Cannabis Chart Of The Week: Who's Growing In Florida, And Has The State Gotten Ahead Of Itself?
Portfolio Pulse from Viridian Capital Advisors
Florida's legal cannabis market is estimated to reach $2.6B in sales in 2023. The state has a robust medical cannabis market with 871,459 registered patients. The top ten competitors in Florida account for 85% of dispensaries, with Surterra, AYR, Trulieve, Verano, and Curaleaf having significant shares. Green Thumb, Cannabist, Cresco, TerrAscend, and Ascend have little or no presence. Store growth outpaces patient growth, suggesting potential overexpansion. The market anticipates adult recreational use, which could double revenues, but faces legal challenges. The Viridian Cannabis Deal Tracker monitors industry trends and transactions.
January 30, 2024 | 3:56 pm
News sentiment analysis
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NEGATIVE IMPACT
Cannabist is not in the top ten for Florida's cannabis market, suggesting a smaller footprint in this key state.
Cannabist's exclusion from the top ten list in Florida's cannabis market could be seen as a missed opportunity for growth, potentially affecting investor perception negatively in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Cresco has no presence in Florida's cannabis market, missing out on the state's significant sales potential.
Cresco's lack of presence in Florida could be a strategic disadvantage, as the state represents a large and growing market for medical cannabis, potentially impacting the company's short-term growth prospects.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
Green Thumb is not among the top ten competitors in Florida's cannabis market, indicating a smaller market share in a rapidly growing state.
Green Thumb's absence from the top competitors list in a significant market like Florida could negatively impact investor sentiment in the short term, as the company may be missing out on a substantial growth opportunity.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
TerrAscend has no presence in Florida's cannabis market, potentially missing out on the state's growth opportunities.
TerrAscend's lack of presence in the Florida market could be seen as a missed opportunity for expansion and growth, which may negatively impact investor sentiment in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
AYR is a major player in Florida's cannabis market, with 70% of its national dispensary portfolio located in the state.
AYR's substantial investment in Florida, with a large percentage of its dispensaries there, indicates a strong commitment to the state's market, which could be seen as a positive sign by investors and potentially benefit the stock in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Trulieve is among the top five competitors in Florida's cannabis market and continues to grow, with 8 new stores over the last year.
Trulieve's position as a top competitor in Florida and its continued expansion with new stores is likely to be viewed positively by investors, supporting potential short-term stock price appreciation.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Verano is one of the top five competitors in Florida's cannabis market and has added 12 new stores over the last year.
Verano's aggressive expansion in Florida, with a significant number of new stores, positions the company well in a key market, which could lead to positive investor sentiment and a potential short-term stock price increase.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85