Posted: 10/1/22 at 3:24pm
Yes, it is technically available for licensing. However, I know several people who have attempted to get rights in the US (both for college and regional productions), and they are quite difficult to get. I also was affiliated with a college organization that attempted to get rights, and we were basically laughed off by Concord and told we wouldn't get them. Some regional productions have happened, but they are notoriously stingy with who they allow to do the show. They do seem to be more lenient with letting high schools do the PG-13 version. So, for one reason or another, they are still keeping a tight grip on who gets to produce the show.
Also, countless shows have returned to off-Broadway and/or toured after rights have been released. Kinky Boots is a current example, as is Little Shop. While regional productions certainly put a dent in demand, there is a huge difference in quality and production value between an off-Broadway theatre and your average community or regional theatre. There's also the appeal of getting to see well-known actors perform the material.
Lastly, Heathers was available for licensing before the West End run came to fruition. At that point, after the show's short off-Broadway run, it didn't seem like it had any future, so it made sense for them to begin licensing it. But the creatives can clamp down on rights (or stop offering licenses altogether) if a tour or off-Broadway run happens, so that there is no competition. In fact, I'd say that is probably what they would do in that scenario.