💸 The Tape

The latest OMMU weekly update covering August 21–27 gives a current read on Florida's medical market — and the picture is two-sided. Dispensing volume remains enormous and the store count keeps climbing. Patient growth has nearly stopped.

The volume

For the week, Florida's 778 dispensing locations moved 426,532,346 mg of THC and 148,061 ounces of marijuana in a form for smoking, plus a trivial 1,399 mg of CBD across the entire state — low-THC cannabis is, commercially, a rounding error.

Annualize the week at a 4.33-week month and Florida is running roughly 1.85 billion mg of THC and 641,000 ounces of flower monthly. At typical Florida retail, that's a market clearing somewhere in the neighborhood of $150–170 million a month.

Smokable flower remains the volume driver. 148,061 ounces is over 9,250 pounds in seven days — roughly 481,000 pounds annualized in a state that still hasn't legalized adult use.

Where the patient number matters

Qualified patients with active ID cards: 940,116.

Set that against the running log. Florida stood at 937,501 on July 17. Six weeks later it's 940,116 — a gain of 2,615, or about 436 per week.

That is a material deceleration. Through June and early July, weekly additions ran 1,000 to 1,800, and the year was tracking three to four times the 2025 pace. The current run rate has fallen back toward the 330–470 weekly range Florida posted in mid-2025.

The likely explanation is the July 27 rule change, which blocked card applications without a current certification or open order. That was always expected to purge lapsed patients and suppress reported counts. If so, the deceleration is administrative rather than demand-driven — and the roughly 940,000 patients now on the registry are a cleaner number than the one that preceded it.

Either way, Florida is approaching one million patients and will likely cross it in 2027 rather than this year.

The top five, by the numbers

Ranked by weekly THC dispensed:

1. Trulieve — 110,000,492 mg | 170 locations | 49,759 oz
Trulieve holds 25.8% of statewide THC volume and 33.6% of smokable flower from 21.9% of the state's dispensing locations. It dispenses more THC than the next two operators combined. At 647,000 mg per store, it's above the statewide average of 548,000 — scale and productivity at once, which is rare.

2. MÜV (Verano) — 50,672,481 mg | 86 locations | 17,515 oz
11.9% share on 86 stores, at 589,000 mg per location. Verano just opened its 85th and 86th Florida doors and now runs 163 nationwide. Solid, but per-store productivity trails Trulieve and Curaleaf.

3. Curaleaf — 46,106,170 mg | 76 locations | 15,875 oz
10.8% share at 607,000 mg per store — second-best productivity among the top four.

4. Ayr Cannabis — 36,884,625 mg | 65 locations | 8,564 oz
8.6% share, but note the flower gap: Ayr's smokable volume is roughly half Curaleaf's on 86% of the store count. Its 567,000 mg per location is the weakest productivity in the top five, and its product mix skews away from flower.

5. FLUENT — 22,000,724 mg | 33 locations | 4,236 oz
Edges out Green Dragon (21,747,389 mg on 41 locations) for the fifth spot — with eight fewer stores. FLUENT's 667,000 mg per location is the best of the six largest operators. That matters, because Vireo Growth has a definitive agreement to acquire FLUENT in an all-stock transaction.

The productivity story nobody ranks

Sort by output per store rather than total volume and the leaderboard reorders entirely.

Sunburn dispensed 14,463,744 mg from 15 locations — 964,000 mg per store, roughly 49% above Trulieve. GTI Florida (Green Thumb) posted 19,608,044 mg from 24 locations, or 817,000 per store. Goldflower ran 670,000.

At the other end: Planet 13 at 261,000 mg per location across 34 stores, Surterra at 301,000 across 44, and Sunnyside (Cresco) at 382,000 across 31 — all well below the state average.

That spread is the most actionable data in the report. Green Thumb has been opening Florida doors aggressively — Port Charlotte on August 10, Port St. Lucie on August 22 — while running the second-most productive footprint at scale in the state. Planet 13, meanwhile, is being acquired by Vireo, and its 34 low-productivity stores are part of what Vireo is buying.

Curaleaf's Florida build

Which brings us to Curaleaf's announcement. The company opens Cutler Bay at 11245 SW 211th St. on September 1, bringing Florida to 76 stores and the national count to 177. The OMMU report already reflects it — "Curaleaf – Miami" appears in the week's approved dispensing locations, and Curaleaf's line in the table reads 76.

Boris Jordan framed it as the company's eighth dispensary in Miami-Dade County, citing real patient demand in South Miami-Dade and confirming additional Florida openings planned through the remainder of the year. Featured products include Anthem pre-rolls, Dark Heart ultra-premium flower, Reef flower, and the Select Briq 2 vape.

Dark Heart is worth noting. Curaleaf launched the ultra-premium brand across 11 states this year, and in a market where flower is 34% of volume and pricing is under pressure, moving up-market rather than chasing units is the defensible play.

The read

Florida is a $1.8-billion-a-year-plus market growing through store count, not patient count. With patient additions running roughly 436 a week, every new door is fighting for a share of a fixed base — which is why per-store productivity, not footprint, is the number that will separate winners over the next four quarters.

Trulieve remains dominant at more than double the next operator. Curaleaf and Verano are trading blows for second. And the two most efficient operators at scale — Sunburn and GTI Florida — are running store economics the majors can't match.

Meanwhile Florida still has no adult-use market, no hemp framework, and no legislative session until January 2027. Everyone building here is building for a state that hasn't decided what it wants to be yet.

📈 Dog Walkers

$HITI ( 0.0% ) Adds A Trio Of Doors

High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) will open three new Canna Cabana locations over four days, pending regulatory approval, bringing its Canadian count to 232 — including 105 in Ontario and 14 in Saskatchewan.

The sites open in sequence: Lindsay, Ontario on September 2, Orléans in east Ottawa on September 4, and Regina, Saskatchewan on September 5.

Read the site selection and you can see the discipline. Lindsay is the commercial hub of Kawartha Lakes with cottage-country seasonal traffic and limited competitive density, sitting in front of a regional centre anchored by a national grocer. Orléans is High Tide's first store in an east Ottawa community with 110,000-plus residents within five kilometres. Regina's Rochdale Boulevard location has roughly 90,000 residents within five kilometres and no competitor within one kilometre. The Lindsay site came via lease assignment from an established local operator — a conversion, not a build.

CEO Raj Grover was pointed about the philosophy: every store must earn its place, and the company is expanding deliberately rather than chasing store count, with site quality and return on invested capital first.

Here's the line that matters most. High Tide has 15-plus locations in various stages of development, remains on track for at least 20 new Cabanas in calendar 2026 — and is funding all of it from internally generated cash flow.

In a sector where Vireo is buying 270 dispensaries with its own stock and Green Thumb spent 167% of operating cash flow on buybacks, self-funded expansion is genuinely rare.

Canna Cabana now holds a 12% share of the Canadian market, with Remexian Pharma carrying 14% of German medical.

Q3 results land September 14 — against preliminary guidance already calling for record revenue, gross profit and adjusted EBITDA.

📺 Trade To Black

Relative Strength Is Building In Cannabis Stocks | TTB Presented by Flowhub

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