The state faced a lawsuit and the eventual vote supported lifting the ban and allowing the sale of these products.
“Offering these whole flower products to our patients in their purest, most effective form is something we — and patients — have been looking forward to since we opened the doors of the state’s first dispensary,” Kim Rivers, CEO of Trulieve,said in a press release.
Trulieve had an 11.35-percent bump to its share price and finished the trading day at C$18.35 per share.
The company holds a market capitalization of C$136.2 million.
Trulieve, which has 26 dispensaries in the state, informed shareholders that Florida now has over 190,000 registered patients capable of buying medical-marijuana products.
This venture holds in its portfolio seven active dispensaries. Additionally, three new stores have been completed and are only missing operational approval, with four extra stores set to be under construction by June.
According to research from the Arcview Market Research and BDS Analytics, the Florida cannabis market is estimated to be worth US$1.7 billion by 2022.
During the Canaccord Growth Investor Day event in Vancouver, Riverstold the audience she is not expecting to see a vote on adult-use marijuana until the 2024 elections.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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