The medical marijuana industry promises to be very lucrative for the state of Florida.

Researchers say the state’s medical marijuana industry will be worth more than $1.5 billion by 2020.

The projection comes from New Frontier Data in partnership with Arcview Market Research and was reported in bizjournals.com.

Amendment 2 allows medical use of marijuana for individuals with debilitating medical conditions as determined by a licensed Florida physician.

“The successful passage of the medical initiative in the country’s fourth most populous state will create one of the largest medical cannabis programs in the U.S. The state’s large elderly population represents a potentially large cannabis patient base, but there will need to be a significant education process to familiarize them with the potential benefits of cannabis and its uses,” New Frontier Data Founder & CEO Giadha DeCarcer said in news release.

Florida could command as much as 7.9 percent of the total US legal cannabis market (and 16% of the US medical cannabis market) by 2020, according to the report.