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The Press Release

Whitney Economics and First Citizens Bank have partnered together to produce the 2026 State of the U.S. Cannabis Industry Report.

About the Report

The 2026 State of the Cannabis Industry Report provides cannabis industry data and statistics on the economic, policy and financial forces shaping U.S. cannabis and hemp businesses. This cannabis market analysis draws on operator surveys, proprietary banking data and economic research from First Citizens Bank and Whitney Economics, revealing how businesses are navigating pricing pressure, regulatory change and uneven access to capital entering the new year.

First Citizens Bank’s Cannabis Banking business specializes in financial services tailored to the unique needs of cannabis- and hemp-related companies. With a team of dedicated bankers, the Cannabis Banking business supports clients through a full suite of banking products and services.

Some of the findings in the report

The report finds that despite negative revenue growth in parts of the industry, expectations for improved performance remain strong with 87% of cannabis and hemp companies surveyed anticipate revenue growth in 2026, up from 66% projecting growth in 2025.

Pricing pressure, policy uncertainty, and uneven access to capital are forcing operators to adjust how they plan and manage their businesses,” said Ryan Palmquest, Head of Cannabis Banking at First Citizens Bank. “At the same time, many remain cautiously optimistic about the year ahead, as the potential marijuana rescheduling efforts could ease tax burdens and increase access to financial services for operators.”

Access to financial services continues to ease, though unevenly. On average, founders provide 60% of company capitalization, underscoring the industry’s continued reliance on self-funding. Banks (31%) have emerged as the most reliable source of external financing, followed by private lenders or high-net-worth individuals (21%) and friends and family (20%). Bank lending remains predominantly asset-based, with 74% of loans secured by real estate, reflecting the importance of collateral in underwriting decisions. Bank lending is predominately hemp-focused as marijuana remains federally illegal in the U.S.

Policy remains the defining variable, spurring active engagement.

Federal policy continues to rank as the most influential external factor shaping company performance, with nearly half of survey respondents (46%) citing federal policy as having the biggest impact on their business in 2025, followed by the macroeconomic environment and price compression and license saturation.

On behalf of Whitney Economics, we would like to extend our thanks to the entire team at FCB. I cannot express enough my appreciation to the FCB team for their work and collaboration on this project. They were a delight to work with over the past few months and were a great team to partner with.

The Report

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