In a bold move, Planet 13 Holdings Inc. has set its sights on acquiring VidaCann, a prominent player in the Florida cannabis industry. With an impressive network of 26 dispensaries, VidaCann has solidified its position as the ninth-largest retail network in the state.
Florida’s medical marijuana market has already surpassed the staggering $1.4 billion mark, and its growth shows no signs of slowing down. In fact, the market has experienced a remarkable volume growth of over 30%, with prices stabilizing after a period of deflation.
The recent surge in stock prices, fueled by the exciting news of the HHS rescheduling, serves as a clear indication of an impending consolidation wave in the cannabis market. As such, the Florida market is poised to witness further consolidation, especially with the uncertainties surrounding the potential legalization of recreational cannabis.
While the state Supreme Court has until April to weigh in on the ballot proposal for recreational legalization, the absence of a response would allow the ballot to proceed. The success of this proposal hinges on reaching a 60% threshold of voter approval, prompting the industry to prepare for a significant investment to secure a resounding “yes” vote.