Notable Players
No MSOs currently

A Deeper Look At This State

Regulatory Framework

The regulatory framework in Iowa is extremely restrictive; only patients with severe medical conditions, such as cancer and terminal illness, can participate in this market.

In January 2022, Iowa Democratic senators released the text of a joint resolution to put the question of cannabis legalization before voters on the state's ballot.

The proposed constitutional amendment states, "the possession, growth, cultivation, processing, manufacture, preparation, packaging, transferal, consumption, and retail sale and purchase of cannabis, or products created from or including cannabis, by persons 21 years of age or older, shall be lawful."

The General Assembly will need to pass the proposal twice during two separate sessions to get the constitutional amendment on the ballot, meaning the soonest voters will get to weigh in will be during the November 2024 election. It also means the Republican-controlled legislature will need to get on board with the idea of a referendum on the issue.

Notable Market Activity

There is no notable market activity at this time.

What's the Play?

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 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.

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

~3.2MM

21+ Population

~2.05MM

Annual Tourists

~
30
MM

Medicinal Legalization

2017

Adult-Use Legalization

N/A

First Adult-Use Sales

N/A

MMJ Patients

~8K

Monthly Revenue

~$500K

Cultivation Cap

No Limit

Cultivation Licenses

1/2 (Operational/Limit)

Retail Licenses

5/5 (Operational/Limit)

Retail License Cap per Operator

5

Vertical Integration

Allowed

Delivery

Not Allowed

MMJ Qualifications

Highly Restrictive

Adult Population/ # Retail Licenses

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

~410K

Top Cultivators

Notable Market Activity

Quick sentance is needed or wanted

Quick sentance is needed or wanted

Quick sentance is needed or wanted

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

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Chicago
Managing Director
Los Angeles
Head of Debt Capital Markets
Chicago
Shit We Don't Know

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