The U.S. marijuana licensing market remained stable in early 2025, with the total number of active licenses growing less than 1%. According to cannabis intelligence firm CRB Monitor, there were 38,509 active licenses in regulated medical and recreational markets during the first quarter of 2025.

Additionally, approved/pending and pre-licensing activities declined in the first quarter of 2025, signaling a slowing of businesses entering the market and marking the third consecutive quarterly decline in new license approvals.

Michigan remains the third-largest U.S. market in terms of active licenses, even as it shed 138 permits in the quarter and ended at 4,148. While this is a 3% quarterly decline from the end of 2024, active licenses have grown 17% year-over-year.

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