How the Florida Cannabis Industry Could Change in the Near Future
The Florida cannabis industry is one of the fastest-growing in the country. While Florida does only allow medical cannabis at this time, many believe that full rec could be on the way. In only a few short years that Florida has had legal cannabis, the industry has developed greatly. Market-leading pot stocks like Trulieve Cannabis Corp. (OTC:TCNNF) have worked tirelessly to gain a foothold in this industry. Recently, Florida approved the use of edibles in the state for those who hold a valid medical cannabis license.
While this in itself is not an incredible update, it does signal the positivity for cannabis legislation in the state. In the next five years, analysts have stated that the legal cannabis industry could grow by 6% yearly. This comes out to a total market value north of $1.3 billion by 2025. One of the intriguing things about Florida’s cannabis industry is the amount of the population that uses marijuana.
A Newcomer To The Florida Cannabis Industry
With so much of the public showing support for cannabis, many believe that Florida could have one of the largest marijuana industries in the country. In 2018, the state reported that sales hit as high as $626 million. Out of a total $9.8 billion in nationwide cannabis sales that year, Florida looks like it is working hard to become a leader in the industry. Recently, the critically acclaimed Cookies Brand, stated that it would be opening up shop in the Sunshine State. While you may have not heard the Californian marijuana behemoth, Cookies is one of the biggest names in the industry.
The company is famed for producing extremely high-grade marijuana which it sells to its notorious customer base of entertainers, celebrities, rappers and more. The founder of Cookies known as Berner, has himself built a $500 million dollar business mostly based on the West Coast. It’s not uncommon to see a line down the block to get into one of the famous Cookies dispensaries. Because of its critical appeal, the entrance of Cookies into the Florida cannabis industry is big news. While it may be a major positive for consumers, Cookies has the potential to disrupt some of the majors that are currently working in the state.
Change Could Create More Competition for Florida Marijuana Stocks
As of 2020, there are only a handful of large marijuana companies working out of Florida. This includes Trulieve Cannabis Corp. (OTC:TCNNF) and smaller dispensary operators like Miracle Leaf. While these companies have a stronghold on the Florida cannabis industry, newcomers like Cookies present a challenge to these other companies. The interesting thing about the cannabis industry is that there is room for both the boutique pot shops and the less specialized dispensaries.
But, when premium weed is on the table, we have seen consumers flock to wait in line just to purchase it. Many believe that the entrance of Cookies into Florida will help to diversify the domestic cannabis industry. While consumers may be happy about it, major pot stocks and dispensary operators, won’t exactly be thrilled. Regardless, the Florida marijuana industry remains one of the most intriguing markets to watch as we move into the future.