Boulder-based Wana Brands, one of Colorado’s largest producers of cannabis-infused edibles, is making a bet on the Sunshine State — even though Florida hasn’t legalized cannabis consumables yet.
“To my knowledge, no one else is doing what we’re going to be doing in Florida,” said Wana CEO Nancy Whiteman.
But it’s up to Florida’s Department of Health to decide whether or not Wana ever makes it into the state’s market.
In the meantime, Wana is licensing its lozenges and slow-release capsules to AltMed Florida, a national distributor of medical cannabis products. With existing operations in Arizona, AltMed announced plans to open 25 dispensaries across the Florida in April.
AltMed will have the right to use Wana branding and its recipes while it manufactures the products in-state. In return, Wana will get a check for royalties based on sales. The deal will be Wana and AltMed’s second, with their first kicking off in Arizona in May 2017.
While Wana could distribute its products wholesale in Arizona, Florida law requires that cannabis dispensaries handle every element of the operation, from growth to manufacturing, transportation and sales.
“It completely changes how the market functions,” Whiteman said. “It changes what it means to be successful in that market.”