Investors
Through fiscal 2019, Liberty opened a total of nine dispensaries throughout the State of Florida. Another five dispensaries were opened subsequent to year end, bringing Liberty’s total dispensary count to fifteen in June 2019. The Company has lease agreements in place for another six locations and is further negotiating another six. Liberty plans on opening up to thirty dispensaries by the end of fiscal 2020. During fiscal 2019, to better serve Florida’s expanding patient base, Liberty invested in expanding its delivery abilities, providing customers with door-to-door services and building six major delivery hubs. Subsequent to the fiscal year end, Liberty integrated the operations of their delivery hubs into existing dispensaries in order to reduce overhead costs, and now delivers statewide out of Dania Beach, St. Petersburg, Tallahassee, Bonita Springs, Merritt Island and Gainesville.
The medical cannabis marketplace in Florida is in its early stages, which is evidenced by the fact that approximately 307,000 patients have been added to the Medical Marijuana Use Registry as of June 2019 statewide. With over 20 million residents, Florida’s potential patient base is vast. The patient registration volume has grown significantly in recent months as more supply has become available and as access to the growing number of physicians who are qualified to recommend medical cannabis has expanded, which has resulted in more than a quadrupling of registered patients since the beginning of 2018. There are now over 2,321 qualified physicians in the State of Florida who can access medical cannabis for their patients. Patient volume is expected to continue increasing at a rapid pace considering the expanded medical uses as well as the broad availability of high THC products, as well as the introduction of smokeable flower products to the Florida market. With expanded production capabilities, a primary goal of the business moving forward is the acquisition of qualified patients
