Notable Players

A Deeper Look At This State

Regulatory Framework

On April 23, 2023, Delaware became the 22nd state to legalize adult-use cannabis. While sales will not begin until late 2024, there is much to look forward to.

The state will issue 20 open cultivator licenses, 20 social equity licenses, and 10 miocrobusiness cultivation facility licenses.

The state will issue 15 open retail licenses and 15 social equity retail licenses.

Applications will start being accepted on August 1, 2024.

Notable Market Activity

There is no notable activity at this time.

What's the Play?

Delaware is shaping up to be a prime acquisition market thanks to its middle-of-the-road population density and proximity to neighboring states with a large MSO presence. With a profitable revenue-to-license ratio and Columbia Care already building a presence, other MSOs will likely take action when they have excess resources to focus beyond their core strategic states.

With an already attractive medical market, there is no reason to believe that the introduction of adult-use sales will bring anything but an influx of sales. Open retail and cultivation licenses along with no caps on cultivation or the number of licenses an operator can hold are creating prime opportunities in the state. MSOs should look to take advantage of these conditions when applications open in 2024.

Market Snapshot

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

594/273

By The Numbers

Population

~1.0MM

21+ Population

~0.8MM

Annual Tourists

~
9
MM

Medicinal Legalization

2011

Adult-Use Legalization

2023

First Adult-Use Sales

Pending

MMJ Patients

~24K

Monthly Revenue

~$6.3MM

Cultivation Cap

No Limit*

Cultivation Licenses

7/No Limit (Operational/Limit)

Retail Licenses

12/No Limit (Operational/Limit)

Retail License Cap per Operator

No Limit

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Less Restrictive

Adult Population/ # Retail Licenses

~66.7K

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

*Limits exist on the social equity licenses with 10 licenses being issued for cultivators growing less than 2,500 sq ft of canopy and 10 licenses for social equity applicants growing more than 2,500 sq ft.

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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Shit We Don't Know

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