Notable Players

A Deeper Look At This State

Regulatory Framework

Utah is in the early stages of its restrictive medical program. Senate Majority Leader Evan Vickers (R) introduced SB192, a bill that seeks to add a 15th medical cannabis pharmacy situated somewhere in rural Utah, with the goal of serving patients who now face long drives to buy cannabis. Only seven of the state’s 14 approved marijuana pharmacies have opened in the year since legal cannabis sales began in Utah, and the legislation would require these retailers to get up and running by June 1 or risk forfeiting their license.

Additionally, SB192 would cap at four the number of licenses the state can issue for independent cannabis testing laboratories. It would institute an oversight board for cannabis growers, putting this panel in charge of reviewing cultivation license applications and holding a public hearing if a marijuana farm moves to a new location, changes ownership or undergoes other major shifts.

Medical cardholders can purchase up to 112 grams of cannabis with up to 19 grams of total THC within a 30-day period which are also the possession limits.

As of 2020, patients and caregivers are allowed to purchase cannabis from a pharmacy by presenting a letter from the patients' doctor.

Notable Market Activity

There is no notable activity at this time.

What's the Play?

Though the Beehive State lacks the population density to be a primary focus for most MSOs, it has attracted the interest of Curaleaf. Look for retail locations near popular ski and tourism destinations. Cultivation will be a challenge until patient numbers can support enough revenue for the 10 issued licenses. Operators will likely struggle to be profitable and therefore not attract significant investment or acquisition interest.

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

~3.3MM

Annual Tourists

~
MM

Medicinal Legalization

2018

Adult-Use Legalization

N/A

First Adult-Use Sales

N/A

MMJ Patients

~23K

Monthly Revenue

~$6MM

Cultivation Cap

100k Sq.Ft.

Cultivation Licenses

8/10 (Issued/Limit)

Retail Licenses

14/14 (Issued/Limit)

Retail License Cap per Operator

2

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Restrictive

State Population / # Retail Licenses

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

~700

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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