The cannabis industry is placing its bets on the Sunshine State, despite challenges and uncertainties. While some companies fold their hands, others are doubling down on Florida. Let’s explore the current landscape:
The Cannabist Co. recently surprised the industry by leaving Florida, citing financial losses and an unoptimized asset base. However, other multi-state operators (MSOs) are fully committed to the state.
All In: MSOs in Florida
- Trulieve Cannabis Corp.: With 200 stores, Trulieve has always seen its future in Florida.
- Verano Holdings Corp.: Tapped into the state with 77 dispensaries under the MÜV store name.
- Ayr Wellness: Planted its flag with 64 stores.
- Curaleaf Holdings: Quickly opening stores, celebrating its newest in Miami, making it 62 Florida stores for the company.
- Cresco Labs: Also in the state with 33 stores.
- Green Thumb Industries: Just opened its 17th store in Florida.
The Regulatory Gamble
- Florida remains a medical-only state, but efforts to fully legalize cannabis are ongoing.
- A ballot decision in November requires 60% voter approval.
- BDSA analyst Brendan Mitchel-Chesebro predicts Florida could be the second-biggest market by 2028, with sales reaching $870 million in 2025 (if legalized) and $4.5 billion by 2028.
The Hemp Factor
- Governor Ron DeSantis has campaigned against adult-use cannabis, favoring hemp.
- The state Republicans align with hemp over adult-use cannabis.
- The path to adult-use legalization faces hurdles.
Florida’s potential market is significant, but uncertainties remain. The stakes are high, and the outcome is yet to be determined.
