Florida may be on the cusp of sending recreational cannabis legalization to the polls this November and Trulieve, one of the nation’s largest multi-state cannabis operators, has hopes of turning its already large presence in the state into a massive new opportunity.
Trulieve CEO Kim Rivers this week told investors during a fourth-quarter and full-year earnings call that her company is currently awaiting a decision by the Florida Supreme Court to allow the initiative on the ballot.
“We anticipate a robust voter education and awareness campaign will be required to ensure success in November,” she said, according to a Seeking Alpha transcript.
Rivers said legal cannabis in Florida, with its 22 million residents and 138 million annual tourists, could be a $6 billion market opportunity that would effectively triple the state’s current medical-only market. The company currently operates 132 dispensaries in Florida.
“Adult-use in Florida would be the largest conversion in U.S. cannabis history and our team is working diligently to prepare for this monumental event,” said Rivers. “Trulieve maintains outsized market share with 21% of stores in Florida selling over 115% more flower than the state average, eclipsing all competitors.”
Trulieve has set a May 2025 timeline for ramping idle production capacity and boosting investment. The company recently opened a 750,000-square-foot cultivation facility in Florida and said it is consistently producing cannabis with an average potency of 28% THC and 3% terpenes alongside a 30% reduction in cultivation costs.
As Trulieve continues to position itself to take advantage of a potential recreational market in Florida, the company said it focused on cash generation. The company’s full-year results did meet or surpass analyst estimates but the earnings report was marked by net loss that expanded 114% to $527 million.
