Two Florida medical cannabis licenses are for sale totaling $95 million, the Tampa Bay Times reports. One $40 million license allows for up to 30 retail stores, while the other $55 million license allows up to 35 and includes a greenhouse.
The licenses are being brokered by Aubrey Logan-Holland, the CEO of Atlanta, Georgia-based firm Blue Dream Industries.
“Whoever acquires this asset will get a chance to stake their claim in one of the biggest medical markets in the world. It’s a good state to do business.” – Logan-Holland, to the Miami Herald, via the Times
Florida’s medical cannabis industry is vertically integrated, which means the license holders are responsible for growing, processing, testing, and selling medical cannabis products. In all, there are currently 22 licenses in the state but just 13 are active. Licenses in the state have previously sold for as much as $67 million. The two licenses being sold by Blue Dream are inactive and the holders are seeking cash offers.
Jeff Sharkey, lobbyist and director of the state’s Medical Marijuana Business Association, said that, to his knowledge, “all of” the state’s licenses “have been shopped” at some point but “the acquisitions are not as attractive as they were last year.”
“It’s really interesting,” Sharkey told the Times. “Maybe the market has really softened.”
According to the report, there are about 270,000 medical cannabis patients in Florida and Arcview Market research estimates that the state’s industry is expected to generate $1.1 billion in annual revenue by 2022.