Retail license caps in some states and limited capital are forcing marijuana multistate operators to focus on wholesale cannabis sales growth in 2024.
“It certainly was a focus in ’23, and I think will become even more of a focus in ’24,” said Jamie Mendola, chief business development officer, national head of wholesale/purchasing and the Western Region general manager at Florida-based MSO Ayr Wellness.
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Mendola said Ayr and other MSOs are prioritizing wholesale for two reasons:
Many vertically integrated businesses have reached or are approaching their maximum number of retail licenses in key states such as Illinois, Massachusetts and New York. Limited capital available to the industry means fewer companies will grow through mergers and acquisitions – or by obtaining more licenses.
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