State Series: The Florida Cannabis Market

We continue our journey through the cannabis markets across different states. We’ve analyzed Pennsylvania and Virginia. Now it’s time for the elephant in the room. In this special episode of TDR’s Trade To Black podcast, we turn our spotlight on the state of Florida and its cannabis market. It could be the biggest cannabis market in the world someday soon. Tune in to find out why.

As always in our state series analysis, we bring in Anthony Varrell and Anthony Coniglio, CEO of NewLake Capital to dissect the strategic trends and future movements in Florida’s cannabis scene.

Diving into the sunshine state, the total addressable market under adult rec use could eventually be as high as $6b. In 2023, there were approximately $2.5b in legal sales with a rough per capita consumption of $147 based on an adult population of over 17 million. The medical use market there is just under a million, and there’s a patient penetration rate of about 4% which is pretty good. Pennsylvania was running a little better than that, but Virginia was smaller.

NewLake Capital predicts that under legalization the per capital consumption would jump at least as high as $200, but the real wild card for Florida would be tourism and border state impact. It’s hard to estimate what sort of impact that might have, but the state of Florida shares over 450 miles of border with the states of Georgia and Alabama, both of which have very limited medical programs. Also: Florida enjoyed $86b in tourism dollars last year, so whatever impact tourism might have on cannabis, it’s not likely to be small.

Discover the major players, understand the licensing landscape, and unravel the market dynamics of the Sunshine State’s cannabis industry. Join us and our guest as we talk the state of Florida and analyze its cannabis market potential!

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