Notable Players

A Deeper Look At This State

Regulatory Framework

Arizona is the 13th state to legalize adult-use cannabis. An additional 36 licenses will be available at a later not yet determined date.

95 licensed operators received approval for adult-use sales in January 2021.

Notable Market Activity

November 2021 | Curaleaf enters into definitive agreement to acquire Tryke Companies in a cash and stock transaction valued at ~$286M

October 2021 | Trulieve completes acquisition of Harvest Health in a $2.1B deal creating the largest and most profitable U.S. cannabis operator

September 2021 | The Green Halo is acquired by Roop Investments for $30M

August 2021 | 4Front Ventures received $15MM from Navy Capital Green Management

August 2021 | Jupiter Research received $10MM from Alternative Finance Network in non-convertible debt

March 2021 | AYR completes acquisition of Oasis for $75MM

March 2021 | Verano announces acquisition of three retail and a cultivation and processing facility

November 2020 | Verano announces acquisition of Alt Med

March 2019 | Harvest acquires Arizona Natural Selections

Contact Sharp to discuss additional transaction details

What's the Play?

Arizona boasts a fairly large, established medicinal market that is transitioning to adult-use. Considering patient counts are between three to four percent of the population, opening access to the other 96% of residents and tourism will likely result in near-term supply shortages that will support high wholesale prices. Small players without owned cultivation risk supply shortages over the intermediate term until additional wholesale capacity comes online.

Vertically-integrated Arizona operators and cultivators will have a multi-year window to enjoy robust demand for their products. Operators are rightfully raising capital for expansion, which should be plentiful given these projects' high ROI nature.

Though Harvest has the early advantage in the state, every major MSO with capital is looking to enter this market. We anticipate a lot of transaction activity in the Grand Canyon State for the next 24 months. Small retail operators may want to consider selling to larger players before the impact of supply shortages outweights the perceived uplift from adult-use.

If 300 days of sunshine every year isn't compelling enough, investors and acquirers alike will find this market ripe for money-making opportunities.

Market Snapshot

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By The Numbers



Annual Tourists


Medicinal Legalization


Adult-Use Legalization


First Adult-Use Sales


MMJ Patients


Monthly Revenue


Cultivation Cap

No Limit

Cultivation Licenses

143/169 (Issued/Limit)

Retail Licenses

143/169 (Issued/Limit)

Retail License Cap per Operator


Vertical Integration




MMJ Qualifications

Less Restrictive

State Population / # Retail Licenses


Accepts Out of State MMJ


MMJ Patients / # Retail Licenses

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data

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Co-Founder & CEO
Managing Director
Los Angeles
Head of Debt Capital Markets
Shit We Don't Know

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