Q3 Report: Dispensary Growth

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Dear Readers,

During October, we’ll release a series of posts focusing on Q3 performance and overall 2023 trends.

We’ll start with Dispensary Growth trends, a KPI that needs to be taken with a grain of salt because retail growth has very little to do with production capacities or sales and marketing capabilities. Scroll down for the full details.

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Editor / Florida Cannabis Numbers 

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2023 Statewide Trends

Eighty-one (81) new locations have opened in Florida in 2023 to reach 590 dispensaries across the state.

Editor Notes:

• Q3 2023 has been the slowest dispensary growth since Q2 2018, with only 11 new locations added.

• Q1 2023 saw more dispensary openings than Q2 and Q3 combined.

• Q3 2022 holds the record for most dispensary openings with 48, an enormous difference from the 11 from Q3 2023.

• There’s a clear slowdown trend in new dispensary openings, signaling that established companies are turning their efforts from retail expansion to increasing production and foot traffic of the already open locations.

• It remains to be seen if this trend reverts with the new licenses awarded and new companies planning to go to market soon. Stay tuned for the end-of-year report!

• Will Florida reach 600 dispensaries before the year ends?
  

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Dispensary Growth Ranking 2023

This ranking presents the companies that opened more dispensaries in 2023.

Editor Notes:

• Green Dragon has opened more locations in 2023 than any other company in Florida. Unfortunately, they have not been able to match their rapid expansion with dispensation growth. With 33 locations in the state, they need to shift their attention from retail reach to production, sales, and marketing.

• Sunnyside* opened 12 locations in Florida in 2023. The other only company that has opened more than ten locations this year. They have similar challenges to Green Dragon. However, their dispensation numbers are not as bad.

• Four (4) companies have not increased their amount of dispensaries this year: Cannabis, GrowHealthy, Surterra, and VidaCann.

• Trulieve, the largest company by retail reach by far, with 127 locations, has only opened four new locations this year.

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Note to our readers:

Florida Cannabis Numbers is an independent initiative. All content, including rankings, charts, and scores, are based on properly cited and reliable data sources. Results don’t intend to benefit any company above others but instead to give an unbiased look at the industry's current state, the companies, the customers, and the medical professionals involved.

Although performance is fundamental for business success, other variables not shown in these reports also contribute to a company's success. Our reports can help understand which companies are on the right path to achieve business success or have the conditions to be in that position. Thank you for reading Florida Cannabis Numbers. This post is public, so feel free to subscribe and share it.

Honest mistakes pave the path to genuine understanding. If you find one, please let us know at os@highdivision.co, and we’ll correct it. 

SOURCE: OMMU FLORIDA