A new report from Zuanic & Associates has revealed that medical cannabis sales in Florida reached $92 million in August.
August’s $92 million in sales contributed to a three-month total of $480 million, valuing the industry at $1.44 billion.
The report shows that the state has an estimated monthly patient expenditure of approximately $145 based on an average of 833,000 registered patients during this period.
Notably, year-on-year sales from June to August increased by 13%, surpassing the +6% growth seen in the second quarter of 2023 and the +2% growth recorded in both the first quarter of 2023 and the fourth quarter of 2022.
Writing in the report, Pablo Zuanic of Zuanic & Associates, commented: “Certainly, rec legalization is the next big catalyst for this market. But in the meantime, we note this is already a sizeable medical market at >$1.4Bn, with volume growth north of 30%, and with prices now starting to stabilize (after more than 20% deflation).
“With stock prices up since the HHS rescheduling news, we would expect more consolidation.”
With a 2024 ballot initiative set to be voted on that would see the legalisation of adult use of cannabis, the state could generate up to $431.3 million in sales tax if passed.
This figure was estimated by officials at the state Financial Impact Estimating Conference (FIEC), who also suggested this figure could be higher if an additional excise tax is imposed on retail cannabis sales.
The FIEC financial impact statement reads: “Based on other states’ experiences, expected retail sales of non-medical marijuana would generate at least $195.6 million annually in state and local sales tax revenues once the retail market is fully operational, although the timing of this occurring is unclear…
“Because the $195.6 million sales tax estimate represents the lowest suggested level deemed reliable among the six scenarios reviewed (which ranged upward to $431.3 million), it is probable that future changes, if any, to the tax structure would equal or increase the estimated level of new revenue collections. Such changes would require legislative action.”
