When I get data I am a bit of a “Dog with a Bone”. I have tweaked the CURA GTII Venn Diagram to show Retail Stores by each of their various intersections: eg. Stores for GTII that are common to all three, Stores for GTII common to Cura and CL, respectively….

Interestingly, Cura has 15 stores in nine States where neither GTII nor CL have stores. Ohhh… what I would give for some segmentation in Cura’s MDA.

Slice and dice some more for our valued subscriber:

Retail Store Count for Adult Use States: CURA GTII CL

NOTE: The number following the two-letter abbreviation is population by millions. The bottom is the highest population, and it declines as you move north.

California: All three have a wholesale presence in Cali but no stores.

(Colorado CURA and GTII have wholesale but no stores)

Illinois – limit 10: $699 million in sales in 9 months.  All three MSOs active, with CL trailing CURA and GTII at seven and eight stores, respectively.

Michigan – no limit . Went Adult Use in 2019 but have been slow to roll out stores.  Detroit just approved permitting yesterday.  Very strong population as the third biggest Adult Use state. Cura is the only one with stores operating at 4.

New Jersey: Regs will be a driver in this state.

Arizona: – no limit CURA biggest lead is in Arizona, which just approved full Adult Use, at 8 stores versus one with CL and none with GTII. Arizona is half the population of Illinois if you want a proxy for growth now that Adult Use is set to roll out.

Nevada: GTII holds a large advantage in NV, which has been slowed considerably by covid and reduced visitors, at 7 stores versus 3 CURA and none for CL.

Retail Store Count for Medical States: CURA GTII CL

NOTE: The number following the two-letter abbreviation is population by millions. The bottom is the highest population, and it declines as you move north.

Florida: This was a shock to me. CURA has 24 more stores than GTII.  For reference, TRUL has 59 stores.

New York – limit 4: All three are maxed out in NY right now at 4, the present limit.

Pennsylvania – limit 15: GTII with the 4-store lead at 13, followed by Cura at 9. 

Ohio – limit 5:  The Buckeye state has been a real clusterfuck of a rollout since 2018.  Slowly getting their act together. GTII has the lead at five stores. 

Massachusetts – limit 3: Vape crisis then covid. Cura maxed out at limit of 4 acquired via Grassroots. 

• As of September 30, 2020, there were 75 adult-use dispensaries permitted to open across the state The CCC oversees the adult-use cannabis program.

Maryland – limit 4: Cura maxed out at limit of 4. 

• As of September 30, 2020, there were approximately 92 operational dispensaries, 17 operational cultivators, and 18 operational processors. In October 2020, the MMCC issued three additional cultivation licenses and seven additional processing licenses.

The preceding is the opinion of the author and is in no way intended to be a recommendation to buy or sell any security or derivative. The author does not have a position in Curaleaf, Green Thumb Industries, Cresco Labs and will not start one in the next five days.