PALM SPRINGS, Calif., April 2, 2024 /PRNewswire/ -- Global Go Cloud Services unveils its groundbreaking Cannabis Inventory Compliance Report and Score, transforming inventory and compliance management for cannabis regulators, financial institutions, and licensed cannabis businesses.

Since the legalization of adult-use cannabis in the state, Michigan has quickly become a vibrant hub for the cannabis industry and the #2 cannabis-selling state across the country, only trailing California. Although one can argue that Michigan is outperforming the top leader, as their per capita sales are about 3x California’s. The state's cannabis retailers sold more than $3 billion in 2023 and have already surpassed $500 million in early 2024. Michigan's cannabis industry is thriving thanks to a favorable regulatory framework with open licensing, low entry barriers and modest taxes. Its strategic location bordering cannabis-prohibited states like Wisconsin and Indiana makes it a critical hub for addressing unmet demand in the region.

In early 2023, Kentucky’s governor Andy Beshear signed Senate Bill 47, which legalizes medical cannabis in the commonwealth effective Jan. 1, 2025. Regulations are still being ironed out by the governor and new Kentucky Medical Cannabis Program department, but promising signs are ahead.

At $5.1 billion dollars in total cannabis sales in 2023, California is still considered the world’s largest and most lucrative cannabis market with the same revenue streams as a small nation’s GDP. However, that has belied some of the challenges that cannabis businesses in the State have been facing, including a high local and State excise tax structure that impacts profitability and a powerful illegal market. In fact, when viewed not based on total market size but on a per capita rate, California is actually outperformed by several other markets, such as Michigan’s, which saw per capita sales at approximately 3x California’s in that same year.

Delaware, the 22nd state to embrace the legalization of adult-use cannabis, is steadily marching forward on the path to a well-regulated and responsible cannabis industry. The state’s recent updates have set the stage for a series of critical developments.

Last year Ohio became the 24th state in the United States to approve a cannabis legalization ballot initiative, which went into effect on December 7. Despite opposition from the governor and some lawmakers, the initiative successfully passed with approximately 57 percent of the people’s vote, a significant step forward in the ongoing debate surrounding cannabis legalization in the country.

On March 14th, 2024 the State of Maryland’s Cannabis Administration (MCA) held its first round of new Adult-Use cannabis licensing. The results can be found here. The next round of Adult-Use cannabis licensing is tentatively scheduled to be announced in May 2024 and will be the first round of licensing that allows non-medical, non-social equity applicants to apply.

Starting February 2024, Massachusetts’ new round of Social Equity Program (SEP) licensing opened for eligible applicants. The SEP application period gives qualifying individuals an exclusive early opportunity to receive specially designated cannabis licenses, including Social Consumption and Delivery licenses. It is important to note that this current SEP window does close at the end of April 2024. However, there are various opportunities still for all prospective licensing applicants (not just Social Equity), with over 10+ license types available. Massachusetts' consistent achievement of record figures for six years running, with 2023 total sales exceeding $1.56 billion, solidifies its position still as an attractive prospect for a mature market.

As many know, the State of New York’s Office of Cannabis Management (OCM) closed the current licensing window for new Adult-Use Cannabis licenses in December 2023, with thousands of applications received. Since the beginning of 2024 the OCM has issued over 200 licenses, including retail dispensaries, cultivation, processing, microbusiness, and distribution. This is in addition to allowing several medical licensees to sell into the adult use market space.

Earlier in 2023, Minnesota became the 23rd state to legalize adult-use cannabis . The expansive bill, HF100, established the Office of Cannabis Management (OCM), which has since been crafting the regulatory framework to begin licensing. Originally scheduled to begin in 2025, Minnesota lawmakers are seeking to modify the state’s adult-use cannabis bill to allow for some licenses to be issued in 2024. This newly proposed bill, S.F. 4782, attempts to expedite that process by granting social equity cannabis businesses an initial advantage in entering the emerging market earlier than their competitors.

New Jersey, one of the few states that allows entrepreneurs to apply for a commercial cannabis license at any time, will open up 3 New License Types on March 27th, 2024 to all. In addition to those new licenses, the New Jersey Cannabis Regulatory Commission (NJ-CRC) also recently finalized the regulations allowing for the establishment of cannabis consumption lounges. The State sold $800,279,300 in cannabis in 2023, and has eclipsed over $2 billion dollars since 2018. With a market currently anticipated to surpass $1 billion in sales in 2024 alone, the introduction of these new licenses presents a significant opportunity for entry into the expanding New Jersey cannabis market.

As of January 1st, 2024, cities in the State of California are now required to provide mandatory access to cannabis for all medical cannabis patients and caregivers. Specifically, under SB 1186 (2022), all California local jurisdictions, whether County or Municipal, must now allow for the retail sale of medical cannabis via delivery within their jurisdiction’s limits.

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As we approach the conclusion of another year in the cannabis industry, it's an opportune time to reflect on the strides made and the promising path ahead. During 2023, the states of Delaware, Minnesota, and Ohio successfully enacted measures legalizing adult-use cannabis. Additionally, numerous states, notably Maryland and New York, unveiled new licensing initiatives. As we stand at the threshold of 2024, the landscape for cannabis licensing opportunities continues to evolve, presenting numerous possibilities for the new year and beyond.

How do cannabis manufacturers and infused producers fail? Learn from cannabis compliance inspection and inventory audit results today. Use your own business data to make better decisions.

Here's our Top 5 violation list for Cannabis Manufacturers / Infused Producers:

How do cannabis retail dispensaries fail? Learn from cannabis compliance inspections and inventory audits today. Use your own business data to make better decisions. Here's our Top 5 violation list for Retail Dispensaries:

You're invited to an evening of cannabis expert speakers and networking at the Global Cannabis Connect: Ohio Edition! This event is tailored for cannabis entrepreneurs, enthusiasts, and industry professionals looking to connect, learn, and thrive in the evolving cannabis landscape.