Article By Ashley Portero – Senior Reporter, South Florida Business Journal
After years of growth, Florida’s medical marijuana industry is hitting a wall. The state quickly gained hundreds of thousands of qualified patients after the state legalized the medical use of cannabis in 2016, becoming one of the largest markets in the U.S. But after years of double-digit increases, Florida only saw a 3% bump in new patients in 2025, according to the state’s Office of Medical Marijuana Use.
Businesses were betting the market would open ahead of the 2024 election, when a measure to legalize the recreational use of marijuana appeared on the Florida ballot. Several dispensaries either entered the state or expanded their operations ahead of the vote, hoping to capture millions of new potential customers.
But the measure fell short of the 60% supermajority it needed to become law, stalling those plans. Some companies that added locations in anticipation of recreational legalization, such as Miami-based Ayr Wellness, are struggling financially as a result.
“The delay has put pressure on balance sheets,” said Paula Savchenko, founding partner of Cannacore Group and PS Law Group.”
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