Notable Players
No MSOs currently

A Deeper Look At This State

Regulatory Framework

Montana has joined the 16 states that have legalized adult-use marijuana. Adult-use sales are slated to begin January 1, 2022. Currently, only existing retailers will be able to opt into the adult-use market for the first 18 months.

Notable Market Activity

There is no notable activity at this time.

What's the Play?

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.

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

~1.1MM

Annual Tourists

~
13
MM

Medicinal Legalization

2004

Adult-Use Legalization

2020

First Adult-Use Sales

Pending

MMJ Patients

~56K

Monthly Revenue

~$10MM

Cultivation Cap

120K Sq.Ft.*

Cultivation Licenses

281/No Limit (Issued/Limit)

Retail Licenses

415/No Limit (Issued/Limit)

Retail License Cap per Operator

No Limit

Vertical Integration

Allowed

Delivery

Not Allowed

MMJ Qualifications

Less Restrictive

State Population / # Retail Licenses

~3K

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

* 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.

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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