As differences over pot shop restrictions burned a medical marijuana bill to ashes in Tallahassee, one of Florida’s largest legal cannabis operators courted millions of dollars from new investors and touted a lucrative plan to open dozens of storefronts around the state.
A private equity firm’s confidential pitch deck obtained by the Miami Herald shows that only days ago Surterra Florida was seeking investors to buy a $10 million minority stake while also arguing against limits on the number of retail outlets any licensed operator can open. Some potential investors were lured with projections that show Surterra grossing $138 million in sales by 2021 thanks largely to the operation of 55 retail outlets — nearly four times the cap desired by the Florida Senate.
The numbers may not be exact, as both Surterra and The Costera Group warned that neither company verified or authorized the projections. But the sensitive documents shed rare light on an industry shrouded in secrecy and show how much money is riding on how — and whether — the state regulates the number of medical marijuana retail outlets following the passage of Amendment 2.
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