Florida business in 2025,” said Verano CEO George Archos, during his company’s May 8 earnings call. “We’ve continued driving positive momentum throughout the year after firmly recapturing and

sustaining the number-two market share position in the state according to OMMU (Office of Medical Marijuana Use) data,”

Verano is particular poised to wait on legalization in general with 105 Zen Leaf and MÜV dispensaries across Florida, Pennsylvania and Virginia. Technically adult-use cannabis is legal to possess in Virginia, but Governor Glenn Youngkin has repeatedly blocked efforts to create regulations to allow consumer sales.

“We have one of the largest footprints in these key states and potential adult-use conversions in these markets would be tremendous catalysts for our business in the years ahead,” said Archos.

A majority of voters approved the amendment to legalize adult-use cannabis with 56%, but state law requires a minimum of 60% of the vote for ballots initiative. Trulieve, which owns 161 dispensaries in the state, spent about $145 million on Smart & Safe Florida’s campaign in 2023 and 2024, and have continued to be the primary driver of the campaign fundraising effort.

“With 23 million residents and 143 million tourist visits per year, Florida has the potential to be the best legal cannabis market,” said Trulieve CEO Kim Rivers during the company’s May 7 Q1 earnings call.

Legalization could still come in 2026

So far this election cycle, the Smart & Safe Florida campaign has collected about $19.6 million in contributions since the beginning of the year, according to the state’s campaign finance data as of June 13. Individual donors accounted for $1,420, while Trulieve kicked in the rest across four payments.

“last November, voters fell just shy of the 50% threshold required for passage,” said Rivers. “However, approximately 6 million Floridians voted in favor of personal adult use. In December, the Smart and Safe Florida campaign filed revised ballot language for personal adult use legalization incorporating learning from the 2024 campaign.”

Curaleaf has 66 dispensaries, though the company has also shifted priorities in Florida, converting one of their former dispensaries in West Palm Beach into a hemp shop, which can sell to all adults regardless of medical status.

Trulieve also dipped their toes into the hemp market, launching a line of hemp THC drinks that can be purchased at liquor stores throughout the state.

Planet 13, a Nevada-based company, is a recent newcomer to the Florida market, buying in last year when there was more optimism about Amendment 3’s chances at the ballot box. Despite the state not-legalizing adult-use, Planet 13 has continued to expand on its new presence in the state.

Planet 13 announced their acquisition of VidaCann in late 2023 and closed the deal in October, 2024, which included 26 dispensaries, and cultivation, processing and production facilities. The company has since expanded to 33 dispensaries.

“As part of our Florida expansion, we have entered into four leases for additional dispensing locations in Florida, which remain subject to completion of tenant improvements and regulatory inspection prior to sales to customers,” said co-CEO Bob Groesbeck during the company’s May 14 earnings call.

Florida’s Number 3 has a debt problem

On the other hand, AYR Wellness, which currently owns the third-most dispensaries in the state could see a reduction in its statewide foot print, depending on how the company’s current debt negotiations proceed.

AYR Wellness owns 67 dispensaries in Florida, which account for two-thirds of the company’s total. The company failed to file a first-quarter earnings report, because it was still in negotiations with its senior creditors and cannot file its earnings report until it has settled on the appropriate accounting classification for those debts.

“These negotiations are part of a broader strategic review process, as the Company evaluates capital structure alternatives and other strategic options to address its upcoming payment obligations and to support the execution of its long-term strategic plan,” said the company in a statement released June 13.