Notable Players

A Deeper Look At This State

Regulatory Framework

Utah remains one of the more restrictive medical programs. 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

November 2021 | Curaleaf announces acquisition of Tryke Companies, which owns Reef Dispensaries, for $286MM.

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

21+ Population

~1.38MM

Annual Tourists

~
MM

Medicinal Legalization

2018

Adult-Use Legalization

N/A

First Adult-Use Sales

N/A

MMJ Patients

~53K

Monthly Revenue

~$6MM

Cultivation Cap

100k Sq.Ft.

Cultivation Licenses

8/10 (Operational/Limit)

Retail Licenses

14/15 (Operational/Limit)

Retail License Cap per Operator

2

Vertical Integration

Allowed

Delivery

Allowed

MMJ Qualifications

Restrictive

Adult Population/ # Retail Licenses

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

~3.8K

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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