Cannabis industry gears up for potential gold rush

If a ballot initiative succeeds next year, Floridians won’t need a medical card to buy cannabis, and legalization of the weed would be a business bonanza. But risks abound.

By Brian Hartz
| 8:00 a.m. March 29, 2023

Strategies

Bottom Line

Key takeaway: Momentum is building to legalize adult, non-medical use of cannabis in Florida, with a ballot initiative well on its way to becoming a factor in the 2024 general election. Legalization could lead to a business bonanza as the Sunshine State, with only a medical marijuana program currently, is already the nation’s third-largest cannabis market.

Core challenge: Gov. Ron DeSantis has not made cannabis use one of his culture-war issues, but his administration has drastically raised the cost of new licenses and license renewals. Also, all forms of cannabis use remain illegal at the federal level, causing financial and regulatory headaches for the industry.

What’s next: Spearheaded by a political action committee dubbed Smart & Safe Florida, the petition for the 2024 ballot initiative has collected more than half of the required 891,589 signatures. Medical cannabis giant Trulieve, one of the first operators to enter the Florida market, has donated $30 million to the cause.