Florida's Medical Cannabis Market Sees Explosive Growth Ahead Of November Legalization Ballot

The latest report on medical cannabis sales in Florida from the Office of Medical Marijuana Use (OMMU) showed the number of qualified patients in Florida has skyrocketed from 299,044 in January 2020 to 884,531 in July 2024, representing a 195.7% increase as a cannabis legalization amendment will be voted on in in the November 2024 elections.

The surge in patients comes despite a slight decline in the number of qualified physicians, which dropped from 2,619 to 2,281 (-12.9%). This disparity between growing patient numbers and fewer doctors could signal potential challenges in patient care and access to medical cannabis.

Also, the number of dispensing locations has more than tripled, from 213 in January 2020 to 656 in July 2024, an increase of 208.5%. Leading MMTCs, including Trulieve, Curaleaf, and MÜV, have significantly expanded their operations, contributing to this impressive growth.

Read Also: Ron DeSantis Blasts Florida’s Cannabis Legalization Ballot At RNC: It Would Allow ’80 Joints’ A Day, Affecting Free Speech And Gun Rights

Product Dispensation And Market Leaders

Dispensation of medical cannabis in Florida has seen dramatic increases since early 2020. THC dispensation grew from 59,436,543 mg to 349,307,185 mg (487.6%), low-THC cannabis (CBD) from 1,372,529 mg to 3,693,240 mg (169.0%), and marijuana in a form for smoking from 15,485 oz to 109,343 oz (606.0%).

The report also states the number of dispensaries per company. Other than the number of stores and milligrams sold, we can look for the average selling per location to get a sense of market penetration.

Trulieve TCNNF has emerged as a dominant player in Florida’s medical cannabis market. Since January 2020, the company has expanded from 42 to 140 locations, a 233.3% increase. Trulieve’s dispensaries have significantly higher sales ratios per store, with each location selling an average of 788,664 mg of THC and 298 oz of marijuana in smoking form.

Curaleaf CURLF also saw substantial growth, more than doubling its locations from 28 to 62 (121.4%). Despite this expansion, Curaleaf’s average sales per store are slightly lower than Trulieve’s, with each location selling 777,661 mg of THC and 167 oz of marijuana in smoking form.

MÜV also experienced impressive growth, expanding from 12 to 77 locations (541.7%). However, MÜV’s average sales per store are lower, with each location dispensing 376,945 mg of THC and 116 oz of cannabis in smoking form.

Underdogs are Ayr AYRWF with 65 locations, and Surterra Wellness while growing from 37 to 45 locations (21.6%), they also have lower average sales per store compared to Trulieve. In this metric, Trulieve outpaces competitors.

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