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 |
