Q3 2024 Highlights: Maturity and Consolidation
U.S. and Canadian markets are showed signs of maturity and consolidation in the third quarter. Notably, U.S. markets like California and Oklahoma, with high historical license counts, are stabilizing or declining as regulatory adjustments tighten market dynamics.
New York and New Jersey are seeing increased application volumes, suggesting that new and expanding markets continue to attract interest despite signs of a maturing industry elsewhere.
The rapid growth of social use clubs in states with regulatory approval reflects a new segment within the cannabis industry, catering to social cannabis consumption experiences.
Anticipation, however misplaced, of voter approval of Florida’s adult-use market and New York’s adult-use licensing rollout focused renewed interest in vertically integrated operations, as operators sought scale and market control in limited-license states.
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