May 2026 – Business Plan Templates

2026 Cannabis Reform Proposals (May 2026 Update)

As of May 2026, at least five states have medical/adult-use cannabis reform proposals in process.

2026 Cannabis Reform Ballot (May 2026 Update)

As of May 2026, three states – Idaho, Massachusetts, and Nebraska – could have their cannabis reform measures on the 2026 ballot, scheduled to be held on November 3.

Illinois Cannabis Market

While near-term headwinds persist, industry forecasts project a recovery, with Illinois Cannabis Market estimates ranging from $2B to $2.8B by 2027.

Medical cannabis sales have risen from $3.5 million in 2020 to $13.6 million in 2023, and after a brief contraction to $13 million in 2024, continued their upward trajectory. From January to October 2025, medical cannabis sales in Iowa totaled $13.7 million, driven by a continuous rise in annual transaction volume and a stable active patient base.

Global Hemp Market

Hemp is rapidly gaining global recognition as a versatile, sustainable crop with applications in building materials, food, personal care, textiles, and medicine. The rising awareness of its benefits and quickly developing regulations are projected to drive a $17 billion market by 2030.