Cannabis Edible Sales In Florida Could Reach $250 Million

Cannabis Edible Sales In Florida Could Reach $250 Million

Edibles have hit the shelves in cannabis dispensaries around Florida, launching a new market segment that’s expected to make up $250 million in cannabis sales in the first full year.

A popular cannabis shop in Tallahassee was the first one to start selling edibles on September 2nd. The first  sale started about a week after the state health department issued long-awaited edible production rules.

“The industry has been waiting for this for several years,” said Jeffrey Sharkey, president of the Medical Marijuana Business Association of Florida.

“It’s a huge deal for a variety of reasons,” Sharkey said, listing several:

  • Edibles sales come at a time the Florida MMJ market continues to grow at a rapid pace, with the number of qualified patients recently exceeding 400,000, up 25% since the beginning of the year, when the patient count was 299,000.
  • “In talking to several licensees, they believe edible sales will be in the 20% range” of the total market.
  • The profit margins of the products are “pretty robust.”

If edibles wind up making up 20% of Florida’s medical marijuana market, that would mean edible sales would be at around $250 million in 2020, the first full year of sales.

The Marijuana Business Factbook estimates that Florida MMJ revenues will total $950 million to $1.2 billion in 2021. These numbers don’t take edible sales into account.

In 2019, MMJ sales in Florida were estimated to be at $475 million – $575 million. This year in 2020, higher sales are expected, with totals reaching $775 million-$950 million.

Sharkey believes edible sales could cut into some other THC-infused product sales, but the overall revenues should be quite a bit higher.

He doesn’t expect edibles to affect smokable flower sales, which account for roughly 50% of Florida’s MMJ market.

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