The number of active cannabis business licenses in the United States fell 2% in the second quarter of 2025, according to data released by CRB Monitor, an intelligence firm that tracks and monitors licenses in the $32 billion regulated industry.
The decline to 37,889 licensed businesses continues a multiyear contraction that began in 2022 following an initial boom.
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Over the past two years, the number of active licenses nationally has dropped 13%, reflecting consolidation in mature markets and slower growth in newer ones.
Despite a brief period of stability earlier this year, a combination of declining approvals and fewer new applications is driving the ongoing cautious turn in cannabis business expansion.
“What we’re witnessing is the great rationalization of the American cannabis industry,” said
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