Market Potential
States without adult-use cannabis are leaving an estimated $21.3B annually on the table
Estimates based on per capita adult-use sales from three operational benchmark states, applied to each state's total population. Per capita figures use the same total-population basis as the benchmark calculations. See the full per capita rankings →
| # | State | Population | Tier | CT Estimate (#20) | NJ Estimate (#15) | CO Estimate (#9) |
|---|---|---|---|---|---|---|
| 1 | Texas | 31,700,000 | Prohibited | $1.9B | $4.0B | $6.2B |
| 2 | Florida | 23,462,518 | Medical | $1.4B | $3.0B | $4.6B |
| 3 | Pennsylvania | 13,059,432 | Medical | $793M | $1.6B | $2.6B |
| 4 | Georgia | 11,302,748 | Prohibited | $686M | $1.4B | $2.2B |
| 5 | North Carolina | 10,000,000 | Prohibited | $607M | $1.3B | $2.0B |
| 6 | Virginia | 8,880,000 | Pre-Op | $539M | $1.1B | $1.7B |
| 7 | Tennessee | 7,320,000 | Prohibited | $445M | $924M | $1.4B |
| 8 | Indiana | 6,970,000 | Prohibited | $423M | $880M | $1.4B |
| 9 | Wisconsin | 5,960,000 | Prohibited | $362M | $752M | $1.2B |
| 10 | Alabama | 5,193,088 | Medical | $315M | $656M | $1.0B |
| 11 | South Carolina | 5,000,000 | Prohibited | $304M | $631M | $981M |
| 12 | Louisiana | 4,618,189 | Medical | $280M | $583M | $906M |
| 13 | Kentucky | 4,500,000 | Medical | $273M | $568M | $883M |
| 14 | Oklahoma | 4,123,288 | Medical | $250M | $520M | $809M |
| 15 | Utah | 3,551,150 | Medical | $216M | $448M | $697M |
| 16 | Iowa | 3,190,369 | Decrim | $194M | $403M | $626M |
| 17 | Arkansas | 3,110,000 | Medical | $189M | $393M | $610M |
| 18 | Kansas | 2,977,220 | Prohibited | $181M | $376M | $584M |
| 19 | Mississippi | 2,954,160 | Medical | $179M | $373M | $580M |
| 20 | Idaho | 2,030,000 | Prohibited | $123M | $256M | $398M |
| 21 | Nebraska | 2,018,006 | Prohibited | $123M | $255M | $396M |
| 22 | West Virginia | 1,766,147 | Medical | $107M | $223M | $347M |
| 23 | Hawaii | 1,432,820 | Medical | $87M | $181M | $281M |
| 24 | New Hampshire | 1,415,342 | Medical | $86M | $179M | $278M |
| 25 | South Dakota | 909,000 | Medical | $55M | $115M | $178M |
| 26 | North Dakota | 756,927 | Medical | $46M | $96M | $149M |
| 27 | Wyoming | 588,753 | Prohibited | $36M | $74M | $116M |
No tax revenue projections are included. Tax revenue varies dramatically by structure — see individual state pages for context.