Florida’s medical cannabis sector is anchored by a handful of vertically integrated operators that grow, process, and dispense under the Medical Marijuana Treatment Center (MMTC) model. As of early 2025, the state has issued 25 new MMTC licenses, adding to a long‑delayed 25 already issued—creating a narrow window for new entrants in this tightly controlled market.
Trulieve leads the pack, with more than 160 dispensaries statewide and dominating market share in Florida’s strictly medical program. In 2024 it reported $1.19 billion in revenue, with an adjusted net loss narrowing to $19 million and gross margins expanding to 60%. The company invested heavily in funding Florida’s 2024 Amendment 3 legalization campaign, though the measure ultimately failed to reach the 60% supermajority required.
Curaleaf, a national multistate operator, holds significant cultivation and processing infrastructure in Florida and was the first to pivot into hemp‑infused beverages via its The Hemp Co. by Curaleaf storefronts and converted dispensaries . The move taps into a fast‑growing category of over‑the‑counter THC hemp drinks now sold at places like Total Wine & More and ABC Fine Wine & Spirits. Analysts continue to highlight Curaleaf among leading beneficiaries of potential regulatory shifts, given its scale and multi‑category approach.
Cresco Labs entered Florida by acquiring two major local operators—VidaCann in 2019 and Bluma Wellness in 2021—bringing several cultivation and retail licenses into its vertically integrated footprint. That expansion underscores Cresco’s strategy of using acquisitions to establish a deeper regional hold in key medical markets like Florida.
Green Thumb Industries (GTI) remains a national powerhouse with its RISE dispensaries and consumer brands such as incredibles and Beboe. Florida is one of its numerous growth markets, and with patient enrollment now exceeding 900,000 in the state (up ~15% from 2023), GTI stands to benefit from continuing patient expansion under the medical‑only model .
Concentration remains high: early MMTCs like Trulieve, Curaleaf, Cresco (via VidaCann and Bluma), Liberty Health Sciences, and Surterra Wellness collectively accounted for over 80% of dispensaries in previous years. Though new licenses have been approved recently, market penetration for newcomers remains limited by financial, operational, and regulatory barriers.
Florida consistently ranks as the nation’s largest strictly medical cannabis market. As of mid‑2025, there are over 900,000 active medical patients and projected medical‑only sales of $3.0–$3.5 billion—comprising 7–8% of the overall U.S. cannabis market. Despite the November 2024 failure of Amendment 3 (with just 56% support), patient growth continues, especially in the absence of an adult‑use program.
Regulation remains centered on vertical integration: MMTC applicants must demonstrate cultivation capacity, processing capability, secured financing, and compliance infrastructure under § 381.986 of Florida statutes. That high bar reinforces the entrenched position of existing operators and constrains new market access.
Florida’s key cannabis operators are strategically leveraging scale and product innovation to maintain dominance. Trulieve remains the currency of Florida cannabis; Curaleaf continues diversifying into hemp‑based products; Cresco consolidates via acquisitions; and GTI leverages branded consumer offerings. Success for future licensees hinges on capital strength, operational integration, and adaptability in a rapidly evolving medical‑only market.