Editor's note: This article has been reviewed and updated for accuracy in 2026. The cannabis industry has been expanding steadily over the past few years, with Arcview Market Research and BDS Analytics predicting that the global spending in the field will triple from $9.5 billion in 2017 to a projected $36 billion in 2023 and close to $45 billion by the end of 2024 and this is not taking into account potential federal legalization which would be like pouring gasoline on these figures! This global trend can also be seen influencing the United States with more and more states legalizing the use of medical marijuana (29 states + Washington, D.C.). Recreational marijuana also won the favor of citizens across the country, with Michigan becoming the 10th state in the country to legalize it. While Canadian companies still have a stronghold over the cannabis industry because of more lenient government measures – the use of marijuana is still prohibited under federal law in the US – the cannabis industry across the world is experiencing growth at an unprecedented level. Till now, this growth was relatively inconspicuous, but trends suggest that it will take a more aggressive form over the next decade. If you are looking to invest, there isn’t going to be a better time than now. Before talking about some of the companies to look out for in the years to come, let’s try to get a basic understanding of the trends that govern the cannabis industry in the United States. Industry Trends in the United States Business is never straightforward. The cannabis industry is not an exception to this rule. Before talking about the game changers in the industry, it is important to understand some key considerations. First, Canada has a stronghold over the industry as the country legalized the use of recreational marijuana in 2018. Even before that step was officially taken, there was anticipation that led to more inves