According to a sector study by canadian broker Canaccord, Florida’s medical cannabis market showed strong growth for 2018 as a whole after the first slow introduction of the program, which included lawsuits against the state for restrictive regulations that entrepreneurs considered “unconstitutional” in the first half of last year. Market research instittute Arcview estimates that the Florida medical market generated sales of approximately $630 million last year. Based on the Arcview forecast, this would make Florida the seventh largest market in the country last year, despite the slow and difficult introduction of the state to date and the pure medical permit.
Since then, the number of patients registered in the country has almost tripled from less than 60,000 in 2017 to more than 160,000 by the end of the year. With court decisions last year opening the market to new companies, the new Governor Ron DeSantis openly talking about being more accommodating to cannabis companies, and the potential to lift the state ban on smokable cannabis products and foods in the short term, Canaccord expects the Florida market to be ready for even more substantial growth in 2019 and beyond.
Consequently, Canaccord predicts that the medical market in Florida will grow to more than USD 1.5 billion by 2022, corresponding to a CAGR of 25%. While the conservative view of the issue at the state level is likely to continue, there has been a push in Florida to expand the market and launch a program for adult use. Any extension of the programme to adult use would lead to an increase in estimates.
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