On Election Day, Florida voters spoke loud and clear when they overwhelmingly supported the passage of Amendment 2, legalizing medical marijuana for qualified patients.
Now that the “green rush” has come to the Sunshine State, prospects and projections for a significant economic impact are starting to bud.
According to a newly released report (“Florida Legal Cannabis Market State Profile”), the projection for the Florida cannabis market is $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,” stated Giadha DeCarcer, New Frontier Data Founder & CEO. “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.”
Per the report, Florida could command as much as 7.5% of the total U.S. legal cannabis market (and 14% of the U.S. medical cannabis market) by 2020.
The heady projections, however, do not take into account possible legal hurdles that could be encountered on the local level. For example, individual jurisdictions can enact moratoriums on legal cannabis distribution and sales, which could greatly impede initial market growth in the state.
Other key trends mentioned in the report that will be critical in shaping the growth and evolution of Florida’s medicinal cannabis market 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