420 with CNW — Surging Patient Numbers Trigger Hiring Spree in Florida’s Medical Marijuana Sector

In 2020 alone, Florida’s medical cannabis program created approximately 15,000 jobs, and a new analysis revealed that, in total, approximately 31,450 Florida residents are now employed in this industry.

report authored by Leafly & Whitney Economics shows that the total sales of cannabis last year was valued at $1.23 billion. These statistics show that Florida outdid every state with a legal marijuana program except Colorado and California, where robust adult-use programs exist.

According to the Office of Medical Marijuana, the state agency charged with overseeing medical cannabis in Florida, a total of 170,000 people registered as medical marijuana patients in 2020 in Florida. This number brought the total of active card holders within the state to 485,693. That growth is projected to retain its momentum to an extent that annual sales may hit the $6 billion mark every year between now and 2030.

That notwithstanding, Leafly & Whitney Economics experts are of the opinion that those numbers would pale if the state opted to establish a recreational cannabis program, or at least get rid of the cumbersome and even potentially unconstitutional way in which medical marijuana is currently regulated.

Since the state has a population of approximately 22 million residents, an adult-use mechanism would swiftly double the number of people consuming marijuana. Subsequently, sales would surge to $2.1 billion each year, and taxes for both the state and local governments would total $800 million a year.

One of the regulations that is contentious in the current medical marijuana law stipulates that state regulators can issue up to 22 licenses to vertically integrated entities, or those that can handle marijuana from seed to the time products are sold. A Tallahassee appeals court declared this provision unconstitutional, and the Supreme Court of Florida is set to hear this case early next month.

However, state legislators aren’t waiting for the highest court in the state to pronounce itself on this matter; they are taking a legislative route to reform the system.  For example, SB562 and HB593 are aimed at stopping retail outlets from manufacturing the medical marijuana products that they sell. In other words, the vertical integration under the existing law would be rolled back.

Each of those bills is expected to go through a total of four committees before a floor vote is scheduled, and none of the requisite committees has indicated when it will discuss the bill before it. However, Senate President Wilton Simpson says that another bill that could put a cap on THC concentrations in marijuana products is likely to be discussed soon. This particular bill was vehemently opposed by veterans as well as key Republican members of Florida’s Senate. It remains to be seen how all those bills will fare.

As cannabis gains momentum around the world, companies such as Grapefruit USA Inc. (OTCQB: GPFT) are on course to grab a big share of the market before others whose product range isn’t as unique.

NOTE TO INVESTORS: The latest news and updates relating to Grapefruit USA Inc. (OTCQB: GPFT) are available in the company’s newsroom at http://cnw.fm/GPFT

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s