Florida Cannabis Market Data: Who leads in the Sunshine State?

By Craig Behnke

Florida is a large and lucrative medical marijuana market, so keeping track of who is gaining or losing market share on store count, grams of THC, grams of CBD and ounces in smoking form can provide solid investment insight.

This story is the first part of our new series analyzing the various cannabis data sets published by states. Our goal is to assemble and analyze the data to spot emerging trends to benefit your portfolio as well as any warning flags to protect your portfolio.

We will introduce more state data (such as Nevada, Colorado, etc.) in the coming weeks. Each state is different in terms of what data is provided, the periodicity it’s provided and the time lag to report.

We will publish the data on a regular basis along with our market share levels and trend analyses. The data will also be made available to you in a downloadable spreadsheet, available here.

THC market leaders

Who is selling the most milligrams of THC in Florida? The table below shows milligrams of THC sold per week for the four weeks ended Jan. 10, 2020.

Milligrams of THC Sold 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 47,239,651 44,890,155 27,998,999 37,790,649
Parallel (formerly Surterra Wellness) 10,919,028 9,616,390 8,003,252 10,915,655
Curaleaf 8,714,672 8,436,837 6,346,583 7,227,153
Liberty Health Sciences 4,497,771 4,139,861 2,899,755 4,434,516
Fluent 3,891,299 4,373,595 3,398,961 3,478,780
Cresco / VidaCann 3,896,571 3,212,480 2,257,821 2,709,948
GrowHealthy 4,373,734 3,632,084 1,983,907 1,929,419
AltMed Florida (MuV) 6,810,957 8,443,479 4,796,001 6,723,991
MedMen 1,310,794 1,258,493 944,131 1,249,690
Harvest Health & Rec. 287,305 213,825 140,995 186,850
GTI (Rise Dispensaries) 861,167 1,074,400 561,680 723,066
Columbia Care 47,550 46,650 50,400 55,800
Other 83,907 56,000 54,058 67,314
STATE TOTAL 92,934,406 89,394,249 59,436,543 77,492,831

 

Weekly Market Share: THC Milligrams 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 50.8% 50.2% 47.1% 48.8%
Parallel (formerly Surterra Wellness) 11.7% 10.8% 13.5% 14.1%
Curaleaf 9.4% 9.4% 10.7% 9.3%
Liberty Health Sciences 4.8% 4.6% 4.9% 5.7%
Fluent 4.2% 4.9% 5.7% 4.5%
Cresco / VidaCann 4.2% 3.6% 3.8% 3.5%
GrowHealthy 4.7% 4.1% 3.3% 2.5%
AltMed Florida (MuV) 7.3% 9.4% 8.1% 8.7%
MedMen 1.4% 1.4% 1.6% 1.6%
Harvest Health & Rec. 0.3% 0.2% 0.2% 0.2%
GTI (Rise Dispensaries) 0.9% 1.2% 0.9% 0.9%
Columbia Care 0.1% 0.1% 0.1% 0.1%
Other 0.1% 0.1% 0.1% 0.1%

Trulieve has a massive 48.8% market share. Surterra Wellness, the next closest competitor, has 14.1%, with no other competitor reaching double digits. It’s no surprise that competitors have been chipping away at Trulieve’s commanding market share lead.

The table below shows the most recent four-week trend of cumulative market share changes since May 10, 2019 (the first date that Florida published the data). Trulieve has lost 9.2% market share of grams of THC sold, while AltMed and Liberty Health Sciences have been the largest share gainers at 3.1% and 1.9%, respectively.

Cumulative Market Share Change: THC Milligrams 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve -7.1% -7.8% -10.9% -9.2%
Parallel (formerly Surterra Wellness) -2.0% -3.0% -0.2% 0.4%
Curaleaf 0.0% 0.1% 1.3% 0.0%
Liberty Health Sciences 1.1% 0.9% 1.1% 1.9%
Fluent 0.4% 1.1% 1.9% 0.7%
Cresco / VidaCann 1.3% 0.7% 0.9% 0.6%
GrowHealthy 2.7% 2.0% 1.3% 0.5%
AltMed Florida (MuV) 1.7% 3.8% 2.5% 3.1%
MedMen 1.4% 1.4% 1.6% 1.6%
Harvest Health & Rec. 0.1% 0.0% 0.0% 0.0%
GTI (Rise Dispensaries) 0.3% 0.6% 0.3% 0.3%
Columbia Care 0.1% 0.1% 0.1% 0.1%

Trulieve leads the CBD market with Parallel a close second, but in some weeks, Parallel takes the sales lead – such as the most recent week of Jan. 10, 2020. Since May 2019, we have seen several instances where Parallel took the lead in milligrams of CBD sold but weren’t able to sustain the lead for more than just a few weeks.

Looking at the weekly trend for Parallel, the recent exceptionally strong week of sales was preceded by an unusually low level in the previous week, so we suspect it’s a timing issue and not a signal that Parallel will take and hold the CBD market share lead.

CBD market leaders

The two tables below show milligrams of CBD sold per week and market share for the four weeks ended Jan. 10, 2020.

CBD Milligrams Sold 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 682,054 669,622 404,843 528,997
Parallel (formerly Surterra Wellness) 544,456 429,489 345,393 650,009
Curaleaf 174,393 141,454 84,987 112,375
Liberty Health Sciences 160,705 179,395 94,680 168,275
Fluent 238,620 257,990 199,710 216,680
Cresco / VidaCann 77,752 108,724 62,606 68,238
GrowHealthy 130,971 126,796 74,394 106,675
AltMed Florida (MuV) 123,342 127,097 77,583 116,041
MedMen 22,305 14,771 10,843 16,183
Harvest Health & Rec. 2,965 1,595 2,175 1,595
GTI (Rise Dispensaries) 27,514 18,965 12,315 11,050
Columbia Care 3,600 5,400 3,000 7,200
Other 0 0 0 0
STATE TOTAL 2,188,677 2,081,298 1,372,529 2,003,318

 

Weekly Market Share: CBD Milligrams 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 31.2% 32.2% 29.5% 26.4%
Parallel (formerly Surterra Wellness) 24.9% 20.6% 25.2% 32.4%
Curaleaf 8.0% 6.8% 6.2% 5.6%
Liberty Health Sciences 7.3% 8.6% 6.9% 8.4%
Fluent 10.9% 12.4% 14.6% 10.8%
Cresco / VidaCann 3.6% 5.2% 4.6% 3.4%
GrowHealthy 6.0% 6.1% 5.4% 5.3%
AltMed Florida (MuV) 5.6% 6.1% 5.7% 5.8%
MedMen 1.0% 0.7% 0.8% 0.8%
Harvest Health & Rec. 0.1% 0.1% 0.2% 0.1%
GTI (Rise Dispensaries) 1.3% 0.9% 0.9% 0.6%
Columbia Care 0.2% 0.3% 0.2% 0.4%
Other 0.0% 0.0% 0.0% 0.0%

 

Smokable Ounces Market Leaders

Florida also reports data on ounces of marijuana in smoking form. The two tables below show that Trulieve maintains a massive market share advantage in Florida at 48.8%, with the closest competitor at 12.4%.

Smokable Marijuana: Ounces Sold 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 10,635 9,766 7,201 9,099
Parallel (formerly Surterra Wellness) 1,146 973 766 1,024
Curaleaf 1,501 1,723 1,785 2,084
Liberty Health Sciences 2,885 2,739 2,315 2,343
Fluent 796 735 602 611
Cresco / VidaCann 163 194 248 365
GrowHealthy 705 785 651 679
AltMed Florida (MuV) 1,472 1,925 997 1,616
MedMen 96 90 46 75
Harvest Health & Rec. 411 521 258 250
GTI (Rise Dispensaries) 393 387 300 334
Columbia Care 128 158 129 163
Other 331 257 188 313
STATE TOTAL 20,665 20,253 15,485 18,955

 

Weekly Market Share: Smokable Marijuana Ounces 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 51.5% 48.2% 46.5% 48.0%
Parallel (formerly Surterra Wellness) 5.5% 4.8% 4.9% 5.4%
Curaleaf 7.3% 8.5% 11.5% 11.0%
Liberty Health Sciences 14.0% 13.5% 14.9% 12.4%
Fluent 3.9% 3.6% 3.9% 3.2%
Cresco / VidaCann 0.8% 1.0% 1.6% 1.9%
GrowHealthy 3.4% 3.9% 4.2% 3.6%
AltMed Florida (MuV) 7.1% 9.5% 6.4% 8.5%
MedMen 0.5% 0.4% 0.3% 0.4%
Harvest Health & Rec. 2.0% 2.6% 1.7% 1.3%
GTI (Rise Dispensaries) 1.9% 1.9% 1.9% 1.8%
Columbia Care 0.6% 0.8% 0.8% 0.9%
Other 1.6% 1.3% 1.2% 1.6%

 

Number of stores

Florida significantly expanded its medical marijuana market in 2019, starting the year with 88 total stores and growing 140% to end the year with 212. Trulieve has the most stores in the state at 43, but several other companies have a significant presence.

Store Count 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 42 42 42 43
Parallel (formerly Surterra Wellness) 37 37 37 37
Curaleaf 28 28 28 28
Liberty Health Sciences 22 22 22 22
Fluent 18 18 18 18
Cresco / VidaCann 13 13 13 13
GrowHealthy 12 12 12 12
AltMed Florida (MuV) 11 11 12 13
MedMen 10 10 10 10
Harvest Health & Rec. 6 6 6 6
GTI (Rise Dispensaries) 6 6 6 6
Columbia Care 6 6 6 7
Other 1 1 1 1
STATE TOTAL 212 212 213 216

 

Market share among the top five companies remained stable over the past four weeks.

Weekly Market Share: Store Count 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 20% 20% 20% 20%
Parallel (formerly Surterra Wellness) 17% 17% 17% 17%
Curaleaf 13% 13% 13% 13%
Liberty Health Sciences 10% 10% 10% 10%
Fluent 8% 8% 8% 8%
Cresco / VidaCann 6% 6% 6% 6%
GrowHealthy 6% 6% 6% 6%
AltMed Florida (MuV) 5% 5% 6% 6%
MedMen 5% 5% 5% 5%
Harvest Health & Rec. 3% 3% 3% 3%
GTI (Rise Dispensaries) 3% 3% 3% 3%
Columbia Care 3% 3% 3% 3%
Other 0% 0% 0% 0%

With milligrams of THC and CBD sold and number of stores, we can analyze who sells the most total milligrams per store and how that data is trending.

For this analysis, we look at a trailing four weeks of THC and CBD milligrams sold divided by the average number of stores in the period. Trulieve and AltMed Florida lead the pack with an average of 3.81 million and 2.35 million milligrams per store from the most recent period ended Jan. 10, 2020.

Milligrams of THC and CBD Sold Per Store (Trailing 4 periods) 12/20/19 12/27/19 1/2/20 1/10/20
Trulieve 4,208,106 4,370,060 3,801,727 3,814,404
Parallel (formerly Surterra Wellness) 1,128,547 1,157,778 1,091,817 1,119,559
Curaleaf 1,323,698 1,345,212 1,170,535 1,115,659
Liberty Health Sciences 745,494 757,233 709,902 760,319
Fluent 933,726 953,595 929,574 891,980
Cresco / VidaCann 1,021,835 1,048,849 1,020,151 953,395
GrowHealthy 1,026,028 1,072,914 1,058,822 1,047,286
AltMed Florida (MuV) 2,560,042 2,500,074 2,348,233 2,346,422
MedMen 540,226 532,995 487,286 482,721
Harvest Health & Rec. 190,975 181,357 166,610 139,551
GTI (Rise Dispensaries) 544,537 596,930 551,621 548,360
Columbia Care 38,741 37,650 36,400 35,419