
Cannacurio #110: Manufacturing 2024 Year-End Leaderboard
Background
In the last of our year-end license recaps, we turn to manufacturing, the least volatile of the three activities we cover. At Cannabiz Media we classify a manufacturer as a license-holder who processes cannabis-infused products, such as edibles or concentrates, but does not cultivate or sell to customers (flower in, product out). Cannabis manufacturing licenses are issued at a slower pace than cultivation or retail licenses.
However, they serve as important assets for companies because the products are often powerful brands. These brands, unlike license assets, can cross state lines and help well established companies thrive and build market share. They are also useful for the license holder as these facilities can be used for white label production – therefore expanding the value of the asset.
Key Findings
- 945 new manufacturing licenses were issued in 2024 – up from 744 in 2023 (+27%)
- New York led and issued 264 licenses (28%) with New Mexico second with 166 (17.6%)
- 28 states issued licenses in 2024
- The total number of manufacturers was stable at 5,940, down slightly from 6,101 (-2.6%)

As we see with other activities, most new licenses were issued by a handful of states. 5 states issued 66% of all new licenses. New York, New Mexico and Michigan sat atop the leaderboard. The following graph shows the largest issuers of new manufacturing licenses in 2024.


Leaderboards
Here’s the Leaderboard showing total manufacturing licenses for the top 10 states for year-end 2024.

Conclusion
The manufacturing sector within the cannabis industry remains a cornerstone of stability amidst broader market volatility. With the issuance of 945 new licenses in 2024—a notable 27% increase from the previous year—the sector's growth trajectory continues, largely driven by key states like New York and New Mexico. These licenses not only pave the way for brand development and white-label opportunities but also serve as valuable assets that transcend state borders. While the concentration of licenses in a handful of states highlights regional dynamics, the overall stability in the number of manufacturers underscores the sector's resilience and strategic importance in the evolving cannabis economy.
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