Utah - GreenGrowth CPAs

Market Map

Utah
Cannabis Market

Utah Cannabis Market At-A-Glance

Overall Rating: C

Utah began recreational sales in 2020. The state is in the very early stages, but is expected to see growth within the upcoming years.

Medical Use: Yes

Adult Use: No

Market Potential

C-

Since Utah has capped licenses and is only medical, there is not much market potential in this state.

Licensing

C-

The licensing is capped and all licenses are currently in use.

Competition

The state is divided into 4 regions, each region gets a license. Competition is rather weak.

Tax/Regulatory Structure

A+

Non-existent. No taxes in Utah on medical cannabis

Utah Cannabis Details

Population (Rank)

3,026,000

#30

Size/Density

33.6 sq. miles

#46

Medical Cannabis?

Yes

2018

Adult-Use Cannabis?

2020 Medical Sales

2022 Projected Medical Sales

$17,200,000

2020 Adult Use Sales

2022 Projected Adult Use Sales

Regulatory Agency

The Utah Department of Health licenses dispensaries; The Utah Department of Agriculture and Food licenses cultivators and processors.

https://www.idfpr.com/ILCannabis.asp

# of Dispensaries (allowed/issued)

# of Cultivators (allowed/issued)

8 to start

# of Manufacturers (allowed/issued)

# of Testing Labs (allowed/issued)

Vertical Integration?

Allowed

Residency Requirements?

Social Equity?

Cannabis Taxes

Combined Tax Rate

None

Excise Tax

None

Retail Sales Tax

None

Local Sales Tax

None

State Sales Tax

None

Cultivation Tax

None

Licensing Fees (per year)
^{*Varies based on gross revenue}

Dispensary

$50,000–$69,500

Courier's License

$2,500 initially | $1,000 yearly

Application Fees

Dispensary

$2,500

Cultivation

$25,000

Market Map

Utah Cannabis Market At-A-Glance

Utah Cannabis Details

Cannabis Taxes

Licensing Fees (per year) *Varies based on gross revenue

Application Fees

Licensing Fees (per year)
^{*Varies based on gross revenue}