Cannacurio No. 84: Manufacturing Ranking 2023 Q3

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Of the three most common cannabis licenses, manufacturing licenses are the least susceptible to volatile fluctuations. At the end of the third quarter, there were 6,304 manufacturing licenses in 5,771 facilities in the database. At the end of the first quarter, we tracked 6,200 licenses across 5,933 facilities. Cannabiz Media categorizes a license as a manufacturer if it meets the following description: The license is for the processing or manufacturing of marijuana-infused products such as edibles or concentrates.

Key findings

• There were 156 new licenses issued in the third quarter, compared to 239 in the second quarter and 404 in the first quarter
• New Mexico led the third quarter with 51 new licenses, while New Jersey was second with 30
• Oklahoma gave up just 5 in the third quarter compared to 235 in the first quarter

In the third quarter of 2023, we tracked sixteen 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 new licenses issued has decreased this year. The Oklahoma Moratorium is the Biggest Factor:

Leaderboards

Looking at the total number of valid licenses in the graph below, the number of manufacturing licenses remained in a fairly narrow range of 6,200 to 6,300.

Diploma

Licensed cannabis producers are not immune to the challenges facing the industry. These include, but are not limited to, consolidation, price compression, federal illegality and challenges in raising capital. According to a recent market update from Headset, inhalable cannabis products, particularly flower and e-cigarettes, are still the predominant choice in all states. However, Colorado’s clear preference for non-inhalable products suggests different consumer behavior and opportunities for product diversification. It appears that the manufacturing segment is well positioned to grow with the industry as product selection and form increases.

author

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 in the compliance area. Ed has led product, marketing and sales while overseeing complex, multi-country product lines in securities, corporate, UCC, security, environmental and human resources.

At Cannabiz Media, Ed enjoys the challenge of working with regulators around the world as he and his team collect 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.

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