SIGNAL

U.S. Cannabis Market: $31.9B in retail sales across 36 statesNY +94% YoY — fastest growing market, 610 dispensaries operatingFEDERAL: Schedule III rescheduling in progress — 280E relief expected late 2026MI: First-ever sales decline, $3.17B in 2025 — 24% wholesale tax challenged in courtVA HB 642 signed — adult use retail launches Jan 1 2027, apps open July 2026CA: Excise tax locked at 15% through July 2028 per AB 564OK: Governor pushes to eliminate medical program — bipartisan opposition buildingNJ: Cannabis consumption lounges now open in Atlantic City, Newark, MerchantvilleFL: $2.5B market flat YoY — adult use implementation stalled after Nov 2024 ballotFEDERAL RISK INDEX: 37/100 (LOW) — down from 48, rescheduling momentum growingU.S. Cannabis Market: $31.9B in retail sales across 36 statesNY +94% YoY — fastest growing market, 610 dispensaries operatingFEDERAL: Schedule III rescheduling in progress — 280E relief expected late 2026MI: First-ever sales decline, $3.17B in 2025 — 24% wholesale tax challenged in courtVA HB 642 signed — adult use retail launches Jan 1 2027, apps open July 2026CA: Excise tax locked at 15% through July 2028 per AB 564OK: Governor pushes to eliminate medical program — bipartisan opposition buildingNJ: Cannabis consumption lounges now open in Atlantic City, Newark, MerchantvilleFL: $2.5B market flat YoY — adult use implementation stalled after Nov 2024 ballotFEDERAL RISK INDEX: 37/100 (LOW) — down from 48, rescheduling momentum growing

LICENSE VELOCITY TRACKER

50 STATES · ACTIVE LICENSES · PENDING APPLICATIONS · LIVE & MONTHLY UPDATES BY STATE TIER

Total Active Licenses

Across 50 states

All programs

35,001

Adult Use Licenses

Legal market licenses

56% of total

19,720

Medical Licenses

Medical program licenses

27% of total

9,465

Pending Applications

Awaiting approval

High demand

3,455

MARKET TIERS

Mature9

Emerging12

Capped3

Saturated2

Medical Only12

Limited3

Sort:

StateName TierRegulatorTotal ▼Adult UseMedicalNew 90d Pending Apps Open

CaliforniaAdult Use

MatureDCC7,7447,744—+23156● OPEN

OklahomaMedical

SaturatedOMMA4,300—4,300+00● OPEN

New MexicoAdult Use

EmergingRLD3,0001,000—+80● OPEN

OregonAdult Use

SaturatedOLCC2,6532,653—+28● OPEN

New YorkAdult Use

EmergingOCM2,362630—+740● OPEN

SHOWING 5 OF 50 STATES · 26 ACCEPTING APPLICATIONS

NYNew York$76M+210%

OHOhio$48M+15%

AZArizona$38M+22%

CTConnecticut$28M+8%

Viewing 5 of 50 states with licensing data

Upgrade to Pro for full access to all data, state profiles, and legislative tracking.

UPGRADE TO PRO — $79/MO