Private Equity and Venture Capital Investing in the U.S. Cannabis Industry
Introduction Disclaimer: This post is not investment advice. U.S. cannabis is a large, fragmented, state-by-state consumer and healthcare-adjacent market with unusually “legal-but-illegal” federal risk. In 2025, U.S. regulated cannabis sales (adult-use + medical) were $31.5B (adult-use $23.9B, medical $7.6B) with $39.1B forecast by 2029, per BDSA–sourced estimates. Several investing realities dominate underwriting: State markets are …