Liberty Health Sciences (CSE: LHS), a Toronto-based investor and operator in the cannabis industry, announced it has secured locations for two Florida medical cannabis dispensaries scheduled to open in December 2017. The plans are subject to approval by the Florida Department of Health.
The dispensaries will be located in The Villages, a desirable retirement community with 150,000 residents west of Daytona Beach in the northern half of Florida, and Fort Lauderdale, a city of 2 million near Miami in south Florida.
Liberty stock rose 3% on the news, to close at $1.04 on September 18th. It rose 7% to $1.12 the following day. The stock is up 23% on the month.
Liberty plans to open six additional dispensaries in Florida in Q1 of 2018. They will focus on becoming the low-cost producer while providing reasonably-priced cannabis, and comprehensive education to patients. It will also expand its delivery service to cover South Florida. The company already has experience in highly regulated markets and expertise in becoming the low-cost producer.
Florida medical market is growing rapidly. The number of patients on their registry has doubled from June to August 2017 from 17,000 to 33,000. Liberty expects the growth to continue exponentially as more physicians recommend cannabis.