MJBiz - September/October 2024 - 47

about what they want this program
to look like, and that's not an easy
task, " Weiss said. " The most likely
scenario-and one which features
prominently in our game plan for
Florida-is somewhat of a status
quo in terms of the licensing, both
in terms of the vertically integrated
structure as well as in the number of
licenses. "
Weiss said that is the case because,
in Florida's current medical market
structure, businesses can open as
many production facilities and
stores as they want.
" It does change the dynamics a
little bit. It gives you an opportunity
to really prove out your business
model, more so than in states where
there are these arbitrary restrictions
on numbers of licenses, " Weiss said.
" It's determined really by who gets
in first and who's willing to pay the
price of entry. "
But that also could limit
opportunities for smaller players, he
added.
" Given the vertical structure,
given the size of the licensees, it's
harder for new and smaller players
to have as big of an impact on the
entirety of the state as compared to
a market that's a bit newer, or one
that has license caps, " Weiss said.
He added that Verano already is
preparing for the new recreational
landscape by increasing its
cultivation capacity and the number
of stores.
National Implications
Given the size of Florida's potential
marijuana market, as well as the
state's more general influence, the
effects of legalizing adult use there
will be felt beyond its borders.
" Florida, being a vertically
integrated state, is a high-margin
state, " Weiss noted. " And if you
take (Section) 280E (of the Internal
Revenue Code) out of the picture
with rescheduling, you are talking
Florida state capitol in Tallahassee. Photo by stock.adobe.com/Kristina Blokhin
about some pretty incredible cashgeneration
opportunities. So, I think
it changes the nature of the entire
industry, because it strengthens the
balance sheets of the companies that
are able to succeed in Florida. "
Legalization success in Florida
could help push the remaining
holdout states into doing the same.
" It's a fairly red state at this point,
and a red state that would go adult
use probably would lead to other
states that are similarly situated
considering it. The more states
that do that, the more likely it is
more states will jump in, " Weiss
explained.
" As all your neighbors are
getting tax benefits and you're
not really preventing cannabis in
your state, I think at some point
there might be a breaking point
where they say, 'Look, it's almost
de facto legal nationally, what's the
point at this juncture of resisting
legalization?' "
mjbizdaily.com | September-October 2024 47

http://stock.adobe.com/Kristina http://www.mjbizdaily.com

MJBiz - September/October 2024

Table of Contents for the Digital Edition of MJBiz - September/October 2024

MJBiz - September/October 2024 - 1
MJBiz - September/October 2024 - 2
MJBiz - September/October 2024 - 3
MJBiz - September/October 2024 - 4
MJBiz - September/October 2024 - 5
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