According to a new report, the number of pending and approved marijuana business licenses in the U.S. jumped by 21% in the second quarter of 2024, reaching 5,687—the highest total in over two years.
According to CRB Monitor’s latest report, New Jersey and New York were key drivers of this growth, contributing to a 17% rise in new licenses compared to 2023.
However, the total number of active marijuana business licenses across the nation fell by 2%, continuing a six-quarter downward trend. Despite this, no state saw a drop exceeding 10%, suggesting that the U.S. cannabis market is stabilizing after two years of consolidation.
“The second quarter trends indicate that mature markets are stabilizing, while operators remain optimistic about emerging markets in states like New York, New Jersey, Florida, and Ohio,” said Steve Kemmerling, CEO of CRB Monitor.
(Photo credit: MJBizDaily).
In Canada, the number of active licenses decreased by 6% to 5,869, down from a peak of 6,860 in late 2023. Though active licenses declined, there was a slight increase in approved and pending licenses. However, new entrants to the Canadian market hit a two-year low, with just 256 pre-licensing applications.
Cultivation and retail licenses remain the most sought-after in both the U.S. and Canada, with pending and approved licenses rising by 22% and 14%, respectively.
