Cannabis & Capital analysis
14,663 cannabis license records across 9 tracked states
Cannabis & Capital's regulator-backed index lists 14,663 license records; 11,212 are classified active or issued and 957 show expirations within 60 days — a near‑term operational and capital-timing decision point, with cross‑state comparability limited.
The signal
Regulators' published lists contain 14,663 license records across nine tracked states, but only 11,212 records are classified in statuses labeled active or issued, and 957 records display an expiration date within the next 60 days. That concentration of near-term expirations — with California holding the largest count in the current index — creates an immediate administrative and capital-allocation decision for operators and stakeholders, compounded by inconsistent status terminology across states.
The numbers
Facts
- Total license records in the index: 14,663 (9 tracked states).
- Records classified as active or issued: 11,212 (status terminology varies by regulator).
- Records showing an expiration date within the next 60 days: 957 (California has the largest count in the current index).
- Counts are calculated from the latest license records imported from state regulators. State license categories and status terminology are not identical, so cross-state totals describe records in the index rather than directly comparable operating capacity.
Why it matters
Facts versus inference
- Fact: The index captures current regulator-published license records and their recorded statuses and expiration dates.
- Inference: A cluster of 957 impending expirations creates near-term operational and administrative risk for license holders and those who finance or advise them. Renewals, administrative backlogs, or other status changes could affect where and when a license-holder can operate, and therefore can influence short-term operational continuity and the timing of cash flows.
- Inference: Because states use different status labels and categories, cross-state headline counts (e.g., total active/issued) should not be treated as a direct measure of operating capacity without state-by-state normalization. Investors and operators should treat the index as a regulator-sourced inventory of records, not a harmonized measure of live operating permits.
What to watch
- Next data point: updated regulator lists after the next 60-day window showing which of the 957 expirations were renewed, lapsed, surrendered, or otherwise changed status.
- Comparison: state-by-state breakdown of active/issued records using each regulator's native status definitions to identify administrative concentrations (for example, California's share of near-term expirations).
- Regulatory development: any published notices from regulators about renewal processing timelines, extensions, or batch updates that would alter expiration outcomes or status semantics.
Methodology
Counts are calculated from the latest license records imported from state regulators. State license categories and status terminology are not identical, so cross-state totals describe records in the index rather than directly comparable operating capacity.
Original Cannabis & Capital analysis of public data.