Daniel Fung of CT is an extracts expert who works every day to provide the best overall product to customers in the MMJ industry. Daniel Fung was in Watertown, CT when he invented MedTab, a homogenized, dosable form of dry MMJ flowers. Although he made most of his medical marijuana breakthroughs in Connecticut, Fung monitors the latest news in the medical marijuana industry across the country and is encouraged by a Florida law from March, which repeals a ban on all smokable marijuana products.
Those in the medical marijuana business have already started to work out details to expand production, operations and retail space in the Sunshine State. As one of the United States fastest-growing medical cannabis markets, companies are paying millions of dollars to establish a footprint in the state. One company out of Tallahassee, Tennessee currently controls more than 50 percent of the sales of nonsmokable marijuana in Florida. The lift of the smokable flower ban in March has brought many new companies into the mix, which has hurt the market leader’s share in the state.
Daniel Fung of CT believes that while new competition may be tested by the masses, the quality of product will ultimately determine where consumers go. Florida’s medical marijuana operators understand that smokable products currently generate about $200 million a year in revenue. However, Daniel Fung of CT says that all are watching the state’s 2020 ballot’s closely. Advocates of marijuana are currently fighting to get the legalization of recreational cannabis on the ballot. Should a vote pass that legalizes recreational use, the Florida economoy will reap the benefits.
Daniel Fung of CT recently reviewed stats released from the state health department in Florida. On March 21st when the ban was lifted, there were 109 dispensaries in Florida. At the start of November, there were 187. This is more than a 70% increase. Daniel Fung of CT points out that the reason so many dispensaries waited to open up shop until smokable flower became legal is due to flowers accounting for the majority of profit. The reason for this just comes down to the cost of production. The margins are much higher with smokable products than their counterparts. Although awareness grows by the minute, most people still look at medical marijuana as a smokable product. Until more people truly understand the benefits of other types of medical marijuana products, smokable products will remain the most valuable.