Cannabis Briefs for December 19, 2023
December 19, 2023•Booming medical market Pennsylvania will now allow independent retailers to cultivate cannabis, while also allowing grower-processors to sell directly to patients. Governor Josh Shapiro signed the measure into law late last week, in a move that is expected to allow independent growers and retailers to compete more effectively against multi-state operators. While Pennsylvania is already a billion-dollar cannabis market under its medical-only status, the state could potentially reach $4 billion if it transitions to adult-use, Trulieve CEO Kim Rivers predicted in August.
•Florida, another massive medical market, is set to nearly double the number of license holders in the state by next summer. CBS News reported that the Sunshine State’s Office of Medical Marijuana Use is aiming to issue 22 new licenses within six months, according to its director Christopher Kimball. Multi-state operators Trulieve, Verano, Ayr Wellness, Curaleaf, and Green Thumb are all targeting growth in the state where the medical-only market is valued as high as $1.8 billion. Florida is gearing up for a potential ballot initiative to expand into adult-use next year, with 70% of residents in favor.
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