Be Prepared, Florida Is Going Recreational

It is coming to Florida. What’s coming you might ask? I, and many others, would say EXPONENTIAL GROWTH in the cannabis space.

Just days ago, Amendment 3 passed the last hurdle in place of recreational marijuana being on the 2024 ballot. Thanks to the Florida Supreme Court’s approval of the proposed Amendment, recreational cannabis in the Sunshine State seems to be an inevitability.

If Amendment 3 is approved by 60% of voters in November, it would permit the sale of cannabis for adult use at existing medical marijuana treatment centers. Floridians aged 21 and above would be allowed to possess up to 3 ounces of cannabis for personal consumption, but growing cannabis at home would remain prohibited, leaving the door wide open for operators in the state to see repeat business on a level not possible before.

Crossing the 60% threshold is a significant challenge, no doubt, with only Arizona, Maryland, New Jersey, and Washington, D.C., having achieved that level of voter support, according to the Florida Phoenix, a Tallahassee-based nonprofit news organization.

Polls have produced promising results, with a late November survey by the University of North Florida indicated 67% support for the measure, and many believe the support could be growing.

So what does this all mean? It means that Florida will likely see a radical amount of growth in revenue and a broadening of the customer base for all dispensaries that are open currently, and for those groups who secure one of the coveted annual licenses on the market now in the run-up to the Amendment being approved by voters. It’s this market growth that will be the driver behind new revenues in the state for several years thereafter.

With recreational legalization, we have consistently seen a surge in demand for cannabis products. This increased demand comes from not only existing medical cannabis patients but also from new adult-use consumers who were previously restricted from purchasing cannabis legally. As Florida is the third largest populous state in the U.S. expect this market growth to be borderline shocking.

Tourism will also be a driver behind growth, it’s no secret that Florida is a major tourist destination (Disneyworld, Miami, the Keys, the Everglades, Busch Gardens, you name it) all attracting millions of visitors each year. Legalizing recreational cannabis could lead to increased demand from tourists, similar to what we observed in states like Colorado, California, and Nevada.

For those operators who are in the market, and for those that can find their way into the market buy securing one of Florida’s unlimited licenses, the amount of return on their investment will be substantial, and many are preparing for the inevitable adoption of Amendment 3 by the people of Florida as you read this article.

I have written about emerging markets in the past, New Jersey, Ohio, etc., Florida is THE market that you want to be in. There are no guarantees in life, but buying into the Florida cannabis space is the closest you can get to securing a guaranteed return. And a large return at that.

There are brokers in this space that have these unlimited licenses available, and they hit the market quickly and then they’re gone. If you want to get in, get in now.

Recreational cannabis is coming to Florida, and because of that, things are looking even brighter in the Sunshine State.

By Gordon K. Sattro Esq.

Green Life Business Group, Inc.

Director of Nationwide Mergers and Acquisitions

 

2024, April 15th. Be Prepared, Florida Is Going Recreational. Benzinga

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