Notable Players

A Deeper Look At This State

Regulatory Framework

Oregon has amongst the most open regulatory environments with the fewest barriers to entry in the cannabis industry. There are no meaningful restrictions on out-of-state ownership, vertical integration, or the number of dispensaries that can be held under common ownership.

This framework has made it very challenging for operators to generate acceptable returns, as cultivators rushed in and flooded the market with product.

Notable Market Activity

February 2020 | Curaleaf acquires Select, highlighting the West Coast brand advantage

What's the Play?

Historically, investors have shied away from this oversaturated market. However, early signs of consolidation have been spotted, particularly at the retail level. Ongoing consolidation and rationalization of underperforming dispensaries will improve the competitive landscape over the intermediate-term.

Marketing acumen and brand development are the keys to success in this market, where only shallow strategic moats exist around licensed operators. Look for those players with scale and brands who can command shelf space to win in the Beaver State - and enjoy the spoils of this $1.2B 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

~4.2MM

Annual Tourists

~
29
MM

Medicinal Legalization

1998

Adult-Use Legalization

2015

First Adult-Use Sales

2015

MMJ Patients

~23K

Monthly Revenue

~$100MM

Cultivation Cap

40k Sq.Ft.*

Cultivation Licenses

1,221/No Limit (Issued/Limit)

Retail Licenses

749/No Limit (Issued/Limit)

Retail License Cap per Operator

No Limit

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Less Restrictive

State Population / # Retail Licenses

~6K

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

*There are multiple tiers for cultivation licenses. Tier 1 allows up to 10K sq.ft. of outdoor grow and 5K sq.ft. of indoor grow and Tier 2 allows up to 40K sq.ft. of outdoor grow and 10K sq.ft. of indoor grow.

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data
Shit We Don't Know

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