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.

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 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.

The Ohio Ballot Board voted yesterday to approve ballot language for an adult use cannabis legalization initiative that will be voted on in November. Known as “Issue 2”, and approved unanimously, would legalize and regulate cannabis for adults 21 and older. If passed, the initiative would allow adults to possess up to 2.5 ounces of cannabis and grow up to six plants for personal use. Some groups, including health associations and law enforcement, oppose the reform and have raised concerns about the lack of specific language on automatic expungements, while supporters believe that the initiative will bring significant revenue and stringent regulations to Ohio's cannabis market.

Yesterday, August 16th, 2023, Germany’s Bundeskabinett passed a bill to legalize adult-use cannabis use and non-profit commercial cultivation. The Bundeskabinett is Germany’s executive branch and is composed of a coalition of Germany’s currently post powerful political parties: Scholz's Social Democratic Party, Alliance 90/The Greens, and the Free Democratic Party. So, while the legislation must still successfully pass through Germany’s parliament, the passage of the bill is all but assured. If the bill eventually does go through, the most populous EU nation will be joining a handful of other European countries to have loosened rules and regulations around cannabis.