Florida’s Cannabis Legalization Measure Fails Despite Majority Support

LOS ANGELES- In the recent election, Florida’s Amendment 3, which proposed the legalization of recreational cannabis for adults aged 21 and over, received 56% voter support. However, it fell short of the 60% supermajority required for constitutional amendments in the state, resulting in its failure.

The campaign for Amendment 3 was notably backed by Trulieve, Florida’s largest medical cannabis operator, which invested nearly $144.6 million into the initiative.Despite this substantial financial support, the measure faced significant opposition from key political figures, including Governor Ron DeSantis and the Florida Republican Party.The defeat of the amendment has had immediate financial repercussions. Cannabis stocks experienced a sharp decline following the election results, with companies like Trulieve Cannabis Corp. and the AdvisorShares Pure US Cannabis ETF seeing substantial single-day losses.

This outcome maintains the status quo in Florida, where only medical cannabis is legal under stringent regulations. The failure of Amendment 3 underscores the challenges of cannabis reform in the state, particularly the high threshold for constitutional amendments and organized political opposition. The broader implications of this result are significant for the cannabis industry, which had anticipated Florida joining the growing list of states legalizing recreational use. The setback may prompt a reevaluation of strategies for future legalization efforts in Florida and other states with similar supermajority requirements.