The Cannabis Market Retrenches, Reassesses & Redeploys
Despite a few states launching their legal cannabis programs, business licensing in the United States and Canada plateaued in 2023. After six years of growth, companies in larger, more mature states struggled to optimize their operations amid falling product pricing, penalizing tax policies and a Balkanized marketplace thwarting economies of scale.
Read CRB Monitor’s 2023 Business License Activity Review to get the full picture of cannabis business licensing, including applications, approved licenses and active operations.
Among the licensing highlights in our exclusive research report:
- Total active business licenses in the U.S. declined -4%
- Approved and pending licenses surged in the beginning of the year, only to retreat -8% in the fourth quarter
- Pre-licensing activity peaked at 8,896 applications at the beginning of the year, then plummeted by -40% in the second half of 2023
- Canada’s cannabis licensing landscape remained stable with active business licenses increasing by 2%
This issue also features a roundup of U.S. legislation, regulation and markets in 2023.
- “Despite a Couple of Big Steps, the Feds Didn’t Travel Far as More States Liberalize”
- “Rocky Start in Several New Markets in 2023”
And find out which states may become new adult-use markets in “What to watch for in 2024.”
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Brett Goetschius
Editorial Director, CRB Monitor
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