Florida’s Amendment 3 Sets Record for Cannabis Legislation Funding

LOS ANGELES- Amendment 3, a measure to legalize recreational cannabis for adults 21 and over, is on Florida’s ballot this November. The campaign, led by Smart & Safe Florida, has become the most expensive cannabis legalization effort in U.S. history, drawing more than $105 million in contributions. Notably, the state’s largest medical cannabis company, Trulieve, has invested $83 million, a significant portion of the total.

The potential legalization of recreational cannabis in Florida carries substantial financial implications for businesses like Trulieve. The company, already dominant in the medical cannabis market, stands to benefit from increased opportunities in the recreational market if the amendment passes. Other cannabis operators, including Verano and Curaleaf, have also contributed to the campaign, aiming to expand their presence in the state.

Opposition to Amendment 3 has also attracted funding, with $14.64 million raised by groups like Keep Florida Clean PAC, led by conservative figures including Governor Ron DeSantis. Critics argue that legalization could lead to increased substance abuse and safety risks, while some claim the measure may create a monopoly favoring large corporations like Trulieve. However, proponents highlight the amendment’s potential to create a regulated market and dismiss the monopoly claims as unfounded.

Florida’s political landscape presents challenges for the measure, as the state’s Republican-controlled government generally opposes cannabis legalization. To pass, Amendment 3 needs to secure at least 60% of the vote, a higher threshold than in many other states. If successful, Florida would join 24 other states that have already legalized recreational cannabis.

The outcome of Amendment 3 could influence future cannabis legislation across the U.S., given the scale of funding and interest surrounding this campaign. Polls suggest that the measure has a chance of passing, but the margin remains narrow as the November vote approaches.