It has been two years since Florida passed The Compassionate Medical Cannabis Act of 2014. Since then the budding industry has grown, alongside the complex regulations. Miami-Dade County set out to find the potential economic impact.
In a report published in August, the county found it stands to make around $124 million a year from sales in the new cash crop industry. The Southeast region would stand to make about $288 million.
That is the best case scenario based on the modeling that 41,515 patients in Miami-Dade County qualify for a low-THC marijuana prescription. It is also based on the base cost of filling one of those prescriptions which is currently estimated at $3,000 a pop.
The report is quick to mention that those are the numbers in a best case scenario as prescriptions are not currently covered by insurance. So the actual sales will be lower than that high mark.
The new industry is expected to create a few hundred jobs. About 102 of those will be in temporary construction that will wield a payroll of $2.24 million. The estimated permanent jobs created by the industry total up to 125 direct and 75 indirect positions. That payroll would be up to $11.15 million.
The annual economic impact to Miami-Dade county from the dispensing operations is estimated at $61.9 million. It is expected to be around $62.8 million by 2025.
Two South Dade Farming companies were chosen as state growers. Yet Costa Nursery Farms was chosen to supply the Southeast Region. Alpha Foliage will supply the Southwest.
Costa Nursery Farms will operate under the Name Modern Health Concepts.
After the nurseries were awarded the growing licenses, 18 petitions have been filed contesting the awards. That may lead to additional dispensing organizations, but the county doesn’t believe another one will spring up in Miami-Dade.
Statewide the annual market is at $785 million says the report. Around 260,000 patients qualify for a low-THC medical marijuana prescription.
Those patients are defined as someone who has a terminal condition that would result in a death within a year.
After a doctor attests to this condition, a second doctor must confirm it. Finally there is an independent evaluation by a board-certified third physician who is an expert in that particular condition.
Cannabis production is scheduled to begin this month and dispensing to begin next month.
News Moderator: Katelyn Baker
Full Article: Miami-Dade Report Studies Economic Impact Of Medical Marijuana
Author: Frank Maradidagaz
Photo Credit: MGN Online
Website: South Dade News Leader