Tuesday, June 25, 2024

Let’s Talk About Florida’s $1 Billion Medical Marijuana Market

Florida is destined to become one of leading medical marijuana markets in the United States, generating more than $1 billion in sales within the next three years, according to the latest report from New Frontier Data and Arcview Market Research.

The latest portrait of the U.S. cannabis industry shows the Sunshine State will easily grow to the second largest medical marijuana state by 2020. This means of all the cannabis being sold in the 28 states that have legalized it for therapeutic use, Florida alone will hold a whopping 14 percent of the market share.

Interestingly, the rapid pulse of the marketplace, estimated to swell by 140 percent once medical marijuana is finally available, is largely due to Florida being home to the largest percentage of senior citizens (65 and older) in the nation, a prime demographic with respect to individuals living with health conditions for which marijuana can provide relief.

When voters approved United for Care’s Amendment 2 in the November election, legalizing a full-scale medical marijuana program, it created enormous opportunity for the cannabis industry. The language of the law allows the participation of patients with a wide variety of health issues, ranging from cancer to just about any other condition, as long as a licensed physician believes the herb could do some good.

One of the latest snippets of research from the New York University School of Medicine indicates the older generation, specifically Baby Boomers, could be one of the largest customer bases for the medical marijuana industry. The study, which was published earlier this week in the journal Addiction, finds that people 50 and older are increasingly more apt to embrace the use of marijuana for its medicinal properties.

Although Florida’s Amendment 2 is set to become law at the beginning of 2017, it is expected to be at least another year before the state is prepared to launch the program.

Let’s face it – state officials do not exactly have a reputation for being expeditious in these types of situations. It took them well over a year to get the regulatory affairs in order just to roll out a simple low-THC program for patients with cancer and epilepsy.

Nevertheless, once the program does finally get up and running, it will undoubtedly bring about the creation of thousands of new jobs and vastly contribute to the state’s over economic foundation – a benefit that many other states with legal marijuana are set to experience, as well.

The report predicts the entire scope of the national marijuana market will be worth more than $21 billion by 2020, as long as President-elect Donald Trump’s selection for U.S. Attorney General doesn’t stop the cultivation and sale of cannabis dead in its tracks.


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