Florida’s legal cannabis program has gained plenty of investor attention as the potential for this segment of the US cannabis market continues to expand.
The US cannabis industry is largely fragmented because the plant remains illegal at the federal level. Despite that obstacle, several states across the country have implemented medical and recreational cannabis legislation allowing for cultivation, processing, commercial sale and consumer use.
While this legislation differs greatly from state to state, one state’s medical cannabis industry has seen unprecedented growth: Florida.
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The coastal state’s journey to cannabis legalization has been a challenging one. In 2016, over 70 percent of Floridians voted for a constitutional amendment to allow the use of cannabis for medical purposes.
However, in the 2017 legislation that created the state’s legal medical cannabis framework, then-Governor Rick Scott banned smoking medical cannabis. It wasn’t until March 2019 that Ron DeSantis, the current governor of Florida, lifted the ban on smokable marijuana.
In the face of those challenges, the Sunshine State has