On April 23, 2023, Delaware became the 22nd state to legalize adult-use cannabis. The Delaware Office of the Marijuana Commissioner (OMC) has allotted 15/30 retail licenses and 30/60 cultivation licenses for social equity applicants. All of the available licenses have been distributed and adult use sales are expected to begin in the spring of 2025.

There is no notable activity at this time.

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 strong 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 the number of licenses an operator can hold are creating prime opportunities in the state. MSOs should look to take advantage of this market as adult-use sales begin.