Florida Medical Marijuana News
Marijuana stocks were reeling Wednesday on the heels of adult-use legalization failures on Election Day in Florida, North Dakota and South Dakota and the grim prospects of national marijuana reform under a second Donald Trump presidency.
In a stinging rebuke to the $32 billion regulated U.S. marijuana industry – and to one multistate operator, in particular – Florida voters on Tuesday appeared to reject a constitutional amendment that would have legalized adult-use cannabis in the nation’s largest medical-only market.
MJBizDaily reporters and editors are providing live coverage of the 2024 election, focusing on legalization ballot measures in four states, key federal races that could affect marijuana reform and other election-related tidbits.
Companies that sell products with significant amounts of intoxicating THC – but under the guise that it’s federally legal hemp – are bankrolling Florida’s governor’s quest to defeat an adult-use marijuana legalization measure.
If approved by voters on Tuesday, new regulated marijuana markets in Florida, Nebraska and North Dakota could collectively reach $2.3 billion in sales.
If 60% of Florida voters follow Donald Trump’s lead and cast ballots to legalize recreational marijuana in the state on Election Day, cannabis possession will become legal for adults 21 and older in the nation’s largest medical-only market in May 2025.
Trulieve Cannabis has donated $141.9 million of the total $149.7 million spent on the campaign to pass Florida’s adult-use measure.
