Florida is making moves to double the size of its marijuana buzz. Health regulators are setting a plan into motion that will allow 22 new medical marijuana licenses to be issued in the new year.
There’s a down side for producers, though. Governor Ron DeSantis says the weed companies did not pay enough to the government last year. He says 2-year licenses that currently cost about $600,000 in 2022 will cost over $1,000,000 in 2023. DeSantis says licensing fees will go up due to other operators in the state paying as much as $50 million for a Florida medical-marijuana license. The new laws will also raise the license application alone to $146,000. That’s more than double the cost of an application when they were first introduced five years ago.
Florida has over 22 million residents, most of whom are getting on in age. That makes us a great market for weed manufacturers. In fact, Florida sales topped $1 billion dollars in the first half of 2022.
Now that 22 more licenses will be available in our state, regulators say some companiues may push back, citing decreased opportunities to make a profit. But all in all, more tax revenue will be generated, and cash is king when it comes to taxation. The entire medical weed industry has exploded since it became legal in 2016. An interesting part of the new license allocation program designates that at least two of the licenses will go to companies that formerly or currently produce, process or sell citrus fruit in Florida. The plan would be to convert the citrus facilities into medical marijuana producing plants. Source: CLTampa.com
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