Florida Cannabis Market Update: Demand and market share steady

Consumers in Florida engaged in some pantry stocking of cannabis products a couple of weeks ago, but after last week’s expected decrease in total milligrams sold, demand and market shares held relatively stable this week.

The complete data set, along with interactive charts, can be downloaded here.

When we first saw that weekly total milligrams sold jumped significantly for the week of March 19 (+43% versus previous week), we suspected some stockpiling as COVID-19 restrictions accelerated and uncertainty abounded around what might remain open in a lockdown scenario.

The following week brought an unsurprising fall in total milligrams sold, but the numbers still showed very strong year-over-year growth in line with the recent trend. That strong year-over-year trend remains intact this week, as shown in the table below.

3/5/20 3/12/20 3/19/20 3/26/20 4/2/20
Total Milligrams Sold (mil) 270.4 280.3 387.4 311.4 311.9
Y/Y Growth 296% 321% 398% 386% 372%

Market share among the top 10 retailers in Florida also remained relatively stable the past several weeks with minor market-share changes trading back and forth.

MARKET SHARE 3/5/20 3/12/20 3/19/20 3/26/20 4/2/20
Trulieve 49.1% 52.8% 55.4% 56.4% 56.5%
Parallel 10.3% 10.6% 10.3% 8.8% 9.7%
Curaleaf 9.4% 9.2% 8.8% 8.3% 8.6%
Liberty Health 7.5% 6.1% 5.9% 6.4% 5.7%
Fluent 3.2% 3.6% 3.3% 3.4% 4.0%
Cresco 1.9% 1.7% 1.5% 1.5% 1.5%
GrowHealthy 4.5% 2.6% 2.2% 2.7% 2.1%
AltMed Florida 8.3% 7.3% 6.8% 6.5% 6.6%
MedMen 1.3% 1.3% 1.4% 1.3% 1.2%
Harvest Health 1.2% 1.1% 1.0% 1.3% 1.1%