The U.S. and Canadian regulated cannabis markets showed signs of stabilization in late 2024, as business license counts remained steady in the fourth quarter, marking a potential turnaround after several quarters of decline. New York led the U.S. in new licensing, accounting for nearly 80% of new applications nationwide, driven by the state’s long-awaited rollout of its adult-use market. Among major license types, vertically integrated operators saw a notable rebound in active licenses in the latter half of the year. These trends underscore the evolving dynamics of the cannabis industry, with regional growth and market consolidation shaping the landscape in 2024.
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