Medical cannabis is currently legal in Florida, and the state’s legal medical cannabis industry is massive, with the state’s industry currently serving over 882,000 registered patients. In November, Florida voters will decide on a recreational cannabis legalization measure that would, in addition to other things, legalize adult-use sales.
According to cannabis industry data company Headset, “Florida could see $4.9 billion to $6.1 billion in sales during the first year of implementation (June 2025 through May 2026).”
“Collectively, the top five operators – Trulieve, MÜV, Ayr Cannabis Dispensary, Curaleaf, and Surterra Wellness – account for a staggering 71% of dispensing locations, 73% of medical marijuana sales, and 71% of marijuana sold for smoking in the state.” Headset states about the current Florida medical cannabis market.
An April 2024 market analysis by Pablo Zuanic of Zuanic & Associates projected that Florida’s cannabis industry would triple if voters approve adult-use legalization, going from the current $2 billion medical cannabis market to a $6 billion medical and adult-use cannabis market.
It is worth noting that according to at least two recent polls, Florida’s recreational cannabis legalization measure does not appear to have enough votes to meet the constitutionally required 60% approval threshold. Election Day is Tuesday, November 5th, 2024.
Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.
Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:
- 2024: $31.4 billion (9.1% growth from 2023)
- 2025: $35.2 billion (12.1% growth from 2024)
- 2030: $67.2 billion
- 2035: $87.0 billion
The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.
“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.
The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.
“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy project stated in a press release.