Florida Legalization Ballot Initiative Failed

An effort to legalize adult-use of marijuana in Florida has unfortunately fallen short on the ballot. The legalization initiative was backed even by Donald Trump, the 45th and as of now also the 47th president of the United States. 

Amendment 3 would have legalized the recreational use and production of cannabis in the Sunshine State, but it was ultimately defeated. The ballot initiative failed to secure 60% of needed votes. It received 55.89% of the vote (5,941,251 voted ‘yes’ in total), but that was not enough to secure the majority required to pass a state constitutional amendment. 

Medical use of cannabis was approved on the ballot in Florida in 2016, with 71% of the votes needed. And for now, cannabis will only stay legally permitted for therapeutic and medical applications there. The list of qualifying conditions for medical cannabis in Florida include illnesses such as cancer, epilepsy, AIDS, PTSD, chronic pain and more. 

Florida Governor Warned Voters Not to Support Amendment 3

Failure of Amendment 3 could be seen as a success for Florida Gov. Ron DeSantis, who has actively spoken against legalization all year round. The Republican governor even told voters not to approve the measure, saying that legalization would come with a high potential for public nuisance. 

“It would be everywhere. The state would smell like it. We don’t need that in Florida,” the governor said in an appearance on Fox News last spring. 

Unlike DeSantis, Trump, perhaps surprisingly, supported the proposal to legalize recreational marijuana. He said in September that he would vote ‘yes’ on Amendment 3, but warned of strong regulation for the sector. 

“As a Floridian, I will be voting YES on Amendment 3 this November,” the former and re-elected president wrote in a post on his social media site Truth Social. 

Cannabis Stocks Plunge as Florida Voters Reject Legalization 

Matters of politics have routinely shaken the stability of cannabis stocks over the years. It was no different in this election. It was no surprise at all to see stocks plunge the moment early projections were shared that Florida’s Amendment 3 is not going to pass. 

Toronto-listed shares of Trulieve Cannabis, the company which is headquartered in Florida, suffered the most losses, falling 44.2% a day after the election, Wednesday, Nov. 6. Canopy Growth fell 20.4% on the same listing, Reuters reported. 

U.S.-listed shares of SNDL and Cronos Group reportedly went down by 13.8 and 7.2% each, while Tilray shares sank by over 11%. 

There was a lot of hype about Florida’s potential market legalization. Analytics company Headset projected between $5 and $6 billion in recreational sales during the first year of legalization in Florida. But that first legal year will, apparently, still have to wait. 

Also read on Soft Secrets: 

- California Cannabis Cafes with Full Offer from 2025

- Philippine Lawmakers Vote to Legalize Medical Cannabis

- Ukraine Legalizes Cannabis for Medical Use