Florida Cannabis Market Update: Stockpiling for coronavirus?

By MJBizDaily Staff

Florida cannabis total milligrams sold declined week-over-week, but we believe that is a product of panic buying because of coronavirus concerns.

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

When you look at the two months of weekly data, you see the previous week (ended March 19) of total milligrams, 387.4 million, was a significant 38% spike compared with the normal weekly percentage change of -5% to +10%. A decline of 20% looks weak, but the actual number of total milligrams sold and the year-over-year growth put the number in better perspective.

2/6/20 2/13/20 2/20/20 2/27/20 3/5/20 3/12/20 3/19/20 3/26/20
Total Milligrams Sold 260,942,709 248,488,771 278,157,743 273,589,687 270,354,437 280,310,404 387,374,477 311,372,822
Weekly % Change 10% -5% 12% -2% -1% 4% 38% -20%

We’re not surprised by a weekly decline in total milligrams sold after such a huge upward spike in the previous week. When you look at year-over-year percentage growth of total milligrams sold, the growth rate remains incredibly strong at 386%.

2/6/20 2/13/20 2/20/20 2/27/20 3/5/20 3/12/20 3/19/20 3/26/20
Y/Y % Change Milligrams Sold 298% 285% 353% 293% 296% 321% 398% 386%

There hasn’t been any significant market share changes over the past four weeks.

The top 10 retailers in the state seem to trade minor share percentage back and forth week to week. The largest share gain and loss over the past four weeks was +1.2 for Trulieve and -1.1% for Curaleaf.

Patient share count week-over-week remains robust in the 2-4% range, as well as total milligrams sold per patient, which bodes well for future demand.

2/6/2020 2/13/2020 2/20/2020 2/27/2020 3/5/2020 3/12/2020 3/19/2020 3/26/2020
Qualified Patients 311,266 314,234 317,106 321,144 323,582 325,868 327,492 329,704
Weekly % Change 0.9% 1.0% 0.9% 1.3% 0.8% 0.7% 0.5% 0.7%
Weekly Milligrams Sold / Patient 838 791 877 852 836 860 1,183 944