A Look at the Florida Cannabis Market


In this captivating article, titled “A Look at the Florida Cannabis Market,” Alan Brochstein, CFA provides an insightful analysis of the current state of the cannabis market in Florida. Brochstein discusses the growth of qualified patients in the program, the expansion of dispensaries, and the competitive pressures faced by publicly-traded MSOs. While the growth in patients is still high, the revenue growth is slower, indicating strong competitive pressures. The article also explores the potential legalization of cannabis in Florida and its impact on the market. Whether you’re an investor or simply curious about the cannabis industry, this article provides valuable insights into the Florida market.


Welcome to a comprehensive article on the Florida cannabis market. In this article, we will explore various aspects of the market, including patient growth, product market share, dispensary growth, competitive pressures, potential legalization, Illinois cannabis sales, cannabis stocks performance, and cannabis REIT financial reports. By the end of this article, you will have a clear understanding of the current state and future prospects of the Florida cannabis market.

Patient Growth in Florida

Florida has experienced significant growth in the number of qualified patients in its medical cannabis program. As of the latest data, there are currently 855,267 qualified patients in the program, representing an 11.6% increase from a year ago. While this growth rate is lower compared to previous years, it still indicates a strong demand for medical cannabis in the state.

Product Market Share

When it comes to the market share of different cannabis products in Florida, MMJ (medical marijuana) products are growing at a steady rate. In the week ending November 2nd, MMJ product unit volume grew 17% from a year ago. Flower volume expanded even further by 32%. Despite this growth, total revenue in Florida is growing at a slower pace, estimated to be around 7.5% in the same period. This discrepancy suggests that there may be pricing pressures in the market.

Dispensary Growth

Florida has witnessed significant growth in the number of dispensaries operating within the state. Currently, there are 603 dispensaries, with the leading operator being Trulieve, which has 131 dispensaries, accounting for 21.7% of the market share. The top five operators, including Verano, Ayr Wellness, Curaleaf, and Surterra, control 61.4% of the dispensaries in the state. Compared to a year ago, there has been a growth of 23.3% in the number of dispensaries, outpacing the patient growth rate. This suggests a competitive landscape among both large and small operators.

Competitive Pressures

The Florida cannabis market is highly competitive, with publicly-traded MSOs (multi-state operators) dominating the market. While the growth in the number of patients is still high, the revenue growth is slower than the patient growth rate. This indicates strong competitive pressures within the market. However, the potential legalization of adult-use cannabis in Florida could alleviate some of these pressures and further stimulate the market.

Potential Legalization

Despite being a large state with a significant cannabis market, Florida has yet to legalize adult-use cannabis. However, there is still a possibility of legalization in the future. If Florida were to legalize, it would provide a significant boost to the cannabis industry in the state. Currently, the medical market alone represents almost 4% of Florida’s total population, highlighting the potential size and demand of the market.

Illinois Cannabis Sales

Apart from Florida, it is also worth considering the cannabis market in Illinois. In October, cannabis sales in Illinois experienced a slight decline. This decline was primarily driven by a decrease in sales from MSOs. However, it is essential to note that overall cannabis sales in Illinois still remain strong, indicating a robust market.

Cannabis Stocks Performance

The performance of cannabis stocks is an important indicator of the overall health of the industry. In recent months, cannabis stocks, including Ayr Wellness, Curaleaf, Innovative Industrial Properties, Surterra Wellness, Trulieve, and Verano, have experienced a slight decline. However, it is important to consider the volatility of the stock market and the potential for future growth as the cannabis industry continues to evolve.

Cannabis REIT Financial Reports

One aspect of the cannabis industry that is often overlooked is the financial performance of cannabis real estate investment trusts (REITs). In the latest financial reports, Cannabis REIT IIPR beat analyst estimates for the third quarter. This indicates the potential for strong returns and growth in the cannabis real estate sector.


In conclusion, the Florida cannabis market continues to show promising growth, despite some factors that may be slowing it down. The patient growth rate remains high, indicating a strong demand for medical cannabis. However, the slower revenue growth suggests potential pricing pressures and competition within the market. The growth in the number of dispensaries further highlights the competitive landscape. The potential legalization of adult-use cannabis in Florida could provide a significant boost to the market. Additionally, it is important to consider the performance of the cannabis industry as a whole, including Illinois cannabis sales and the performance of cannabis stocks. The cannabis real estate sector also shows potential for growth and strong returns. Overall, the Florida cannabis market presents opportunities for investors and entrepreneurs in the industry.



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