Mississippi's medical cannabis program generated $138.9M in CY 2025 across 66,041 active patient cardholders, capturing an estimated 16% of modeled demand at $6.43/g flower pricing. The third-year program is growing strongly — sales up 43.8% year-over-year, with patient enrollment up 33%
Utah's medical cannabis program serves 113,202 active cardholders across 15 dispensaries — a retail footprint so constrained that statewide remote-order channels handle roughly a third of all sales. After six years of operation, the program runs at a $183M annualized pace and has generated $750M in cumulative
Alaska legalized adult-use cannabis through Ballot Measure 2 in 2014, with the first licensed sales in 2016. A decade later it captures an estimated 95% of resident demand — among the highest rates of any market — for a reason almost no other state shares: geographic isolation raises the cost of
Arizona launched adult-use cannabis sales on January 22, 2021 — 80 days after the election, the fastest implementation of a voter-approved legalization measure in U.S. history. Four years later, the state generated $1.22 billion in combined medical and adult-use sales in 2025 against a resident consumer
West Virginia has 64 operational dispensaries, 9 growers, and a medical cannabis program that generated an estimated $93 million in 2025 — all serving approximately 35,000 registered patients in the poorest state in the country. Prices have fallen 15.4% in two years as indoor-only producers compete for a
Arkansas has run a medical cannabis program since 2019 and generated $291 million in sales in 2025 — a new state record. The math behind that number is unusual: approximately 110,000 active patient cardholders, each spending roughly $210/month, are carrying the entire regulated market. The other three-quarters of
Vermont launched adult-use retail in October 2022 with a regulatory framework built around small-scale outdoor cultivators, sustainability, and deliberate market development. About nine months after launch, catastrophic flooding hit the state's predominantly outdoor cultivation base and drove prices up through mid-2024. Vermont is the only
Oklahoma passed SQ 788 in 2018 with no qualifying condition list — patients need only a recommendation from an OMMA-registered physician in good standing. The result is a medical program that functions as adult use in everything but name: $2.11/g flower, 1,398 licensed dispensaries, and the lowest
New Mexico peaked at $590 million in 2024 and is now declining. But the headline number obscures two separate stories: 61.9% flower price compression since launch, and a border export market that has grown 301% since launch and now accounts for nearly 20% of all state revenue. Market Overview
Nevada's cannabis market peaked at $965 million in FY22 and has declined 28% to a $695 million annualized pace. But the decline isn't a failure — it's what happens after you've already captured every gram of resident demand and prices keep falling. Market
New Jersey's cannabis market crossed $1 billion in 2024 and is on pace for $1.16 billion in 2025 — but volume is the story, not revenue. Adult-use flower prices have fallen 35% in 21 months while grams sold have increased 38%. Market Overview New Jersey legalized adult-
New York's cannabis market generated $1.48 billion in adult-use sales through November 2025 across 519 dispensaries. Despite this, the state captures an estimated 16% of total demand. The OCM's own reports are the most analytically sophisticated in the country, and they confirm what the