Missouri – July 2023
Not many know this but Missouri is currently outpacing many legacy markets and is on pace to be the 6th highest revenue market in the US in 2023. There is more than 6M population and it’s surrounded by six states that have yet to legalize adult-use.
Adult-use legalized in Dec 2022 and Missouri will issue 48 adult-use micro business licenses in Oct 2023 via a lottery. The apps will become available on June 6, and applications will be accepted from July 27-Aug 10. There are some requirements to work with local applicants under a certain income level.
Real estate will be required and CannDev will be working hard to secure locations, especially near the best border areas.
New York – Fall 2023
New York is expected to open for Adult-use licensing in the fall of 2023 with final regulations waiting adoption. Office of Cannabis Management will provide 30 days notice before applications become available.
New York will be one of the biggest cannabis markets in the world. The state has about 20 million population and north of 65 million visitors per year.
CannDev is currently securing class-A flagship potential locations in New York and will soon be sharing dozens of opportunities with groups looking to expand to this market.
Connecticut – Fall 2023
The second round lottery for adult-use licensing are expected to occur in the fall of 2023.
Connecticut currently has only 18 open medical marijuana dispensaries (with some more to open soon) so there is a lot of opportunity in this market of more than 3.5M people.
Maryland – Fall 2023
Maryland has a qualified lottery planned for fall 2023 for adult use retail licenses. They have a goal of issuing 220 adult-use licenses by January 1, 2024, with the first round reserved for qualifying social equity applicants. The second round will begin on or after May 1, 2024.
There are currently 102 approved dispensaries in this market of more than 6M people with many bordering states without adult-use cannabis. With 220 more licenses up for grabs Maryland will have more than 300 dispensaries in the coming years.
US Virgin Island – Early 2024
USVI legalized adult-use cannabis in December 2022. They will hold a merit-based licensing process for a limited number of licenses and permits.
Licensing rules are expected to be published by end of June 2023, with licensing anticipated to begin early 2024.
USVI see’s more than 2.5 million visitors per year and has a population of more than 100,000. This could be an interesting market depending on how the regulations shape up, especially if they allow for only a limited number of retail licenses (which was previously suggested by their Cannabis Advisory Board).
Minnesota – Early 2024
Minnesota has become the 23rd state in the nation to legalize adult-use cannabis. CannDev sees this market as the most exciting to open in the next 12 months. The competitive licensing process is expected to start in early 2024.
Minnesota has almost 6M population and is surrounded by five states without adult-use sales that are very unlikely to allow for adult-use in the near future.
There are currently only 15 existing medical dispensaries in this market. Local governments will not be allowed to opt out which means many great opportunities on borders or nearby states.
Delaware – Spring 2024
Don’t sleep on Delaware! With around 1M population it’s a solid sized market and depending on how the regulations shake out this might represent a good opportunity.
Adult-use cannabis legalized in April 2023, and applications for four license types will be accepted in Spring 2024. There will be limited licenses available in each category, with a focus on social equity applicants.
Kentucky – Mid 2024
Medical cannabis legalized in Kentucky in March 2023. The regulations and application process to be established by July 1, 2024.
This market is an interesting one with more than 4.5M population and many border states without cannabis sales. Being that this is future a medical market it can be a solid opportunity to have first mover advantage for future adult-use sales.
Florida – Late 2024
Florida opened applications for more vertically integrated MMTC licenses earlier in 2023. There is potential for another application round later in 2024 for additional licenses.
This market is in very high demand with caps on licenses and future adult use sales being possible. This means ability to sell to the more than 125M tourists per year, plus more than 20M local population.
North Carolina – Late 2024
With more than 10 million population this exciting market is expected to have it’s medical marijuana bill pass.
North Carolina is looking to authorize 10 vertically integrated medical marijuana suppliers with eight dispensaries each, bringing about 80 dispensaries to this state.
Rhode Island – Late 2024
Adult-use cannabis sales began in Rhode Island December 2022, and have only 7 stores open (with a few more on the way) serving more than 1M population.
Rhode Island’s adult-use program allows for an additional 24 new retail licenses now that the Governor appointed members to the Cannabis Control Commission.
This state is expected to open for applications sometime late 2024.
CannDev is hard at work monitoring new markets throughout the US. It’s our job to secure real estate in emerging markets for cannabis retailers looking to expand.
We buy real estate and lease it to our operations partners (contingent on license being received), or we create other deal structures (such as assigning leases) to allow retailers to hold rights to locations and get their doors open.
If you’re looking to expand aggressively over the next 12 months let’s connect.
Please reply to this email to speak further.