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Photograph of a man in a greenhouse tending to cannabis plants.

The cannabis market has undergone significant transformation since Cowen became the first Wall Street equity research firm to cover the space in 2016. Adult use has increased, support for U.S. legalization has expanded, and despite federal wrangling, individual states with large metropolitan areas have continued to legalize and commercialize cannabis.

There remains a significant opportunity to transition a large illicit market that is currently 2x larger than the legal market. Cowen believes in the industry’s long-term potential and projects the legal cannabis industry will grow to $42 billion by 2026 from $26 billion in 2022.

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Colorado Votes to Legalize Cannabis


2021 U.S. Legal Cannabis TAM


2026 U.S. Legal Cannabis TAM (est.)