A debt crisis is looming for Florida cannabis companies
The U.S. cannabis industry faces a reckoning as an estimated $3 billion in debt comes due by the end of 2026, and concerns are rising that many companies won’t be able to pay up. Cannabis operators relied heavily on debt financing during an industry boom over the last five years and an overly optimistic view around the industry, especially in Florida, led to incorrect assumptions about the valuations and potential growth of those businesses. [Source: Tampa Bay Business Journal]
Business Beat - Week of February 7th
Get top news-to-know with Florida Trend's headline-focused video newsbrief, hosted by digital content specialist Aimée Alexander.
Florida lawmakers propose safeguards after report on worker heat deaths
Florida is one of the nation’s hottest states, with punishing humidity that can make it difficult for the body to cool down. Currently, neither the state nor federal government has heat safety standards to protect workers from high temperatures — despite Florida requiring similar safeguards for high school athletes. Some of the legislators co-sponsoring the heat protection bill are also calling for a repeal of a law passed last year that blocks local governments from creating their own oversight for workers exposed to heat. [Source: Tampa Bay Times]
Thousands of miles apart, Florida and Canada are tightly entwined by trade
When it comes to Canada, no other nation buys more of Florida’s produce and agriculture-related products, according to state documents. Canada also buys 40% of its seafood from Florida, according to Sylvia Cesaratto, consul general of Canada in Miami. Mexico is the second-biggest buyer of the state's produce and agricultural products. [Source: Palm Beach Post]
Report: Florida ranks No. 3 in nation for build-to-rent housing market
The housing market both nationwide and in Florida has been impacted by high costs and interest rates for several years now, driving up the median age of homeownership and pushing many more Floridians into the rental market. With this in mind, builders and investors are continuing to go to a trendy solution: build-to-rent communities, which are targeted toward investors seeking steady tenants and renters who want a house without the burden of home ownership. [Source: Business Observer]
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ALSO AROUND FLORIDA:
› I-4 to look more like ‘The Jetsons’? Florida transportation secretary says that’s ‘becoming a reality’
As congestion increases on Florida highways, state Department of Transportation Secretary Jared Perdue wants lawmakers to envision a world getting closer to the promise of decades-old sci-fi shows. Perdue expressed support Wednesday for advanced air mobility, which would involve establishing vertiports in urban areas that could serve as hubs for short aerial commutes by battery-powered aircraft that have characteristics of airplanes and helicopters.
› Red tide raging in Gulf as cell counts hit 20 million cells per liter off Sanibel
Red tide cell counts are well into the "death zone" in Lee County waters as toxins in the Gulf have turned normally turquoise waters copper. DOH has sent out several advisories in recent weeks as bloom counts have range from natural, background levels to 1 million cells per liter and more. Red tide has been documented here for centuries, although research shows that blooms are more frequent and stronger than they were several decades ago.
› New capital projects and global connections give JaxPort leaders a positive outlook on 2025
Terminal upgrades that are scheduled to go online in coming months and increased connectivity between Jacksonville and seaports around the world have JaxPort leaders feeling bullish about 2025, the chair of the Port Authority board said Feb. 5. During the annual State of the Port event, board chair Wendy Hamilton and CEO Eric Green said the port was positioned for a prosperous year thanks to infrastructure investments, a diversified business strategy and its relationships within new global carrier alliances.
› Tri-Rail says it served 4.4 million riders in 2024, marking four-year high
Tri-Rail announced Thursday that it had served 4.4 million riders in 2024—the first time since 2019 that ridership exceeded 4 million in a single year. Tri-Rail expanded service to MiamiCentral Station in January 2024, and reported full ridership recovery just two months later with an average of 15,000 weekday rides and 8,000 weekend rides in March.
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› Pressure mounts on Broward hospitals: ER visits rise, workforce shrinks
Broward County hospitals had more than 1 million emergency room visits last year, a number expected to rise with the county’s aging population. Providing medical care to those emergency room visitors and the more than 232,000 people admitted annually will become more challenging for Broward County hospitals — primarily because of a significant rise in shortages projected in the health-care workforce.
› Central Florida leaders present annual ‘State of Hospitality and Tourism’
Central Florida leaders presented their annual “State of Hospitality and Tourism” on Thursday. The forum is an opportunity to discuss the tourism trends expected for the year. Officials said like every industry, there are still struggles in hospitality and tourism. It’s still a booming industry because millions of people travel to Central Florida every year. However, because of such a demand, it’s hard for the industry to keep up with the job demand this creates.
› Tampa IT firms merge under one banner, now boast over 350 employees
Two long standing IT firms based out of Tampa have recently completed a merger. Dart Tech and LNS Solutions are now operating under the Dart Tech brand. Dart Tech was founded in 1982 and specializes in cybersecurity, data storage and backup, and cloud migration with an emphasis on serving local businesses. LNS Solutions, founded in 1993, operated with a similar focus.
› 12 Big Lots stores in Florida may stay open
In December, Big Lots announced it will be closing all of its stores. Now, Gordon Brothers Retail Partners, the company helping Big Lots with its bankruptcy proceeding, has released a list of 200 stores likely to remain open, including a dozen in Florida.