A new report projects that Florida’s medical marijuana market will be worth more than Colorado’s by year 2020.
Florida’s medical marijuana market will grow to $1.6 billion by 2020 at a compound annual growth rate of 140 percent, projects a new report from New Frontier Data and Arcview Market Research. More than 70 percent of voters in the Sunshine State approved Amendment 2 to legalize medical marijuana this past November. Considering the state’s aging population, New Frontier expects Florida’s medical market to exceed that of Colorado’s, which is estimated to reach $1.5 billion.
“The successful passage of the medical initiative in the country’s fourth most populous state will create one of the largest medical cannabis programs in the U.S. The state’s large elderly population represents a potentially large cannabis patient base, but there will need to be a significant education process to familiarize them with the potential benefits of cannabis and its uses,” said New Frontier Data Founder and CEO Giadha DeCarcer, in a statement.
New Frontier and Arcview believe Florida could account for as much as 7.5 percent of the total U.S. legal cannabis market, and 14 percent of the nation’s medical cannabis market, by 2020. Florida has the fifth-highest median age of all U.S. states, according to the report.
“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,” DeCarcer said in a statement.
Under Amendment 2, with a prescription patients can access medical marijuana for several “debilitating medical conditions,” including cancer, epilepsy, glaucoma, HIV or AIDS, post-traumatic stress disorder (PTSD), amyotrophic lateral sclerosis (ALS), Crohn’s disease, Parkinson’s disease, multiple sclerosis, as well as other debilitating conditions in which a doctor believes cannabis to be beneficial. Prior to the passing of Amendment 2, Floridians were limited to non-smokable cannabis low in tetrahydrocannabinol (THC). The new law takes effect January 3, 2017.
“The opportunity for good jobs, tax money and wealth creation created by Amendment 2 passing cannot be understated. And, thankfully, seriously ill patients will no longer need to go to high school parking lots or drug dealers to get their medicine,” said Troy Dayton of The Arcview Group.
Florida was one of eight states to pass marijuana measures in November. Arkansas, Montana, and North Dakota also passed medical cannabis initiatives, while California, Massachusetts, Maine, and Nevada legalized recreational marijuana. Despite that cannabis remains a Schedule I substance federally, 28 states have legal medical marijuana and eight states have passed adult use measures. Earlier this year, Arcview Market Research released a report projecting that the United State’s legal marijuana market would compound annually by 30 percent over the next few years and reach $21.8 billion by 2020.
“There is nothing more powerful than an idea whose time has come. This is marijuana’s moment,” said Dayton. “You will not find another multi-billion dollar industry growing at this rate that isn’t already attracting huge multi-national companies and institutional investors. It’s truly a historic opportunity for pioneering investors and entrepreneurs to take a run at a huge market without needing to compete with the really big dogs… yet.”
Medical Marijuana, Inc.’s extensive lineup of cannabidiol (CBD) hemp oil products, including Real Scientific Hemp OilTM, continue to be legal for purchase by people in Florida and all U.S. states, without a recommendation by a physician or a cannabis card.