The Florida medical marijuana market is about to explode, here’s what you should know by now!

Florida’s marijuana market includes 22 marijuana treatment centers (MMTCs). Each of the centers has a license that allows them to grow, process, and distribute medical marijuana. The state also has up to five laboratories licensed to conduct third party testing of medical marijuana.

That’s not all!

Florida is set to grant cannabis entrepreneurs at least 27 new state licenses to operate within the borders. These licenses will enable medical marijuana treatment centers (MMTC) to be launched. It will significantly increase the number of treatment centers in the country. Put simply, the already massive medical marijuana industry is booming in Florida.

The state health department will issue the new licenses on or before July 1, 2023.

You would wonder why the state is introducing medical marijuana use. Here are two reasons for this:

These two reasons contribute significantly to Florida’s current position as one of the most important and important markets in the United States of America.

Senate Act 182 came into force in 2019. It authorizes the possession, use, or sale of smokable marijuana flower in the state of Florida. In 2020 Florida put some rules in place to regulate the safe production of edibles.

Note that demand for these edibles is growing across the state for the following reasons:

• It is a smoke free method of consumption

• It is perceived as a more hygienic method of consumption, especially when compared to smoking dried cannabis flowers in a bowl.

Now that the state’s marijuana market has smokable flowers and edibles, the current MMTCs and laboratories have many products to license, formulate, develop, manufacture, and sell.

The Total Available Market (TAM) is the total demand for a product that is available to a supplier, especially if they were the only supplier who supplied the product. TAM is one of the most important factors to consider for any industry. Because cannabis is illegal at the federal level, marijuana companies cannot deliver marijuana from one state to another. Thus, TAM in the cannabis industry is limited to the state in which a company operates.

Right now, Florida’s marijuana industry has one of the most robust and profitable Total Available Markets (TAM) in the world.

The state has over 450,000 qualified patients, and that number is increasing by about 3,000 patients every week. The rapid increase in the number of patients in need of marijuana has made the state the largest medical marijuana market in the United States.

In addition, Florida has a growing population of about 20 million with a tourist population of about 150 million. This means that once regulations on adult use go into effect, the state could gradually become one of the largest marijuana markets in the world.

Florida currently has around 300 retail locations, with an estimated 500 locations by the end of 2022. Based on the numbers, it is almost certain that Florida will become the dominant market for marijuana or cannabis industries worldwide.

Marijuana edible sales in Florida are projected to hit a whopping $ 250 million. This is due to the size of the medical marijuana market and the increasing demand for edibles across the country. The number is likely to rise even more significantly once the state government approves adult use.

This will allow the current MMTCs and third party medical marijuana treatment center laboratories to realize the full potential of the market. There will also be an opportunity to increase the total available demand in the marijuana market.

This boom is undoubtedly a good plan for both patients and job seekers. In addition to the 27 newly issued licenses, the Florida Department of Health plans to pour $ 13 million into the medical marijuana system. Florida’s medical marijuana industry currently employs over 15,000 people. But with the budget, the demand for employees is likely to increase. At least additional hands are added.

In addition, the state will need an additional million dollars to fund an advertising plan and set up three offices in regions like Orlando, Tampa Bay, and Miami.

These new initiatives will result in the employment of a new group of workers. Labor is also required to cultivate the plants. Employment opportunities aside, patients who qualify for marijuana prescriptions have an easier assessment. You wouldn’t have to travel to other states where marijuana is legalized.

Currently, 620,000 patients have qualified for the prescriptions. Medical marijuana treats the following diseases in Florida – seizures, epilepsy, ALS, glaucoma, PTSD, multiple sclerosis, cancer, HIV / AIDS, Crohn’s disease, Parkinson’s disease, chronic non-malignant pain, incurable diseases, and more.

According to a recent study by ArcView, the Florida cannabis industry is likely to reach as much as $ 6 billion by 2030. This is a major boom, but it doesn’t stop there. Additionally, Florida is expected to finally legalize recreational marijuana use in the state.

In the next election, the Democratic leaders running for Governor Ron DeSantis are big supporters of legalizing marijuana for adult use. The Florida Supreme Court has just turned down legalization of recreational activities.

In addition, indigenous peoples who support the legalization of marijuana are trying hard to get it on the ballot in 2022. If this succeeds, Florida only needs 60% of the electorate to support marijuana legalization for the policy to be implemented.

Whatever happens to recreational cannabis use, medicinal cannabis has gotten to stay in the state. It offers opportunities for everyone and everyone. The entire population – young and old – can enjoy the benefits of medical marijuana.

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