Top 5 Countries Where Weed is Legal in 2023

1. United States of America

Annual Prevalence of Cannabis Use: 22.8%

Although the United States retains its existing federal prohibition on cannabis, the recreational use of weed has been legalized in 24 states, and also in the District of Columbia, Guam, and the Northern Mariana Islands. Ohio became the 24th state to allow adult cannabis use for non-medical purposes when a majority of voters approved a corresponding ballot measure on November 7th 2023. 

The U.S. legal cannabis industry took some hits in 2022, but according to top cannabis researcher Brightfield Group, annual revenue of the industry is estimated to reach $31.8 billion by the end of 2023, growing to $50.7 billion by 2028. The increasing legalization of cannabis and rising acceptance of its use for medical purposes are the key factors driving the growth of the market. 

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 25 Countries with the Best Beaches and 20 States with the Highest Gas Prices in the US.