Montana is now one of the 15 states that have legalized adult-use marijuana. There’s still a lot of work ahead before Montana begins accepting applications for cultivation and distribution. Moreover, Montana requires applicants to be residents of the state and to drop the application off on horseback.
There is no notable activity at this time.
Although Montana is the 43rd least populous state, it enjoys a three percent of the patient population, which is amongst the highest in the nation. The University of Montana projects sales above $200MM for the first full year of the program and a relatively slow growth thereafter.
The licensure structure is broad, allowing 300 cultivators and 355 dispensaries, creating an environment that benefits consumers and challenges operators. The highest value is likely to be created by dispensaries with strategic locations and their own supply chain.
Retailers able to reach adventure seekers flocking to Big Sky and Yellowstone stand the best chance of success in this small market.
* A Tier 1 canopy license allows for a canopy of up to 1K sq.ft. at one registered premises. A minimum of 500 sq.ft. must be equipped for cultivation. A Tier 2 canopy license allows for a canopy of up to 2,500 sq.ft. at up to two registered premises. A minimum of 1,100 sq.ft. must be equipped for cultivation. A Tier 3 canopy license allows for a canopy of up to 5,000 sq.ft. at up to three registered premises. A minimum of 2,600 sq.ft. must be equipped for cultivation. A Tier 4 canopy license allows for a canopy of up to 7,500 sq.ft. at up to four registered premises. A minimum of 5,100 sq.ft. must be equipped for cultivation. A Tier 5 canopy license allows for a canopy of up to 10,000 sq.ft. at up to five registered premises. A minimum of 7,750 sq.ft. must be equipped for cultivation. A Tier 6 canopy license allows for a canopy of up to 13,000 sq.ft. at up to five registered premises. A minimum of 10,250 sq.ft. must be equipped for cultivation. A Tier 7 canopy license allows for a canopy of up to 15,000 sq.ft. at up to five registered premises. A minimum of 13,250 sq.ft. must be equipped for cultivation. A Tier 8 canopy license allows for a canopy of up to 17,500 sq.ft. at up to five registered premises. A minimum of 15,250 sq.ft. must be equipped for cultivation. A Tier 9 canopy license allows for a canopy of up to 20,000 sq.ft. at up to six registered premises. A minimum of 17,775 sq.ft. must be equipped for cultivation.
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