NEW REPORT: Florida Marijuana Sales to Top $1.6 Billion by 2020
Washington – New Frontier Data, the cannabis Big Data and analytics authority, in partnership with Arcview Market Research, the leading publisher of cannabis market research has released its Florida Legal Cannabis Market State Profile, which shows the potential growth of the medical market after Florida voters overwhelmingly chose to legalize medical marijuana with more than 70% of the vote. Our report projects that Florida’s market will grow to $1.6 billion by 2020 at a compound annual growth rate of 140%.*
“Florida has the potential to be one of the largest medical markets in the country. The state is home to the nation’s largest percentage of people 65 and older, a demographic for whom chronic pain and catastrophic illnesses are commonplace and expensive to treat. Amendment 2 gives this large patient pool access to legal cannabis as an alternative therapy to their diverse medical needs,” said New Frontier Data Founder & CEO Giadha Aguirre de Carcer.
“The opportunity for good jobs, tax money and wealth creation created by Amendment 2 passing cannot be understated. Savvy entrepreneurs and pioneering investors are rightfully exuberant about the Florida market. And, thankfully, seriously ill patients will no longer need to go to high school parking lots or drug dealers to get their medicine,” said Troy Dayton, CEO of The Arcview Group.
Florida could command as much as 7.5% of the total U.S. legal cannabis market (and 14% of the US medical cannabis market) by 2020. As the state with the fifth-highest median age, and one of the most popular retirement destinations in the country, Florida is very well positioned to serve aging residents with medical cannabis products.
Another important aspect of the market to watch is that its future will be heavily dependent on decisions at the local level. Individual jurisdictions can enact moratoriums on legal cannabis sales, and this local autonomy could greatly impede initial market growth in the state. Other key trends that will be critical in shaping the growth and evolution of Florida’s market covered in the report are:
- National and State Market Projections through 2020
- The development of advanced delivery services to increase access to products for elderly patients
- The potential for a restrictive market due to action by the legislature and the DOH
- Potential barriers to physician certification and participation
If you would like more information on Florida’s legal cannabis markets, you can download the 2016 Florida Legal Cannabis Market State Profile at https://newfrontierdata.com/product/florida/ and the report can be ordered for $249.
*Market figures to be attributed to Arcview Market Research.
About New Frontier:
New Frontier provides objective, rigorous and comprehensive analysis and reporting for the nascent and underserved cannabis industry. New Frontier’s data and reports have been cited in over 45 countries around the world to inform industry leaders. New Frontier, the premiere Big Data shop in the sector looks beyond the plant cultivation and distribution, to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex industry. Founded in 2014, New Frontier is headquartered in Washington, D.C. For more information or media inquiries, please visit www.newfrontierdata.com or contact our PR team: NFD@PReturn.com.
About The Arcview Group:
Founded in 2010, The Arcview Group is responsible for a number of groundbreaking ventures in the cannabis industry. The ArcView Investor Network includes more than 600+ dues-paying accredited investors who have put more than $87 million behind 135 companies. The next big members-only Arcview Investor Forum is scheduled for January 16-18 in Los Angeles, CA. Arcview Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market report. Arcview is a partner in Canopy, a seed-stage mentor-driven business accelerator. Arcview is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. For more info on The Arcview Group please visit www.arcviewgroup.com or contact Abby Benjamin at 720-518-7611.