MJBiz - July 2023 - 50

JUST THE FACTS Peek Inside the MJBiz Factbook
WA
MT
OR
ID
WY
NV
UT
CA
AZ
CO
KS
NM
TX
AK
HI
Has retail or cultivation
operations in the state
Multistate Operators Feel the Squeeze
Slowing economy and falling prices leave the largest cannabis operators
in a tenuous position
Company States
Curaleaf - 19
Columbia Care - 16
Green Thumb - 14
Verano - 13
M
Jushi - 7
Trulieve - 10
ost companies face
challenges raising capital.
Marijuana multistate
Cresco Labs - 10
operators (MSOs) also are carrying
significant debt, and paving a path
to profitability is proving elusive in
many cases.
Large and midsized MSOs will
continue to expand into emerging
markets this year. But they're
also rightsizing as sales plateau in
several markets, laying off workers
and-in some cases-exiting
mature or saturated states entirely.
But in addition to challenging
Source: MJBizDaily research
TerrAscend - 5
with a license renewal are skyrocketing
to more than $1.3 million,
ensuring that larger companies will
continue to dominate the state's
MMJ industry. Tallahassee-based
MSO Trulieve Cannabis, meanwhile,
has donated more than $25 million
toward a 2024 adult-use legalization
campaign.
Maryland: The state's first adultMariMed
- 5
markets, there are several states
where cannabis business opportunities
are emerging.
Florida: This huge market will
issue 22 coveted medical marijuana
licenses this year-the first new
permits to be awarded in five years.
While the market is already dominated
by MSOs, the fees associated
50 July 2023 | MJBizMagazine
use marijuana sales are set to begin
July 1. Voters passed a constitutional
amendment legalizing MJ last
November, and Gov. Wes Moore
signed regulations into law. Maryland
currently has 102 licensed medical
marijuana dispensaries, and the legislation
favors existing MMJ operators
with first-mover advantage. MSOs
such as Ascend Wellness Holdings,
Curaleaf Holdings and TerrAscend
Corp. are poised to reap the benefits.
New York: Regulators surprised
industry stakeholders in June, when
Ayr Wellness - 8
they proposed to stabilize the
shaky rollout of New York's adultuse
marijuana program by allowing
some of the nation's largest MSOs
to enter the expanded market by
year's end. The proposal would
effectively eliminate a three-year
waiting period for the state's
10 vertically integrated medical
marijuana providers to enter the
recreational market.
Pennsylvania: Many in the
Ascend Wellness - 7
Planet 13 - 3
industry believed that adult-use
cannabis laws would have passed
in Pennsylvania by now, and the
existing medical marijuana market
has proved difficult for some MSOs.
Both Trulieve and Columbia Care
laid off workers in the state in late
2022 and early 2023, respectively.
© 2023 MJBiz, a division of Emerald X, LLC
This item was excerpted from the 2023
MJBiz Factbook. To learn more, visit
insights.mjbizdaily.com/factbook-2023.
HI
AK
OK
MO
AR
MS
LA
FL
AL
GA
KY
TN
SC
State legend
CA
OR
WA
UT
NV
ID
CO
WY
MT
NE
SD
ND
TX
OK
MN
MO
IA
AR
LA
Distribution of Cannabis
Multistate Operators
WI
IL
KY
IN
AZ NM KS
TN
MS
WV
OH
MI
NC
AL
NY
VA
PA
GA
SC
FL
MD
NJ
VT
MA
CT
DE
ME
NH
RI
NE
SD
ND
VT NH ME
MN
MA
WI
MI
IA
IL
IN
OH
WV
VA
NC
PA
DE
MD
DC
WA
CT
NJ
More than 8
4-6
6-8
NY
RI
Multistate operators per state
Less than 2
2-4
http://insights.mjbizdaily.com/factbook-2023
MJBiz - July 2023

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