Independence Risk Solutions

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U.S. cannabis license counts dip again as market cools 🌿📉

The number of active cannabis business licenses nationwide fell 2% in Q2 2025, continuing a two-year slide that’s now reached 13% overall, according to CRB Monitor. The contraction reflects a wave of consolidation in mature markets and a slowdown in new licenses elsewhere, signaling a more cautious phase for the $32B industry.

Despite a brief pause earlier this year, declining approvals and fewer new applications are shrinking the pipeline. Experts say this "rationalization" may be painful now but could lead to a more stable foundation ahead.

We’re watching closely as operators adapt to a leaner, more competitive landscape.