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Massachusetts cannabis businesses are giving up their licenses at a higher rate than ever.
Through May 19 of this year, 23 marijuana operators surrendered or allowed their licenses to expire, according to state Cannabis Control Commission data cited by the Boston Business Journal.
Four of the licenses were for retail marijuana stores. That’s the same number of stores who let their permits lapse during all of 2024.
With economic uncertainty and increased competition both in Massachusetts and from marijuana businesses in neighboring states, experts’ predictions that 2025 would see more business closures are coming to fruition.
“I think that this year is going to potentially be one of those years where we see a lot of businesses close,” Ryan Dominguez, executive director of the Massachusetts Cannabis Coalition told the Boston Business Journal in a February interview.
“That was part of the story last year, and I think we’re going to see even more of those happen this year.”
Among the businesses to close up shop are marijuana multistate operator Tilt Holdings, which sold off one store and closed another in February.
Many retailers say they’re hamstrung by high taxes imposed by Massachusetts-specific “community impact fees” that have put at least one retailer in six-figure debt.
Though many companies lost licenses, it doesn’t mean they are out of business because some have multiple licenses.
Additionally, 38 new cannabis operators opened between Jan. 1 and June 20.
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