Editor's note: This article has been reviewed and updated for accuracy in 2026. Legal Cannabis Industry Intelligence Overview With both medical and recreational cannabis legal in half of of the United States and throughout Canada, the entire industry is booming and we're all about it! In fact, many business metrics indicate that cannabis is the fastest growing industry in the U.S. Recent projections show that cannabis could be a $40 billion industry by 2024 – nearly four times the amount that consumers spent on legal cannabis worldwide in 2018. [caption id=attachment_2424 align=aligncenter width=960] Cannabis industry growth trends per Statista.com[/caption] As much as the industry has taken off in recent years, there is still plenty of room for growth – and the US states with legalized medical and recreational cannabis are serving as the epicenters of the industry. There is also a distinct possibility that more states will legalize cannabis in the years to come, which could lead to a national repeal on cannabis prohibition in the near future. In other words, right now is a great time to be a cannabis entrepreneur or a business trying to carve out a piece of the cannabis industry pie. [caption id=attachment_2425 align=aligncenter width=640]<im