The number of total approved and pending cannabis industry licenses in the U.S. increased during the second quarter of 2024 for the first time in two years, according to a CRB Monitor report.
Application numbers soared for many types of cannabis licenses during the quarter, including:
- Retail dispensary licenses, which increased 445% during Q2 2024.
- Cannabis manufacturing and processing licenses, which increased 119%.
- Wholesale and distribution licenses, which saw a significant 760% boost during the quarter.
- Cultivation licenses, which increased 13%.
Only applications for cannabis testing labs and delivery/transport services saw little change during the quarter.
The increase was driven by a surge in new license applications in states like Michigan, New Jersey, and New York. Michigan added nearly 600 new active licenses, increasing its total licensees by 17%, and New York added 221 new active licenses, increasing its total licensees by 48% (marking an 80% increase over the past 12 months), the report said. Additionally, Utah increased its number of active cannabis licenses by 109% during the quarter — Connecticut also increased its active licenses by 51%, New Jersey by 38%, and Illinois by 23%.
While license applications are up, however, Q2 2024 also saw a 2% decline in the total number of active cannabis licenses in the U.S. — the sixth straight quarter of fewer licensees, the report said. Some of the biggest licensing declines were in California (3%) and Oklahoma (10%) thanks to heightened regulations.
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