New Laws Mean That The Florida Cannabis Industry Could See Some Large Shifts
The Floridian cannabis industry is one of the fastest-growing areas for marijuana stock growth. With several leading pot stocks being based out of the state, many believe that Florida has solid long term potential. When we talk about Florida’s cannabis industry, the marijuana stocks that reside there are mostly MSO pot stocks. These companies operate dispensaries in many states, with Florida being one of those. On August 31st, big news hit about a recent legislative update to Florida’s cannabis law. The state decided to legalize the production and sale of THC-infused edibles such as cookies, candies and baked goods.
The rule, which is deemed as an “emergency rule” has several stipulations within it. One of these states that the products must be sold in geometric forms so that there are little to no resemblances with popular candies. This is a rule made to help protect those who may accidentally ingest the substance without knowing that it is cannabis. Some marijuana stocks that benefit from edibles like KushCo Holdings Inc. (OTC:KSHB) and Canopy Growth Corp. (NYSE:CGC) may be able to see an uptick in sales because of this. With that in mind, here are two pot stocks that could benefit from the new law.
The Most Popular Marijuana Stock in Florida
Trulieve Cannabis Corp. (OTC:TCNNF) is one of the most popular marijuana stocks with a large presence in Florida’s cannabis industry. While many other MSO pot stocks to watch have focused on expanding broadly, TCNNF stock has benefitted from the company’s choice to focus heavily on Florida. Because of this specialization, TCNNF stock has been able to grow right alongside the Floridian cannabis industry. And given that the state has yet to go full rec, there seems to be a great deal of future potential for TCNNF stock.
Many other MSO pot stocks like Green Thumb Industries Inc. (OTC:GTBIF), have large presences in the U.S., but none have a more advantageous position in Florida than Trulieve. In addition, the company has shown some very solid financials in the face of Covid based hardships. In its most recent second quarter, Trulieve reported an increase in revenue of around 109% over the previous year. With the new update to Florida’s laws, this number could potentially grow even more in the near future.
Another Key Floridian Marijuana Stock
Liberty Health Sciences Inc. (OTC:LHSIF) is another one of the leading marijuana stocks with a big presence in Florida. The company states that it is a vertically integrated producer and retailer of marijuana. The company reportedly has as much as 250,000 square feet of grow space which is enough to produce a very large quantity of cannabis. LHSIF stock remains in a very solid position as there are only a few competitors in this area of Florida’s cannabis industry.
The company has also consistently been able to push its customer base by 50% year over year which is quite substantial. LHSIF stock has also been able to grow due to the growing number of those who use cannabis in Florida. If the state chooses to go full rec, LHSIF stock would sit alongside TCNNF stock in terms of future potential. But, as a major player in Florida, Liberty Health could be a solid pot stock to watch given this recent update to the legislation surrounding cannabis in Florida.