2024 Cannabis Insights: States and Future Markets To Watch
Cannabis States With License & Legalization Updates in 2024
As we turn the page on 2023 and welcome 2024, the cannabis industry charges forward with a mix of making progress and facing headwinds. Though our industry continues to face uncertainties, especially as it relates to potential rescheduling, what is clear is that licensing opportunities to enter the industry will continue in the coming months.
Minnesota to Kentucky, Delaware to Virginia and Everywhere in Between
With all this in mind, here’s the roundup of where we expect to see cannabis license opportunities in 2024 across the U.S.
(In alphabetical order. See below for additional details).
A Busy 2024 in Store for Delaware, Kentucky, and Minnesota
We’ll see license applications in states such as Delaware and Minnesota, for sure and we have a good idea on some key dates too. Both states have had a busy 2023 in preparing for next year’s cannabis license application windows, with May being the big month for both states when these windows are expected to open.
Kentucky has laid out an aggressive timeline to open its own medical market at the start of 2025 which means a busy 2024 is in store for state regulators, including opening up application windows.
Industry Progress Ahead in Slow Moving States
Rumblings in Virginia point to finally seeing adult-use application progress in 2024 after a disappointing 2023 in the state. But we are feeling optimistic given the state’s 2023 election results.
Speaking of elections, Ohio overwhelmingly approved of an adult-use market with possession and home cultivation becoming legal on December 7th of this year. Medical operations will have the first opportunity to convert to adult-use, but other licenses for non-medical operations are expected shortly after this.
Putting Legalization Pressure on Reluctant Neighbor States
Given that it is now surrounded by states with their own thriving—or in Ohio’s case soon to be thriving—markets, we expect 2024 to be the big year for Pennsylvania to get a move on things in its legislature. A number of states, including Delaware have already provided example program framework to push the Keystone State in the right direction.
North Carolina’s medical programs stand a chance at passing in their legislative sessions. Last year we were hopeful that the legislature would move on this, but progress stalled. At least we have 2024 to look forward to as more of its nearby states, crucially Kentucky and Virginia, make headway here.
Program Expansion is on the Horizon for Maryland, Florida, and New York
Maryland is closing out 2023 with its own social equity application window, but no need to panic here! There will be additional opportunities for non-social equity applicants in 2024 to apply and get their own licenses.
Florida’s long-awaited expansion of cannabis licenses is imminent with the release of the Florida license application and pending timeline for “batches” of application periods.
And, New York. Oh New York. No state in our experience has dominated a year like New York has in 2023. From setbacks in regulations to new licenses to lawsuits to settlements, New York truly has been a whirlwind when it comes to entering the cannabis market. But finally, FINALLY the state has its own application window closing in 2023. This is by no means the last time individuals can apply. There are countless other license types from nurseries to consumption lounges which will have their own windows in 2024, and we already know provisional license holders will have plenty more materials to submit to the State prior to operations.
So don’t hesitate to reach out to the New York cannabis consultants at Canna Advisors to help, even if have already applied. We can help get your doors open and business up and running.
Even More Cannabis States to Look For in 2024
If these ten weren’t enough for you, there are even more states we are watching in the new year. This includes Hawaii, which has still surprisingly not created its own adult-use market but may finally do so in 2024, and Texas, which has ample business opportunities on the horizon at a local level, even as the state itself does little.
Check back frequently for updates as our team keeps our fingers on the pulse of cannabis legalization and license applications and be sure to monitor our state-based cannabis guides to ensure you have the latest news.
First Step in Preparing? Start now. Don’t wait until the application window opens.
Our best advice to anyone who is wondering how to apply for a cannabis license in the coming year is to start earlier than you think you should. As in, start now with your business planning and financial modeling. Don’t wait until the application comes out.
Reach out to our cannabis licensing experts to get started on your 2024 cannabis business strategy now.