The new quarterly edition of the Marijuana Business Factbook, just released in August, is here — and offers some interesting insight and analysis on the growth of state markets. And surprisingly, according to data analysis, Oklahoma and Florida are leading the way in medical market growth.
While recreational marijuana is legal in 11 states plus Washington D.C., medical marijuana is legal in 36 states in the country, and all are regulated in different ways, by different state entities. Compiling data from all of these regulatory bodies is key, and that’s where Marijuana Business Factbook shines.
Oklahoma is number one
On a daily basis, Oklahoma’s medical patient count climbs by 641 people. Powered by this rapidly growing patient pool, the state’s medical cannabis program is off the charts. The Oklahoma Medical Marijuana Authority has enrolled more than 4% of the state’s population as patients in the first year, and this means that Oklahoma’s participation rate is close to the top of all medical marijuana programs across the country.
Florida’s growth is impressive
Florida boasts the nation’s second-fasted growing medical patient group, with registered patients making up 1.6% of the state’s population. In March, the state allowed medical marijuana dispensaries to sell smokable products. Trulieve, the largest cannabis retailer in the state with 26 stores across Florida, began selling smokable products almost immediately. The company sold the first smokable flower to a medical patient at a Tallahassee dispensary.
Maryland is growing, too
Not only did the state boast first-year medical marijuana sales of close to $100 million, but the patient population is also rapidly increasing as well. Maryland has a solid patient base after year one, with nearly 11,000 medical patients exploding into 50,000 certified patients after seven months. This 191% increase in patients is attributed to increased access, with ten dispensaries at the advent of legalization growing into 71.
New but impressive
Two states new to the scene, and with markets in operation for just a few short months, Ohio and Arkansas are growing as well. Their medical marijuana patient counts put them on par with more established states such as New York, New Jersey, and Illinois.
Solid in the Southwest
Two southwestern states, Arizona and New Mexico, continue to show solid market growth, and recent developments in each state should contribute to further expansion.
In New Mexico, several developments are beneficial to medical marijuana patient growth: industry regulators expanded the list of qualifying conditions for patients, and in June, the state’s Department of Health proposed increasing the number of plants that operations are permitted to grow.
In Arizona, medical cards are now valid for two years as opposed to one, and in a move that ended a year of confusion surrounding the legality of edibles, concentrates and infused products, the state Supreme Court recently ruled that those products are legal.
With insight into each state, including in-depth analysis and risk calculations, and updated statistics on the growth of the burgeoning cannabis industry, the information contained within is a treasure chest of information. The 7th edition of the Marijuana Business Factbook delivers the data business operations have come to expect.