Extremely restrictive. The regulatory framework in Iowa allows only patients with severe medical conditions, such as cancer and terminal illness, to participate in this market.

That said, as of February 2021 ,State Sen. Joe Bolkcom (D) is leading a renewed push by elected officials to legalize adult-use cannabis. A poll found that Iowa residents support legalizing marijuana, 51%-43%.

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Watch for this market to evolve slowly. As with all nascent medical markets, conditions such as chronic pain and anxiety will likely be the catalysts for this market to become relevant.

Regulators also announced this month that applications would be accepted for a second cultivator/processor license after Acreage Holdings dropped out of the market. But questions remain about whether the current program is viable, given the low-THC content allowed and the limited number of licenses.