Florida's medical marijuana program could become more restrictive if the state's legislature approves an amendment to a healthcare bill currently being considered. On Friday, state Sen. Gayle Harrell, a Republican, filed an amendment capping the concentration of THC in legal cannabis to 10% for patients under the age of 21, unless they suffer from a terminal illness.
Harrell is not the only state politician eager to cap THC content in products for sale to certain patients. Other Republicans in both the state's Senate and its House of Representatives have expressed similar ambitions.
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At the moment, Florida law allows for full-potency THC in cannabis. With the increasing sophistication of growth technology, however, some cultivators have developed powerful, THC-rich strains of the plant. Most marijuana contains an average of roughly 25% of THC, although that percentage can be significantly higher in certain varieties.
The healthcare bill, complete with THC amendment, is scheduled to be debated by the state Senate on Monday, March 2.
Florida voters passed a ballot initiative legalizing medical cannabis in 2016. Consistent with other states in the southeast U.S., it does not permit the sale and consumption of recreational marijuana. It also has not decriminalized this form of the drug.
However, since Florida is a populous state that has a great many senior citizens, there is a relatively large customer base for medical marijuana. According to advocacy group Marijuana Policy Project, as of last July there were just over 240,000 patients registered in the state's medical cannabis program.
A key marijuana company catering to this market is dispensary operator Trulieve Cannabis (TCNNF 4.76%). Trulieve has 45 stores throughout the state.
The company hasn't yet weighed in on the latest legislative developments in Florida. On Friday, Trulieve's stock closed up by over 3%.
