As we reach the halfway point of 2025, the cannabis industry is showing signs of both explosive growth and cautionary contraction. Federal reform remains in limbo, states are adopting drastically different licensing approaches, and the financial component remains in a state of uncertainty.
To help cannabis businesses and ancillary providers navigate it all, Emerald Intel has released its Mid-Year 2025 Cannabis Market Report—an in-depth analysis of market movements, regulatory shifts, and strategic guidance for the rest of the year.
Here’s a taste of what you’ll find inside the full report:
Some Markets Are Booming
New Jersey and New York saw surges in active licenses—33% and 73% respectively since October 2024—as state support and equity funding ramped up.
Massachusetts passed legislation to expand retail caps and introduce cannabis consumption lounges, setting the stage for new business models.
Ohio, just one year into adult-use legalization, logged $230M in Q1 sales alone—and it’s just getting started.
Others Are Slowing Down
Oregon and Michigan are grappling with severe oversupply, leading to price collapses and calls for licensing reform.
Vermont has paused new cultivation licenses due to market saturation, while Nevada is still recovering from consolidation efforts.
Oklahoma’s ongoing license moratorium and crackdowns on non-compliance led to a 55% drop in active licenses since last year.
Federal Reform: Hurry Up and Wait
The DEA hearing on cannabis rescheduling has been indefinitely postponed.
Meanwhile, the bipartisan STATES 2.0 Act could effectively de-schedule cannabis and allow interstate commerce—but remains under debate.
There’s growing uncertainty around hemp-derived THC regulations and the fate of the 2018 Farm Bill.
Strategic Advice for the Rest of 2025
The report doesn’t just stop at market analysis—it offers concrete recommendations for reevaluating your go-to-market strategy based on current licensing trends.
Whether you’re a brand, supplier, investor, or service provider, understanding which states are scaling and which are shrinking is critical to staying ahead. This Mid-Year 2025 Market Report will help you focus your efforts, make smarter decisions, and plan for what’s next. Download the full report now.