Florida recreational marijuana initiative fails

seekingalpha2024-11-06

Rex_Wholster

  • A ballot initiative in Florida that would have allowed the recreational use of cannabis by adults has failed.
  • To win, the initiative needed at least 60% of votes in favor. With 95% of precincts reporting, 57% of voters backed legalization.
  • The initiative's rejection is considered a victory for Gov. Ron DeSantis (Rep.), who had campaigned against it. Former President Donald Trump, a Florida resident, has said he favored the measure.
  • Medical marijuana is still legal in the state.
  • Recreational marijuana initiatives are on the ballot in other states, including North Dakota and South Dakota. A medical marijuana initiative is on the ballot on Nebraska.
  • Trulieve Cannabis (OTCQX:TCNNF), which is based in Florida's capital, Tallahassee, had contributed the most to the legalization campaign in the state. Curaleaf Holdings (OTCPK:CURLF) was another significant contributor.
  • Other multi-state operators with dispensaries in the Sunshine State include the Cannabist Co. Holdings (OTCQX:CBSTF), Green Thumb Industries (OTCQX:GTBIF), Verano Holdings (OTCQX:VRNOF), Cresco Labs (OTCQX:CRLBF), Ayr Wellness (OTCQX:AYRWF), and Planet 13 Holdings (OTCQX:PLNH).
  • Cannabis-related ETFs: Cannabis-related ETFs AdvisorShares Pure Cannabis ETF (YOLO), ETFMG Alternative Harvest ETF (NYSEARCA:MJ), and Amplify Seymour Cannabis ETF (CNBS).
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