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Florida Medical Marijuana Sales Predicted to Surpass $1.2 Billion by 2020

Florida Marijuana Dispensary

A new report conducted by New Frontier Data suggests that the Florida medical marijuana market could top $1.6 billion in sales by 2020. The results are speculated from the overwhelming support of legalizing medical marijuana in the state. The growth rate for Florida is projected at 140%.

In terms of the medical marijuana market in the nation, Florida’s sales could make up 14%, according to Yahoo. Florida has the fifth highest average age and is also a common retirement destination.

Giadha DeCarcer, CEO and founder of New Frontier Data said, “Florida has the potential to be one of the largest medical markets in the country. The state is home to the nation’s largest percentage of people 65 and older, a demographic for whom chronic pain and catastrophic illnesses are commonplace and expensive to treat. Amendment 2 gives this large patient pool access to legal cannabis as an alternative therapy to their diverse medical needs.”

CEO of The Arcview Group, Troy Dayton said, “The opportunity for good jobs, tax money and wealth creation created by Amendment 2 passing cannot be understated. Savvy entrepreneurs and pioneering investors are rightfully exuberant about the Florida market. And, thankfully, seriously ill patients will no longer need to go to high school parking lots or drug dealers to get their medicine.”

The one hurdle that Florida has to cross is the moratoriums that are in place. While most are 6-month moratoriums on the cultivation and opening of medical marijuana dispensaries, some are 1-year moratoriums. This could present a potential stunting of Florida’s medical marijuana market.

Other factors considered are doctors’ willingness to participate in certifying medical marijuana patients and potential restrictions from the Department of Health.