On June 7th, 2024, Ohio’s Division of Cannabis Control (DCC) began its process for dual licensing current medical cannabis facilities for Adult-Use Sales. As of Thursday, June 27th, 47 Ohio medical marijuana dispensaries have received regulators' pre-approval for dual-use recreational sales, with Adult-Use expected to begin September 7th, 2024.

New Jersey, one of the few states that allows entrepreneurs to apply for a commercial cannabis license at any time, will open up 3 New License Types on March 27th, 2024 to all. In addition to those new licenses, the New Jersey Cannabis Regulatory Commission (NJ-CRC) also recently finalized the regulations allowing for the establishment of cannabis consumption lounges. The State sold $800,279,300 in cannabis in 2023, and has eclipsed over $2 billion dollars since 2018. With a market currently anticipated to surpass $1 billion in sales in 2024 alone, the introduction of these new licenses presents a significant opportunity for entry into the expanding New Jersey cannabis market.

The Summer of 2024 is turning into the Summer of Cannabis Licensing Opportunities, with (1) the States of Delaware, Minnesota, and Ohio starting their first round of Adult-Use cannabis licensing, (2) the State of Kentucky starting its first round of Medical-Use cannabis licensing, and (3) the State of Maryland expected to open it’s 2nd round of Adult-Use cannabis licensing.

This will make the summer of 2024 probably the most active cannabis licensing period since pre-2020, creating a ton off opportunity for existing cannabis businesses to expand and new cannabis entrepreneurs to enter the world’s newest multi-billion dollar market.

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Since the legalization of adult-use cannabis in the state, Michigan has quickly become a vibrant hub for the cannabis industry and the #2 cannabis-selling state across the country, only trailing California. Although one can argue that Michigan is outperforming the top leader, as their per capita sales are about 3x California’s. The state's cannabis retailers sold more than $3 billion in 2023 and have already surpassed $500 million in early 2024. Michigan's cannabis industry is thriving thanks to a favorable regulatory framework with open licensing, low entry barriers and modest taxes. Its strategic location bordering cannabis-prohibited states like Wisconsin and Indiana makes it a critical hub for addressing unmet demand in the region.

In early 2023, Kentucky’s governor Andy Beshear signed Senate Bill 47, which legalizes medical cannabis in the commonwealth effective Jan. 1, 2025. Regulations are still being ironed out by the governor and new Kentucky Medical Cannabis Program department, but promising signs are ahead.

Starting February 2024, Massachusetts’ new round of Social Equity Program (SEP) licensing opened for eligible applicants. The SEP application period gives qualifying individuals an exclusive early opportunity to receive specially designated cannabis licenses, including Social Consumption and Delivery licenses. It is important to note that this current SEP window does close at the end of April 2024. However, there are various opportunities still for all prospective licensing applicants (not just Social Equity), with over 10+ license types available. Massachusetts' consistent achievement of record figures for six years running, with 2023 total sales exceeding $1.56 billion, solidifies its position still as an attractive prospect for a mature market.

As of January 1st, 2024, cities in the State of California are now required to provide mandatory access to cannabis for all medical cannabis patients and caregivers. Specifically, under SB 1186 (2022), all California local jurisdictions, whether County or Municipal, must now allow for the retail sale of medical cannabis via delivery within their jurisdiction’s limits.

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As we approach the conclusion of another year in the cannabis industry, it's an opportune time to reflect on the strides made and the promising path ahead. During 2023, the states of Delaware, Minnesota, and Ohio successfully enacted measures legalizing adult-use cannabis. Additionally, numerous states, notably Maryland and New York, unveiled new licensing initiatives. As we stand at the threshold of 2024, the landscape for cannabis licensing opportunities continues to evolve, presenting numerous possibilities for the new year and beyond.

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The Midwest (including the states of Illinois, Michigan, Minnesota, and Ohio) has emerged as a pivotal region in the dynamic landscape of cannabis. These states have navigated through the complexities of legalizing and regulating cannabis with each bringing its unique approach to the industry. Collectively, these states are shaping the future of cannabis in the Midwest, presenting growing opportunities in this rapidly evolving industry.

Maryland has consistently achieved record-breaking sales on a monthly basis ever since adult-use legalization in July. The state's cannabis industry has undergone notable growth, with sales exceeding $90 million in both August and September. With social equity applicants on the verge of entering the market, Maryland total market sales numbers are only expected to continue to grow to well over $100 million per month. Currently, only those medical dispensary licenses who converted into adult-use are in operation and serving customers.

Maryland's Booming Cannabis Market Top’s $90MM in its Second Month!

California Nears Legalization of Cannabis Cafés and Events