Pot Industry High on Florida’s Marijuana Legalization Referendum

April 18, 2024
AggregatedNews
Florida
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Voters will now get to decide whether to legalize recreational marijuana in a state that has a well-established medical pot marketplace.

When the Florida Supreme Court earlier this month approved a November referendum on legalizing marijuana in the Sunshine State, it set off celebrations around the national cannabis industry.

While 24 states have legalized recreational marijuana so far and at least 38 have legalized its medical use, Florida presents the industry with a jewel of an opportunity. The Sunshine State has one of the fastest-growing populations in the U.S., a well-established medical marijuana business with more than 800,000 patients, and is one of the world’s top tourist destinations. Some 135 million people visited Florida last year from both domestic and international destinations.

“The legalization of adult-use marijuana in Florida is not just a game-changer for the state’s economy but also a defining moment for the entire U.S. cannabis industry,” Headset, a marijuana-focused data company, said in a blog post after the court’s decision.

Already at around $2 billion in medical marijuana sales, “Florida could see $4.9 billion to $6.1 billion in sales” during the first year of recreational marijuana, Headset estimates.

“Florida is unique,” says Kim Rivers, CEO of Trulieve, the leader in the state with more than 130 medical marijuana dispensaries. Trulieve was a main funder of the effort to get the referendum on the ballot, contributing $40 million, but now a broader range of cannabis companies are joining the effort, raising $15 million for the Smart & Safe Florida campaign.

[Read More @ US News & World Report]

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