There are 23 states that have legalized the licensed distribution of recreational marijuana. Here’s a look at the 10 with the most lucrative markets.
Between 2012 and now, the US has gone from having no states with legal recreational marijuana markets to having nearly two dozen. Although a couple of the 23 states with legal marijuana sales do not yet have licensed stores open because they legalized too recently (Ohio and Minnesota, for example), most have flourishing marijuana markets.
With that said, here are the 10 states with the largest marijuana markets based on total sales for the first quarter of this year.
California:
- Legalized in 2016
- First recreational store opened in 2018
- Approximate number of stores: 1,244
- Total sales for Q1 2024: $1.1 billion
Michigan:
- Legalized in 2018
- First recreational store opened in 2019
- Approximate number of stores: 994
- Total sales for Q1 2024: $788 million
Illinois:
- Legalized in 2019
- First recreational store opened in 2020
- Approximate number of stores: 232
- Total sales for Q1 2024: $492 million
Massachusetts:
- Legalized in 2016
- First recreational store opened in 2018
- Approximate number of stores: 436
- Total sales for Q1 2024: $436 million
Washington:
- Legalized in 2012
- First recreational store opened in 2014
- Approximate number of stores: 471
- Total sales for Q1 2024: $400 million
Colorado:
- Legalized in 2012
- First recreational store opened in 2014
- Approximate number of stores: 1,023
- Total sales for Q1 2024: $356 million
Missouri:
- Legalized in 2020
- First recreational store opened in 2023
- Approximate number of stores: 215
- Total sales for Q1 2024: $347 million
Arizona:
- Legalized in 2020
- First recreational store opened in 2021
- Approximate number of stores: 292
- Total sales for Q1 2024: $240 million
Oregon:
- Legalized in 2014
- First recreational store opened in 2015
- Approximate number of stores: 824
- Total sales for Q1 2024: $232 million
Nevada:
- Legalized in 2016
- First recreational store opened in 2017
- Approximate number of stores: 169
- Total sales for Q1 2024: $215 million
New Jersey:
- Legalized in 2020
- First recreational store opened in 2022
- Approximate number of stores: 296
- Total sales for Q1 2024: $201 million
According to a recently released report, states with legal marijuana sales garnered over $4 billion in tax revenue and have accumulated over $20 billion since 2014. California, Illinois, and Washington topped the list for the most marijuana taxes made in 2023
