Florida has one of the largest medical cannabis industries, supporting over 800,000 patients and tallying up a massive net worth of $1.75 billion— projected to reach $2.4 billion by 2026.
Right now, multistate operators (MSOs) are racing to expand their retail presence in the state’s lucrative market by strategically positioning themselves in anticipation of potential adult-use legalization. This move could bring about a lot of huge opportunities in the retail space.
However, investing in it is still questionable.
Medical dispensaries are currently creating fierce competition and toeing the line of saturating Florida cannabis market. As a result, current license holders are discounting their products deeply to compete, even though many companies are reporting flatlining sales.
Even though prices are getting cut left and right and analysts see all the signs of saturation, representatives of these companies believe that the store saturation point hasn’t been hit yet— especially if full recreational legalization is on the horizon.
Verano Holdings, an MSO based in Chicago, just opened its 70th store and is now the second-largest company in Florida regarding the number of stores. They’re right behind Trulieve Cannabis, which opened its 126th store in August. Other MSOs like Curaleaf Holdings and…