Thursday, July 03, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Recreational Cannabis. After legislation approving recreational cannabis in April 2023, Delaware will finally commence sales of recreational cannabis on August 1st of this year. Legal recreational cannabis can be purchased in the 13 existing medical dispensaries as well as through the 30 recreational licenses the state has approved. We expect sales to be derived not only from the state population, many of whom currently travel to existing legal states such as Maryland and New Jersey to obtain the product, but also from the estimated 30 million tourists that visit the state annually.
Delaware Market. Delaware has had a medical market for a while. The market is estimated to be approximately $50 million in size, with flattish growth to 2029 when the medical is projected to rise to $55 million. The recreational cannabis market could grow to the $250-$300 million level, according to various government projections.
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