Emerald Insights

The industry’s trusted source for timely, data-driven analysis of cannabis licensing, regulatory trends, and market dynamics.

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2025 Cannabis License Leaderboards

Cannabis licensing is a key indicator of market growth. Knowing where and how many were issued tells you exactly where your new business opportunities exist.

In this video, Ed Keating, Emerald Intel's Chief Economist, discusses cultivation, manufacturing and retail/dispensary licensing across the U.S. in 2025 to analyze the markets poised for growth in 2026.

Fast Takes: License Leaderboards

The most important moments from Episode #77—distilled into 2–3 minute videos by license type for quick, high-impact viewing.

Cultivation Leaderboard

Cultivation licenses continue to dominate the U.S. cannabis license landscape. In this video, learn more about the states leading the charge from Ed as he covers 2025 cultivation licenses.

Retail / Dispensary Leaderboard

Store licenses remain the most visible—and often most scrutinized—activity in cannabis markets. In this brief video, Ed reviews the states issuing the most retail/dispensary licenses in 2025..

Manufacturing Leaderboard

Manufacturing licenses remained the least volatile license category in 2025. In this brief vlip, Ed discusses which states issued the most manufacturing licenses in 2025.

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Take a deep dive into the individual Cannabis License Leaderboards, complete with thoughtful insights from Ed Keating, Emerald Intel's Chief Economist.

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About Ed Keating

Chief Economist, Emerald Intel

Ed Keating spearheads Emerald Intel’s engagement with regulators worldwide, gathering and analyzing corporate, financial, and licensing data to map the evolving cannabis landscape. He is the author of the Market Pulse and host of the Emerald Insights podcast. Ed holds a degree from Hamilton College and earned his MBA from the Kellogg School of Management at Northwestern University. He currently serves as Chief Economist at Emerald Intel.