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
Rhode Island's cannabis market generates $120 million in annual sales through just eight dispensaries — the second most under-licensed market in the country behind Virginia. With 60% of demand going to Massachusetts border dispensaries and the illicit market, the state's incumbents are lobbying to block new
Hawaii's medical cannabis program generates approximately $64 million in annual sales through 8 licensed dispensary operators running 25 retail locations to serve 1.45 million residents across an island chain where some patients drive 70 minutes to the nearest store and others need an airplane. The state has
Virginia legalized possession and home cultivation in July 2021. Adults can hold an ounce, grow four plants, and share freely. What they cannot do — five years later — is walk into a store and buy cannabis. The legislature deferred the retail framework. Governor Youngkin vetoed every attempt to establish one. The
A consumption-data reality check on cannabis psychosis — examining what population-level evidence actually shows about the link between cannabis, schizophrenia, and mental health. In 2026, a growing chorus of researchers, policymakers, and media commentators warn that high-potency cannabis is driving a psychosis epidemic. The framing is urgent: today&
Montana launched adult-use sales January 1, 2022 with 557 dispensaries — 49.2 per 100,000 residents, one of the highest per-capita density of any state studied. Four years later the state captures 107% of resident demand. The surplus isn't a math error. It's 13.