Below is a brief excerpt from a complementary research note written by our Cannabis analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
The Florida Office of Medical Marijuana Use (OMMU) releases updated cannabis data every Friday.
For the week ending September 24th, the number of qualified patients in Florida’s medical marijuana program grew 1.1% WoW or 40.7% YTD to 420,743 qualified patients with active ID cards.
Demand for THC weakened after exceptionally strong results last week – WoW, THC in mgs sold fell -8.7% to 122.8 million mgs.
CBD in mgs sold declined -2.4% WoW to 3.7 million mgs, and flower in oz. sold grew 4.0% WoW to 45,879 oz. sold. One Plant was approved for another dispensary location, bringing its total to five. Statewide, there are 276 approved dispensing locations.
As mentioned in an earlier note last week, COOKIES, a California-based cannabis brand and retailer, entered the Florida market by purchasing one of 22 approved MMTC licenses from Tree King-Tree Farm Inc. The private company expects to open its first retail location in 2021.
On a 12WMA, Trulieve’s THC in mgs sold per dispensing location dipped slightly by -81 bps. The company has hovered between 1.1M to 1.2M mgs since the beginning of May, with an overwhelming lead compared to other operators.
AltMed Florida, while far below Trulieve’s efficiency, has been gradually closing that gap over the past few months. In terms of flower on a 12WMA, Trulieve had a meaningful uptick by 195 bps.
On a 4WMA, continues to maintain a disproportionate market share, with 49.6% share of mgs THC sold, 36.1% of mgs CBD sold, and 51% of oz. in flower sold, at just 21.1% share of dispensing locations.
Trulieve is a Hedgeye Cannabis Best Idea LONG.
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, edibles were just introduced to the market in August, 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.