Marijuana Business Factbook 2019

Marijuana Business Factbook 2019 Chapter 2 | State-By-State: Legal Overview, Market Data and Outlook 70 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. HAWAII Medical continued MARKET OVERVIEW Number of registered patients 27,152 (up slightly from 25,132 in early 2019) Estimated 2019 MMJ sales via dispensaries $17 million-$20 million (up from $13 million in 2018) SUMMARY What to watch in 2020 The state’s MMJ program has some of the highest costs in the nation, and patient counts have been stagnant and sales lackluster―coming in at $12.6 million in 2018. There are now 12 operational dispensaries in the state, up from eight earlier in 2019, which likely will serve to increase patient access to MMJ and provide a boost to sales. A much-touted reciprocity program began accepting applications for out-of-state patients in March 2019, but as of December 2019, just under 600 patients had registered. Hawaii’s MMJ businesses need more patients to register for the program in order to remain viable, and regulators have introduced legislation to make improvements and adjustments to the state’s MMJ industry, including bills to allow dispensaries to deliver to patients, as well as allowing patients to be reimbursed by insurance companies for medical cannabis. Marijuana Business Opportunity Rank for 2020 C- The initial eight vertically integrated dispensary licenses have been awarded, but the state is considering making one additional license per 500 qualifying patients available later this year. Currently, most business opportunities are limited to entrepreneurs who want to develop ancillary products and services. The significant population of caregivers―who are allowed to grow MMJ for patients, curbing demand for sales through licensed dispensaries―will be phased out at the end of 2023, which will likely drive additional traffic to dispensaries.