Florida has long been one of the most important cannabis markets in the U.S., and even amid the COVID-19 pandemic, the medical cannabis market continues to flourish there. According to Marijuana Business Daily, demand seems to be higher now in the Sunshine State than it was before the outbreak started. Case in point: In the first 10 weeks of 2020, medical patients in Florida bought an average of 2 grams of cannabis per week. In May, that average had climbed to 2.9 grams.
Florida, like most states that have marijuana dispensaries, has categorized them as "essential businesses," which allowed them to remain open amid the emergency measures that were implemented statewide to slow the spread of the novel coronavirus. Dispensaries there have benefited as a result. During the first 10 weeks of the year, customers in Florida purchased an average of 22,800 ounces of legal weed per week. This average increased significantly starting in mid-March. For instance, during the 7-day period that began on March 13, marijuana dispensaries sold 36,400 ounces of weed. For the week that began on April 17, that figure had increased to 39,290 ounces.
This company could be Florida's biggest cannabis winner
Several major players are catering to the lucrative medical cannabis market in Florida, but Trulieve Cannabis (TCNNF 1.23%) is undoubtedly the most prominent one. This vertically integrated company boasts 47 dispensaries in -- and derives the bulk of its revenue from -- the Sunshine State. Trulieve Cannabis is one of the few marijuana companies that has posted consistent profits. During the first quarter, it reported total revenue of $96.1 million, up by 116% year over year.
And even though Trulieve Cannabis' earnings per share decreased slightly to $0.12 from the $0.13 reported during the year-ago period, thanks to the booming marijuana market in its home state, the company will likely post strong financial results in the coming quarters. Investors looking to profit from the growth of Florida's lucrative marijuana market would do well to consider buying shares of this cannabis stock.