The state of Florida is under special operation as lawmakers have devised an agreement regarding the rules for a state-wide all-out medical marijuana program. The deal will help boost licensed medical marijuana businesses approximately until next year.
The Medical Marijuana Project
The program aims to double the number of licensed medical marijuana businesses in the state under caveats and special considerations. However, the number of entrepreneurs who can avail of these licenses might be limited.
After a closed-door negotiation on Wednesday between the House and the Senate, the compromised bill lays the groundwork for creating ten vertically integrated medical marijuana companies, or treatment centers.
More Business Licenses to Dispense
Seven licensed medical marijuana businesses are already operating in the central business district of Florida. This will make a total of 17 business licenses in the state by July 1, 2018, provided that the deal pushes through. The number of business opportunities, however, will be balanced out as the bulk of the new licenses will be earmarked to previous applicants and some special businesses with the following caveats:
- Applicants from previous CBD applications with final ranking one point next to winning applicant
- Applicants who presented administrative or judicial objection regarding CBD licensing system
Nonetheless, new business opportunities are still on the way for auxiliary companies such as lighting suppliers, lawyers, cultivation equipment manufacturers, transport companies, security firms, and accounting offices.
Marijuana Business Factbook 2017 stated that the sales of medical marijuana in Florida is anticipated to hit $600 million to $800 million within the next 3 years. This will make the state the largest provider in the whole country. The dispensary sales as of this year was an estimated $20 million to $40 million.
New Deal Rests on Patients Volunteerism
The number of business licenses that will be distributed will depend on the number of patients volunteering given that the deal is endorsed. The compromise bill allows the rule of adding four new medical marijuana business licenses for every 100,000 patients signing up. The state’s current pool of patients’ registry reports a total of 16,614 volunteers.