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Friday, Feb 14, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.

Cannabis

Miami gets first medical dispensary nearly a decade after legalization

AYR Wellness opened up the Miami Avenue location on Friday

Miami gets first medical dispensary nearly a decade after legalization
"Miami-Midtown, we've arrived!" Photo credit: AYR Wellness

Well, it only took almost a decade, but AYR Wellness Inc (OTCMKTS: AYRWF) has now opened the very first medical cannabis dispensary within Miami city limits. The doors flung open for local Florida tokers on Friday.

City regulators, including attorney Victoria Mendez, had been blocking cannabis shops from opening in Miami since medical marijuana was legalized statewide in 2016. They claimed that the federal Controlled Substances Act had authority over the state’s new legislation despite the fact that various other municipalities like Miami Beach and Tampa had stores popping up for patients.

“It’s pretty exciting. This has been a five-plus-year process since we started planning this particular dispensary,” Rob Vanisko, a representative from AYR Wellness, told Miami New Times last week. “From lease signing to all the approvals to the appeals, to actually be able to get this open has been quite the process.”

AYR Wellness is headquartered in Miami’s Coconut Grove neighbourhood, a short distance south of the downtown core. The cultivator has dozens of dispensaries throughout the state of Florida, but wasn’t able to get one operational so close to home until last week.

The grower and extraction specialist is currently constructing a 100,000-square-foot cultivation facility in the state’s city of Ocala. Is it expected to begin sending product out the door during the second half of this year and will increase AYR’s flower output more than two-fold, the company says.

As of the end of Q3 last year, the multi-state operator had a cash balance of US$50.6 million and net debt totalling US$355.2 million.

AYR has a total of 97 retail locations throughout nine states.

Read more: Green Thumb & Agrify bring hemp-derived cannabinoids to renowned Chicago venue

Read more: Tennessee man handed sentence for delivering cannabis to prison inmate with drone

Recent recreational cannnabis ballot measure failed, barely

Florida voters rejected adult-use cannabis legalization during the November election.

Amendment 3, which would have permitted adults to possess up to three ounces of flower, came within a hair’s breadth of succeeding but only obtained 55.9 per cent approval. It needed 60 per cent to pass.

“While the results of Amendment 3 did not clear the 60 per cent threshold, we are eager to work with the governor and legislative leaders who agree with us on decriminalizing recreational marijuana for adults,” Smart & Safe Florida, a group advocating for Amendment 3, said in a statement last fall.

Smart & Safe’s primary backer supporting its amendment initiative was Trulieve Cannabis Corp (CNSX: TRUL) (OTCMKTS: TCNNF). Trulieve spent over US$143 million in a push to get an adult-use market open and further secure its foothold in the state. Meanwhile, other producers like Curaleaf Holdings Inc (TSE: CURA) (OTCMKTS: CURLF) spent millions in anticipation of the approval.

Donald Trump, a Florida resident, voiced his support for the initiative last year. The former and incoming president said that he would vote yes on the amendment before the election, but was left disappointed in this particular regard.

However, Florida Governor Ron DeSantis does not share Trump’s sentiment on the matter.

“It would be everywhere. The state would smell like it. We don’t need that in Florida,” DeSantis once said.

 

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