Cannabis & Capital analysis
15,741 cannabis license records across 9 tracked states
Regulator data shows 15,741 license records in the index; 11,413 are in statuses called active or issued, and 1,169 have expirations within 60 days — but status labels and cross‑state comparability are limited.
# The signal
A choice for operators and investors: the regulator-backed index holds 15,741 license records across nine tracked states, but only 11,413 records are classified in regulators' terminology as active or issued, and 1,169 records in the current index show an expiration date within the next 60 days (Oregon accounts for the largest count of those expirations in the current index). That gap between total records and active/issued records — combined with looming expirations — creates ambiguity about how much immediately usable capacity the index actually represents.
This is original Cannabis & Capital analysis of public data.
# The numbers
- Total license records in the index (9 tracked states): 15,741.
- Records in statuses classified as active or issued (status terminology varies by regulator): 11,413.
- Records in the current index with an expiration date within the next 60 days: 1,169 (Oregon has the largest count in the current index).
# Why it matters
Facts: - The index contains 15,741 regulator-derived license records; 11,413 of those are labeled active or issued by their respective regulators. - 1,169 records in the current index have expirations within 60 days; Oregon has the largest share of those expirations in the current index. - State license categories and status terminology are not identical, so cross‑state totals describe records in the index rather than directly comparable operating capacity.
Inference (separate from the facts above): - Operators should treat the index as a starting inventory of regulator records, not a direct headcount of operating sites or immediate market capacity, because status labels differ across states. - Investors and founders monitoring market entry or consolidation should account for near‑term renewal expirations (1,169 records) as a potential source of short‑term churn; the direction and magnitude of that churn depends on renewal outcomes and how regulators apply their status labels. - Advisors and portfolio managers should prioritize verification of state‑level active/issued definitions before relying on aggregated counts for operational or valuation decisions.
# What to watch
- Renewal outcomes for the 1,169 records showing expirations within the next 60 days in the current index — actual renewals versus lapses would strengthen or challenge whether the near‑term inventory represents stable capacity.
- State‑level reconciliations: published counts of operating establishments by each regulator using consistent status definitions would improve comparability across states.
- Any regulator announcements clarifying status terminology, renewal backlogs, or batch administrative updates that could shift large numbers between "active/issued" and other statuses in the index.
# 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. This is original Cannabis & Capital analysis of public data.