When Florida passed Amendment 2, many forecasted that Florida could sprout into one of the biggest MMJ markets in the country. Now, there are stats to back that up.
Per MJ Biz Daily
During a special legislative session this month, Florida lawmakers were finally able to reach an agreement on rules governing the state’s MMJ program – previously thwarted by disputes between the House and Senate about the number of dispensaries each license holder should be allowed to operate.
On top of the seven licensed businesses currently operating under Florida’s CBD-focused program, the new bill will license 10 additional vertically integrated MMJ businesses by October 2017, with each allowed to open 25 dispensaries.
Florida Gov. Rick Scott said he “absolutely” intends to sign the medical marijuana bill.
That will bring to 17 the total number of companies authorized to produce and dispense full-strength medical cannabis across the state. And the maximum number of dispensaries will increase to 425.
The ratio of dispensaries in Florida to the businesses that own them could therefore reach as high as 25:1, far surpassing any other marijuana market in the nation – recreational or medical. This may lead to Florida becoming home to some of the largest chains of marijuana retailers in the United State.
While not a one-to-one comparison, Nevada’s medical marijuana industry currently has 55 dispensaries operated by 39 separate companies – a much more diffuse market that has yet to produce any dominant retail chains.
Though Florida’s law has provisions that allow the addition of licenses as the program grows, it won’t change the fact the Sunshine State has adopted regulations that effectively create an oligopoly – where the market is dominated by a small number of players. While oligopolies are in place in many other states with MMJ programs – such as New Jersey and Maine – the sheer size of Florida’s market creates an unprecedented opportunity for businesses that manage to secure a license.
According to Marijuana Business Daily estimates, Florida’s potential patient pool could total 100,000-300,000 and annual sales through dispensaries could reach $600 million-$800 million in the next three to five years.
Those are huge numbers. Read more about the potential for Florida’s mmj market here.
We spoke with someone crucial to the passing of Amendment 2. Roz McCarthy with Minorities 4 Medical Marijuana spoke with us about what’s going on in Florida. Stream our interview here