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.

Since the initial decriminalization of cannabis in 2014, the US Virgin Islands (USVI) has been making strides towards implementing a robust adult-use industry. With the final green light given by Governor Albert Bryan earlier in May, the adult-use cannabis industry is poised to take off later this year. There is no better time for this launch, as tourist arrivals are at an all-time high on the islands (2.4MM in 2023 and 1.2 as of July 1st, 2024!) bringing unprecedented economic opportunities.

Originally scheduled to begin in 2025, Minnesota lawmakers have successfully modified the state’s adult-use cannabis bill to allow the Minnesota Office of Cannabis Management (OCM) to start issuing license pre-approvals this summer. The application period will be open for only 19 days starting next month in July 24th, 2024, and closing August 12th, 2024, though social equity validation has been opened since June 24th and will close on July 10th. These short timelines are meant to expedite the licensing process for social equity applicants by granting cannabis cultivators the ability to begin growing commercial crops later this year (once regulations are published and property is approved) as well as allow cannabis dispensaries to gain pre-approval to begin operations next January.

Rhode Island is taking a significant step toward expanding its cannabis industry with a unique licensing approach for 24 new retail licenses up for grabs. Having initially awarded six dispensary licenses in 2021, the state is now poised to expand its cannabis market by issuing additional licenses, paving the way for increased access and competition in the industry. While many states have recently shifted to a random lottery system, abandoning merit-based processes, Rhode Island is opting for a hybrid model. This approach combines a merit-based screening process to ensure applicants “ability and readiness for licensure”, followed by a lottery to determine the final recipients.  This blend seeks to balance fairness and transparency while avoiding some of the legal challenges other states have faced.

The Licensing Window for all cannabis licensing types, other than Type 3 Processing (White Labeling – Packaging and Labeling Only), is now closed. New licensing opportunities are expected in late 2025. However, Global Go can assist with both ongoing operations and asset light entry. 

Since the beginning of 2024 the OCM has issued over 1,100 license permits, including retail dispensaries, cultivation, processing, microbusiness, and distribution. This is in addition to allowing several medical licensees to sell into the adult use market space. The intent, OCM Policy Director John Kagia noted, is for the agency’s licensing staff to work through all of the 1,850 November queue applicants before getting started on the 5,024 that were submitted by Dec. 18. 

There appears to be no retail license cap or stopping point at this point.

As Delaware prepares to open its adult-use cannabis license application process in September, the state has rescheduled several important dates to be aware of. The most urgent of which is that any person looking to apply for as a social equity applicant in 2024 must be qualified as a Social Equity Applicant by July 15th, 2024. Further information can be found here.

For entrepreneurs and investors eager to seize first-mover advantage in the rapidly expanding Mid-Atlantic cannabis market, Delaware's Adult-Use Cannabis market presents an unparalleled opportunity.

As we await the imminent announcement from the Maryland Cannabis Administration regarding the commencement of the second round of adult-use cannabis licenses, significant updates have already shaped the landscape for operators in the state. Early this June, the Maryland cannabis industry underwent substantial changes that will impact both current and prospective license holders. These transformations stem from recent legislative actions by the Maryland General Assembly, alongside regulatory adjustments by the Maryland Cannabis Administration (MCA).

Curaleaf, Trulieve, GTI, Verano and Cresco continue to rank as the five largest cannabis companies in the world in our annual Global Cannabis 50, but there was much movement lower down our ranking of public companies by 2023 net revenue.

The summer of cannabis licensing has been one of the most thrilling windows in recent memory, with a flurry of new developments and market expansions keeping the industry on its toes. As we move into the fall, there's still plenty more to come, promising continued excitement and opportunities for growth.

Beginning today, July 1st, Kentucky will start accepting license applications for its brand-new medical cannabis market. The Commonwealth’s plans are to hold a 60-day application period, which will close Aug 31st, 2024. Last year Kentucky's Governor Andy Beshear took a historic step by signing Senate Bill 47 into law, paving the way for the legalization of medical cannabis in the commonwealth effective on January 1, 2025. As that date approaches, these initial license winners are poised to be the first movers in the Bluegrass State, setting the pace and establishing their dominance in this emerging market.