Last verified: March 2026

Market by the Numbers

License Status

As of March 2026, 28 MMTC licenses have been issued:

• 25 are fully operational with active dispensary locations
• 3 hold initial licensure status and are in development

The 2023 Application Cycle

The most recent licensing window opened April 24–28, 2023, when 74 applicants competed for 22 new licenses. Applications were scored by KPMG (at a cost of $1.79 million to the state). Letters of intent to approve were issued November 26, 2024, but more than 20 administrative challenges were filed by rejected applicants. A consolidated hearing before Administrative Law Judge Mary Li Creasy began in October 2025 and continues into 2026.

Formula-Based License Allocation

Under §381.986, the state must issue 4 additional licenses for every 100,000 registered patients beyond the original base. With over 930,000 patients, this formula suggests over 30 additional licenses should technically be available. However, the application window remains closed with no announced date for the next cycle.

Market Concentration

Florida's cannabis market is highly concentrated. The top five operators — Trulieve, Curaleaf, MÜV, Surterra, and Ayr — control more than 58% of all dispensary locations. Trulieve alone operates over 150 stores, giving it a dominant market position that no other Florida MMTC approaches.

License Trading

The secondary market for MMTC licenses has fluctuated significantly:

• Peak pricing: $40–$55 million (Planet 13 paid $55M in 2021)
• Current range: $8–$50 million, depending on operational status and dispensary count
• Change of ownership: State approval process takes 90–180 days

Medical-Only Market Context

Despite being a medical-only program, Florida's $1.65 billion in annual sales makes it one of the largest legal cannabis markets in the world — larger than many states with full recreational legalization. The massive patient base (931,000+) and the broad "comparable conditions" category for physician certification are primary drivers of this market size.