In June of last year, Florida had just under 17,000 medical cannabis patients. Now, as of last Friday, they’ve surpassed 71,000 with more growth projected. In fact, it’s looking like the Sunshine State may be making upwards of one billion dollars in sales by 2020. At least that’s what some investors are banking on.
Take iAnthus Capital and their deal for GrowHealthy Holdings; they are looking to open a dispensary in Palm Beach County by the third quarter of this year. CEO and Director of iAnthus Hadley Ford is the billion-dollar predictor, pointing to rapid patient growth in Florida.
GrowHealthy itself has a 200,000 square-foot grow and production space and though they don’t have any dispensaries yet, they do plan on opening up to 25.
Ford had this to say about Attorney General Jeff Sessions making noise to stop cannabis in its tracks, “By and large, any state that has a good regulatory scheme in place is going to be just fine.” It’s a bright slice of optimism from the head of the second holding company to make a large deal with Floridian cannabis businesses.
Last summer, Liberty Health Sciences of Toronto made a $40 million buyout with Chestnut Hill Tree Farm. And though they made the purchase before Jeff Sessions tried bringing the wrath, it was based on the same optimism that Florida’s cannabis market will one day be absolutely flourishing.
Most states that have legalized either medically or recreationally indeed have flourishing markets and now is nearly too late to be entering the marketplace if you haven’t already dipped in a toe or two. Cannabis is the fastest growing industry in the US and serious players have already stepped up to the plate.
Florida is long overdue for a good cannabis program. With licenses not be issued in a timely fashion last year and the originally small market, it may have been a long road, but now patient access is up, cannabis producers and dispensaries are up and Florida is on the right track to really drive its cannabis landscape through the roof.