Florida Could Become Key MMJ Battleground State
July 23rd, 2014
Policy, Top News
The Southern United States have largely rejected medical marijuana, with most approved states located in Western, Eastern, or Mountain regions. While there are many underlying reasons for these trends, advocates are hoping that Florida’s upcoming Fall elections will turn the tide in the region. The state has a large potential patient population and sizable potential tax revenue base as a result.
Florida’s Department of Health estimates that there would be approximately 417,000 medical marijuana patients, 250,351 personal caregivers, and 1,789 dispensaries, if medical marijuana were legalized. Based on the amount of cannabis being consumed and the price per ounce, these demographics could generate sales of $138 million to $5.6 billion and tax revenue of $8.3 million to $338 million.
The state could become the second largest medical marijuana market in the country, behind California, with a cost of just $1.1 million to implement the amendment. Some industry association estimates are lower than the state’s estimates, while others are higher, suggesting a large degree of uncertainty. A lot will ultimately depend on the regulatory regime that’s put in place.
Before ending the 2014 legislative session, Florida lawmakers passed a bill that exempted a limited group of extremely sick individuals from criminal laws for using marijuana that’s low in THC and high in CBD. The bill permits cancer patients and those with chronic seizures or severe muscle spasms to use cannabis that contains 0.8% or lower THC and 10% or higher CBD in non-smoke-able forms.
Florida’s Amendment 2 has been put on November’s ballot as a more comprehensive medical marijuana bill designed to expand access to the sick. While the current solution provides very limited access, the new amendment would expand that to reach a wider patient population that could benefit from medical marijuana treatments that are backed by more and more evidence.
Read the entire 22-page report on Florida’ MMJ industry here:
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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