Florida’s medical cannabis market is regulated by the Florida Department of Health: Office of Medical Marijuana Use (OMMU). More information about the state’s medical cannabis program can be found here, including access to the regulations that govern this market.
Currently, the existing market is dominated by a few key players, with the top six medical marijuana treatment centers accounting for nearly 90% of all sales. A report in MJBiz Daily in June 2021 said, “The 14 active MMTC license holders operate 347 dispensaries with three — Trulieve, Surterra, Curaleaf — controlling more than two-thirds of the market.”
Still, Florida’s cannabis business licensing landscape is evolving rapidly. Recent cannabis business licensing efforts have opened up opportunities for new entrants, indicating the potential for significant growth in the future. With the potential to become one of the largest state-legal marijuana markets, Florida presents an enticing prospect for those interested in the industry.
Florida’s Medical Cannabis Social Equity Plan
In terms of social equity, Florida does not have a formal social equity program that aligns with MCBA (Minority Cannabis Business Association) standards. However, the state has provisions aimed at promoting equity, such as reserving one of the licenses for a Black farmer who is a class member of Pigford v. Glickman. This license holder is exempt from the requirement of having to be registered to do business in the state for five consecutive years before submitting the licensing application. However, the cost associated with this license type was double that of a general applicant.
The state also requires applicants to have diversity plans and demonstrate involvement of minorities and veterans in their management, ownership, and employment. Applicant’s seeking to renew their license, which occurs biennially, must show the effectiveness of their diversity plan by reporting the following: representation of and recruitment efforts to employ minorities and veterans, as well as a record of contracts for services with minority businesses and veteran businesses.
Florida Cannabis Business Licensing 2023
A total of 22 new vertically integrated MMTC licenses will be issued following the state’s most recent application cycle. Cannabis business applications were accepted from April 24, 2023 until April 28, 2023, with the application itself listed on the program’s website.
There is a potential for significant growth and expansion in the Florida cannabis market. The issuance of these new MMTC licenses will double the number of operating centers, and the market is projected to grow to over one million patients within the next year and a half.
Additionally, there is a ballot initiative for adult-use cannabis legalization filed in Florida for the 2024 general election which could further expand the market. If passed, this would allow individuals 21 or older to possess, purchase, or use marijuana products and marijuana accessories for non-medical personal consumption by smoking, ingestion, or otherwise. This would create one of the largest state-legal marijuana markets in the country, with significant potential for growth and expansion.
How Can Point Seven Group Help?
The team of cannabis consultants and professionals at Point Seven Group have worked extensively in the U.S. and international cannabis markets and are familiar with the unique challenges of the cannabis industry. Follow us on social media to stay up to date with more cannabis industry updates!
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