As the third most populous state in the US, Florida has a huge potential market for recreational cannabis. When you consider Florida’s booming tourism market, it’s an enticing opportunity for the cannabis industry.
In 2018, the medical cannabis industry earned $626 million from 389,000 medical cardholders in Florida. Cannabis spending is projected to grow by $1.3 billion by 2025—and that’s without ending prohibition.
The numbers suggest that Floridians are changing their tune about cannabis. In fact, a recent study found that two-thirds of all Floridians support ending cannabis prohibition. Dispensaries are already taking root in Florida for a slice of the medical market, but they’re also anxiously awaiting the day that recreational cannabis is legal.
And if certain cannabis groups get their way, that’s going to happen next year.
The organization Make It Legal Florida is collecting signatures to put cannabis on the November 2020 ballot in Florida. If recreational cannabis is legalized, it would create 7 times more cannabis jobs in Florida and capture 12% of the US recreational cannabis market.
Make It Legal Florida attempted to get cannabis on the ballot back in 2016, but didn’t gather enough signatures to warrant a review from the Florida Supreme Court. However, this year’s signature petition is gathering steam, opening up the possibility of recreational cannabis in Florida.
The Florida Marijuana Legalization Initiative needs to collect 766,200 signatures before February 1, 2020. If that happens, the Florida Supreme Court is required to do a judicial review of the initiative and a financial impact review. If everything looks good at that point, the initiative will be added to the November 2020 ballot and would need 60% voter approval to pass.
This initiative would legalize recreational cannabis use for adults aged 21 and older. It would also provide that:
- Adults may have 1 ounce of cannabis.
- Adults may grow 6 plants per household.
- Selling home-grown cannabis isn’t permitted.
- Permitting and licensing restrictions would apply.
Investors are anxiously awaiting the February 1, 2020 deadline to see if 2020 will be the year of recreational cannabis in Florida.