A new report projects the cannabis market in the United States will reach $22.7 billion in sales by 2023. The estimates in the Brightfield Group report imply a compound annual growth rate (CAGR) of 20 percent over the next four years.

The recreational market is expected to lead the charge, at least in 2019, delivering 33 percent growth, driven by a variety of factors including the stabilization of the market in California and new adult-use markets coming online. The Brightfield Group,a predictive market intelligence services provider for the CBD and cannabis industry, last year predicted the hemp-derived CBD market would hit sales of $22 billion by 2022.

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