Cannabis Stocks Fall After Legalization Vote Fails in Florida

Dow Jones11-06

By Dean Seal

Cannabis stocks fell after initiatives to legalize recreational marijuana in Florida, North Dakota and South Dakota failed to receive enough votes.

AdvisorShares Pure US Cannabis, a popular exchange-traded fund tracking marijuana stocks, was down 18% at $5.60 in premarket trading. The two biggest U.S. cannabis companies by market capitalization, Green Thumb Industries and Curaleaf Holdings, were down 6.5% and 12% respectively.

Shares of Trulieve Cannabis fell 24% to $8.82 ahead of market open. The Florida-headquartered cannabis heavyweight stood to gain significantly if legalization had passed in the Sunshine State.

Trulieve poured money into campaigning for the ballot measure, which did receive majority support but failed to hit the 60% supermajority threshold it needed to pass.

Voters in North Dakota and South Dakota also defeated ballot initiatives for recreational cannabis legalization in those states.

Shares of other publicly-listed cannabis companies, including Cresco Labs, SNDL and Canopy Growth, were down 12% or more premarket.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 06, 2024 08:26 ET (13:26 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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