Posted on November 15, 2016 · Posted in Industrial / Flex, Investments, Land, Office, Retail

A new report says that Florida‘s newly legal medical marijuana marketplace will be worth over $1 billion during the next election cycle.

California-based Arcview Market Research, through a study with New Frontier, projected that Florida‘s marijuana market will be valued at $1.6 billion by 2020 after voters approved Amendment 2.

Florida was one of several states that had expanding marijuana coverage on the ballot, including Arkansas and North Dakota. Several other states, including California, Nevada and Massachusetts, legalized recreational marijuana for adult use. Florida‘s new medical marijuana rules have a narrow reach, however. Only patients with terminal diseases are eligible, and some conditions, including cancer and conditions that cause seizures, may be eligible for low-THC medical marijuana.

The states that already legalized marijuana, including Colorado, Oregon and Washington, have seen major sales growth in the market. Colorado, for example, saw just south of $1 billion in sales in 2016 and is projected to hit $2.02 billion by 2020. Oregon, meanwhile, is expected to hit $985.2 million by 2020, while Washington is projected to hit $2.3 billion. D.C., which also has legalized some amounts of medical marijuana, is projected to hit $93.6 million by 2020.

California‘s market, which has long had medical marijuana, is expected to decline slightly, reflecting current trends, but still will account for $2.62 billion by 2020.

The hurdle of passing Amendment 2 in Florida was more difficult than most states, with voters having to approve it by a 60 percent margin. Voters previously defeated it in the 2014 midterm election, with 57 percent approval.

“There is nothing more powerful than an idea whose time has come. This is marijuana’s moment,” Arcview Group CEO Troy Dayton said in a prepared statement. “This decisive victory in Florida represents a historic opportunity to help people while raising tax dollars, creating jobs and inspiring pioneering investors and entrepreneurs to build a new kind of industry.”

 

Source: SFBJ

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