Market share trends in Florida (TCNNF, CURLF)
The Florida Office of Medical Marijuana Use (OMMU) releases updated cannabis data every Friday.
For the week ending August 14th, the number of qualified patients in Florida’s medical marijuana program grew 1.5% WoW or 32% YTD. At 394,898 qualified patients with active ID cards, the program’s headcount will likely surpass the 400,000 milestone with this week’s report.
Florida approved 5 new dispensing locations last week, bringing the statewide total to 269. Trulieve was approved for two locations in Tampa and Longwood. THC in mgs sold fell -14.6% WoW to 113.1 million mgs, CBD in mgs sold fell -5.0% WoW to 3.68 million mgs, flower in oz. sold grew 12.0% WoW to 46,145 oz. sold.
While Trulieve (TCNNF) still holds market dominance in Florida, the past week has seen a slight faltering in its market share position on THC. On a 4-week moving average basis, their market share of mgs THC sold fell to 49.5%, marking the first time that figure fell below 50% since mid-March. Trulieve held 32% share of mgs CBD sold and 51% of flower in oz. sold with only ~20% of market share in units, on a 4-week moving average basis.
Florida’s medical marijuana marketplace is still in early stages with strong potential – the state’s medical marijuana program has yet to reach 2% of the population, smokable flower was just introduced to the market last year, and there’s a broad range of qualifying medical conditions, notably ‘severe and chronic pain’. The rising tide that is patient volume growth lifts all ships.
Maine recreational sales to begin in October after 4-year delay
After a 4-year delay, last week, the state’s Office of Marijuana Policy gave an official date for when recreational cannabis sales may commence in Maine – October 9th. The state plans to issue licenses for cultivation, manufacturing, retail, and testing starting on September 8th.
Office Director Erik Gunderson stated that the launch of recreational sales was delayed by the pandemic and the absence of a marijuana testing facility.
In Montana, recreational marijuana qualifies for the ballot
Last week, the Montana Secretary of State announced that the New Approach Montana campaign had gathered enough signatures to qualify the question of recreational marijuana legalization for the November ballot. The campaign proposed two initiatives – to legalize recreational marijuana use and to amend the state constitution.
The proposals, if approved, would permit adults 21 and over to purchase and possess at most an oz. of marijuana.
Montana, with a population just over 1 million, joins four more states which have qualified to have legalization on the ballot come this November: Arizona (recreational), Mississippi (medical), New Jersey (recreational), and South Dakota (recreational & medical).
