The US medical cannabis market offers an exciting space for investors. Because of the fragmented state of cannabis legislation, however, some states are more attractive than others. Florida stands out from the crowd, with a growing number of medical cannabis users and a burgeoning market.

Cannabis remains illegal at the federal level, with states being left to construct their laws and regulations. This makes for a highly disrupted and complex situation. Some regions have opted for decriminalization, while others have chosen to permit cannabis consumption under specific circumstances. Still, others are looking at, or have already embraced full adult use. 

This is an evolving market, with many factors influencing its development. For example, there are numerous programs aimed at supporting the advancement and legalization of cannabis. This has driven changes in regulation around cannabis, with a loosening of restrictions and greater availability via dispensaries. 

In Florida, the drive towards the legalization of cannabis has been fairly energetic, although the road hasn't been smooth. The former governor, Rick Scott, was opposed to legalization, ignoring the solid popular support for medical cannabis and enacting a ban on smoking (even with medical approval). While this prohibition didn't prevent cannabis from being consumed in other forms, it did limit the choices available to consumers. 

In early 2019, the situation began to change. Governor Ron DeSantis revoked the ban on smoking cannabis, making smoking legal once more for medical purposes. This has created a situation where Florida's share of the medical cannabis sector is positioned to increase. Although a doctor's certificate is currently required before consumers can smoke cannabis, there is significant support for the legalization of recreational cannabis. There are fewer restrictions on which healthcare practitioners can prescribe cannabis for their patients, driving market growth by increasing availability.

Another factor driving the growth of cannabis use in Florida is the ever-increasing number of patients. The population of Florida is one reason for this: as of 2019, 21 million people resided in the Sunshine State. Florida remains an attractive state for many reasons, and the number of people choosing to live there is increasing. This means more potential new patients every year.

The range of conditions that are covered by a medical marijuana exemption is steadily expanding as new research uncovers the potential for treatment using cannabis, and regulations are changed to reflect this. Florida's demographic leans towards the older end of the spectrum. Many conditions for which marijuana is prescribed are commonly found in the over-50s: glaucoma, arthritis, and other problems that tend to appear more in later life. Taken together, the growing population and higher percentage of that population requiring medical marijuana mean that the medical cannabis sector is set for a continued upswing. 

Florida is not without its challenges for the savvy investor, of course. One of the biggest issues in the medical cannabis market is the vertical integration required of companies that want to engage in the sector. It's not enough to develop dispensaries and distribution -- companies in the Florida cannabis market must also provide production and manufacturing capabilities. This can be a hurdle for some companies, although it's by no means insurmountable. 

All in all, Florida has few downsides for investors and many attractive upsides. A burgeoning population, liberal laws regarding Florida medical cannabis dispensaries and use, and the prospect of further relaxation of the laws relating to medical marijuana are all factors that set Florida apart in this sector. Investors looking for a state with a solid existing market and a high potential for further growth should certainly consider Florida.