Although Florida lifted its ban on smokable medical cannabis in March 2019, we’re just now seeing the downstream effects of that decision. Now that medical cannabis patients in Florida can legally access flower, competition is heating up.
Medical cannabis has been allowed in Florida since 2016, but a provision of this law meant patients could only consume cannabis via edibles, not smoking. Patients sued the state over this provision and the judicial system found the ban on smokable flower to be unconstitutional.
Because of this, cannabis companies in Florida are now allowed to sell smokable cannabis flower. It’s been over 6 months since the court decision and we’re finally seeing the effects on the cannabis industry.
Investors began pouring funds into the Florida market after the ban was repealed. Since flower is one of the most popular selling items, the repeal gave investors the green light to grow in the Florida market.
Local Floridian companies like Trulieve, based in Tallahassee, are still dominant in the non-smokable market. Trulieve alone has a 52% market share in non-smokables. However, out of state businesses are coming in to capture their piece of the smokable flower market. While Trulieve was the first to sell smokable flower, it now only owns 35% of the smokable cannabis market as of November 8.
And out of state companies are spending big to get in. MedMen spent $53 million alone to get into the Florida market. Other brands, like Green Thumb, Columbia Care, iAnthus, and Cresco, are also staking claims in the Florida medical market.
What does this mean for cannabis in Florida? It’s too soon to tell, but experts say investors can’t expect to see ROI any time soon due to Florida’s limited medical market. However, if recreational cannabis opens up in Florida, early investors will be poised for huge gains.
Smokable cannabis generates $3.5 to $5 million every week in Florida. With a 70% increase in cannabis storefronts, it’s clear investors and businesses are betting on a Florida green rush.
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