Cannacurio #80: Manufacturing 2023 Q2 ranking

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Of the three most common cannabis licenses, manufacturing licenses are the least volatile up or down. There are currently just over 6,153 manufacturing licenses in 5,771 locations in the database. At the end of the first quarter, we were tracking 6,200 licenses across 5,800 facilities. Cannabiz Media categorizes a license as a manufacturer if it fits the following description: The license applies to the processing or manufacture of marijuana-infused products such as edibles or concentrates.

Key Findings

• 152 new licenses were issued in the second quarter, compared to 365 in the first quarter, a decrease of 58%.
• California led the second quarter with 34 new licenses, while Washington was second with 27
• Oklahoma spent 5 in Q2 compared to 235 in Q1 — a 98% decrease

During the second quarter of 2023, we tracked fourteen states that issued manufacturing licenses. With the decline in Oklahoma, which has accounted for the majority of these licenses for several years, the picture is changing significantly.

In the graph below we can see that the number of newly issued licenses has decreased this year. The Oklahoma Moratorium is the biggest factor:

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Looking at the total number of valid licenses in the chart below, the number of manufacturing licenses peaked in February 2023 and has been declining every month since.

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Licensed cannabis producers aren’t immune to the challenges facing the industry. These include consolidation, price compression, federal illegality, and challenges raising capital, to name a few. As markets evolve.

On a positive note, Green Market Report recently cited a report published by Facts and Factors which stated that the global cannabis edibles market was worth around $20.5 billion in 2022 and by 2030 is expected to grow to around US$197.75 billion, with a compound annual growth rate (CAGR) of around 32.041% between 2023 and 2030. This could have far-reaching implications for manufacturers as consumers and patients consume more edibles, extracts and others consume products.

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Ed Keating is co-founder of Cannabiz Media and oversees the company’s data research and government relations. Throughout his career, he has worked with and advised information companies on compliance issues. Ed has managed product, marketing and sales while overseeing complex, multi-country product lines in the securities, corporate, UCC, safety, environmental and human resources sectors.

At Cannabiz Media, Ed enjoys the challenge of working with regulators around the world as he and his team gather corporate, financial and licensing information to track the people, products and companies in the cannabis economy.

Ed graduated from Hamilton College and received his MBA from Northwestern University’s Kellogg School.

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Cannacurio is a weekly column by Cannabiz Media featuring insights from the most comprehensive cannabis market intelligence platform. Check out Cannacurio posts and podcasts for the latest updates and information.