Cannacurio No. 101: Manufacturing Industry Q2 2024 Leaderboard

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In the last of our Q2 license recaps, we turn our attention to manufacturing, the least volatile of the three activities we cover in these quarterly posts. At Cannabiz Media, we classify a manufacturer as a licensee who processes marijuana-infused products such as edibles or concentrates, but does not grow them or sell them to customers (flower in, product out). Cannabis manufacturing licenses are issued more slowly than cultivation or retail licenses.

However, they are an important asset for companies because the products are often strong brands. These brands, unlike license assets, can be used across state borders and can help established companies succeed and gain market share. They are also useful for the licensee because these facilities can be used for white label production – increasing the value of the asset.

• In the second quarter, 202 new manufacturing licenses were granted
• New Mexico led the way, issuing 80 licenses (40%)
• The total number of manufacturers remained stable at 5,847, down slightly from the end of the first quarter (6,013, -2.8%).

As with other activities, most new licenses were issued by a handful of states. 6 states issued 86% of all new licenses. New Mexico, Michigan, Washington, New Jersey, California and Oklahoma topped the list. The chart below shows states that issued at least 10 new manufacturing licenses last year.

The full list of issuing states is available on our Cannabis Market Intelligence Platform www.cannabiz.media.

Cannabiz Media also tracks facilities and licenses. A facility will have more than one license in a given location. This is most common with cultivation licenses – particularly in California and operations in states like Colorado, Illinois and Michigan. Manufacturing licenses and facilities continue to be tracked closely and in a tight band over the past 12 months.

Here is the leaderboard with the total number of manufacturing licenses for the top 10 states for the second quarter of 2024.

Manufacturing licenses are once again the least volatile activity in terms of number of licenses this year. However, looking at the net total of licenses, 7 states lost 224 licenses, canceling out the newly added licenses.

Ed Keating is the co-founder of Cannabiz Media and oversees the company's data research and government relations. He has spent his career working with and advising information companies on compliance. Ed has led product, marketing and sales while overseeing complex, multi-jurisdictional product lines in the securities, corporate, UCC, security, 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 the Kellogg School of Northwestern University.

Cannabiz Media clients can stay up to date on these and other new licenses through our newsletters, alerts and reporting modules. Subscribe to our newsletter to receive these weekly reports in your inbox. Or you can schedule a demo to get more information on how you can access the Cannabis Market Intelligence Platform yourself to dive deeper into this data.

Cannacurio is a Cannabiz Media column featuring insights from the most comprehensive cannabis market intelligence platform. Stay up to date with the latest updates and information through Cannacurio's posts and podcasts.