marijuana remains a crime under federal law, punishable by prison time and fines.

Major Blow to the US Cannabis Revolution

In a significant setback for America’s legal cannabis industry, Florida voters rejected a ballot measure to legalize recreational marijuana in November. The measure, known as Amendment 3, got 55.9% support, failing to meet the required 60% threshold. This was despite historic levels of funding, a rigorous advertising campaign, and even an endorsement from President-elect Donald Trump.

Florida, with its population of 20 million people, is already home to the country’s largest medical marijuana market, boasting an annual revenue of $2 billion. The Sunshine State is also a popular tourist destination (especially during spring break) and attracts more than 140 million tourists every year. If Amendment 3 had been passed, Florida was expected to become a $6 billion cannabis market by 2026.

Through the Smart & Safe Campaign, Florida’s cannabis companies and individual donors collectively contributed more than $150 million to get legalization enacted into law, with most of it coming from the largest medical marijuana operator in the state. On the other hand, Florida Governor Ron DeSantis, who aggressively campaigned against Amendment 3, spent an estimated $50 million of taxpayer money on radio and television ads to successfully convince enough voters to reject the measure. Meanwhile, hedge fund billionaire Ken Griffin also came out against legalization and donated $12 million to the Vote No On 3 campaign.