Florida's Legal Cannabis Market
Florida's Legal Cannabis MarketOn November 8th, Florida voters approved the Florida Medical Marijuana Legalization (Amendment 2) ballot measure with a 71.3% ‘yes’ vote. Amendment 2 will allow for Florida’s cannabis market to move away from a High CBD/Low THC market to a medical market that allows for high THC products available to a broader range of patients. In 2017, the year that Amendment 2 is expected to go into effect, sales for the year are estimated to total $10.7 million. By 2020, total market sales are projected to reach $1.6 billion, with a Compound Annual Growth Rate from 2018 to 2020 of 140%. A key demographic in Florida that will contribute to the rapid growth in market size is the 65 years of age and older bracket. Aside from this age demographic being a segment of the population that may benefit greatly from a fully developed medical marijuana program, they are also a disproportionally large segment of the state’s total population. Of Florida’s 67 counties, 53 have 65+ populations greater than the U.S. average, with six counties having a 65+ population of 30% or greater of the total county’s population. Members of this demographic will not only contribute substantially to overall market activity, but due to their specific consumer needs, they will provide unique opportunities for operators in Florida’s cannabis market.