Through May 2020 the industry has added 554 licenses year to date with 88 in April and 77 in May. Those 554 represent an 8% increase from the 6,927 at the beginning of the year. Twenty one states have added at least one active license this year. Oklahoma still retails the lead and has accounted for 201 of the 554 (36%).
Key Findings
- Oklahoma leads the nation again with 201 new licenses but the rate of issuance is declining
- Michigan came in second with 114 new licenses – up 50% since January 1
- Altmed Florida is the leader in new stores with 10
In reviewing the trade names/companies – there are a few that opened multiple storefronts since the beginning of the year. Four of the leaders added stores in Florida.
Oklahoma continues to be the hots pot for dispensaries in the United States and accounts for 30% of the nation’s dispensaries/retailers. The rate of issuance has declined this year as seen below.
Conclusion
Despite the COVID -19 crisis, states continued to add stores although it’s been a tough quarter for dispensaries and retailers. They have had to navigate whether they were essential businesses in some states, then were excluded from government assistance and most recently suffered from looting. We’ll report back with Q2 numbers next month.
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