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The Summer of Cannabis Licensing Opportunities
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At $5.1 billion dollars in total cannabis sales in 2023, California is still considered the world’s largest and most lucrative cannabis market with the same revenue streams as a small nation’s GDP. However, that has belied some of the challenges that cannabis businesses in the State have been facing, including a high local and State excise tax structure that impacts profitability and a powerful illegal market. In fact, when viewed not based on total market size but on a per capita rate, California is actually outperformed by several other markets, such as Michigan’s, which saw per capita sales at approximately 3x California’s in that same year.
The global cannabis and hemp market continues to see significant growth, with more countries coming to the market in 2024 and 2025. The international cannabis and hemp oil market experienced notable expansion in 2023, with global exports of these products reaching a total value of $3.61 billion. This represents a 14.2% increase in value across all buyer countries, highlighting the growing demand for cannabis and hemp oils worldwide.