Florida’s budding marijuana market could have a massive effect if 60 percent of voters approve Amendment 2. By 2018, medical marijuana users will spend nearly $200 million in Florida alone. By 2020, 14 percent of the nation’s legal marijuana use according to estimates by New Frontier, a financial analyst focusing entirely on cannabis.
Currently, between 21,000 and 33,000 cannabis-related businesses currently in the United States, estimates Marijuana Business Daily. A legal marijuana market in Florida would likely boost businesses aside from nurseries and dispensaries commonly associated with the marijuana industry. Marketing firms, insurance agencies, and packing manufacturers all target the niche cannabis market. Investors have strategized around the growing industry, software developers and agricultural wholesalers also having created products geared specifically for the growing and selling of pot.
It’s unclear how much revenue would be made in Florida, but that’s because the rules aren’t yet set for a possible Florida pot industry. The state’s first legal cannabis, expected late this summer, will be low in euphoric chemical THC and available only to select patients. Amendment 2 would substantially increase the number of patients who would be eligible for medical marijuana. Opponents of the medical marijuana initiative do not consider economic development to be big enough of a selling point. The campaign’s message suggests that legalization would grant teenagers access and increase drug addiction throughout the state.
Supporters of Florida’s medical marijuana initiative rarely cite economic growth as a reason to legalize the drug but instead concentrate on medical care. Still, it is known that companies elsewhere in the country stand to benefit if Florida proceeds to expand medical marijuana. If the campaign succeeds in earning the 60-percent vote required, the advantage for marijuana companies already operating in Florida is clear with many companies waiting on the doorstep of a lucrative market.
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