Big Cannabis Companies Maintain Optimism in Florida Despite Adult‑Use Setback

LOS ANGELES- Major cannabis operators remain confident in the Florida medical market, viewing it as a strategic long‑term growth opportunity despite the failed November 2024 attempt to legalize adult‑use cannabis. In a recent analysis, Forbes notes that leading companies continue to invest in the state given its large population and substantial medical patient base

Florida’s medical program has exhibited signs of fatigue in total revenue—BDSA reported only a 1.4% year‑over‑year increase through April 2024, marking the lowest growth since the program’s inception—yet unit sales remain strong, with a 30% increase in smokable flower volume and continued expansion of dispensaries (now over 719, up 13% year‑over‑year) Analysts caution that multi‑state operators (MSOs) heavily exposed to Florida have seen stock prices decline sharply since the November ballot loss, reflecting investor concern over overvaluation.

Despite these challenges, cannabis executives point to the state’s potential under future adult‑use legalization. BDSA forecasts Florida could become the second‑largest U.S. cannabis market by 2028 if adult‑use is approved, signaling that current medical‑only operations may serve as a strong foundation for future expansion. Meanwhile, industry insiders highlight the eventual passage of federal reforms—such as SAFE Banking and reclassification under Schedule III—as critical to increasing access to capital and improving operational margins.