A Florida pot producer sold to an out-of-state buyer this month for $48 million, a hefty price predicated on the promise that, someday, the Sunshine State’s medical marijuana business will generate $1 billion in annual sales.
For the projections to prove prescient, half a million Floridians must sign up for the state’s cannabis registry and drop an average of $167 a month on oils and vapes.
Related: Marijuana dispensaries scout for locations in Palm Beach County
So far, it looks like a safe bet: The number of patients in Florida’s medical marijuana registry shot past 70,000 last week, reaching 71,720 as of Friday, according to the Florida Department of Health.
There are just 27 dispensaries for now, but the 13 licensed pot purveyors ultimately could open 325 retail locations from Pensacola to Key West.