Florida Voters Reject Recreational Marijuana Measure

Florida voters rejected Amendment 3, a measure to legalize recreational marijuana, which garnered 55.9% support but fell short of the 60% required for passage. Governor Ron DeSantis led the opposition campaign, supported by billionaire Ken Griffin, who contributed $12 million to the anti-legalization efforts. The defeat has significantly impacted cannabis stocks, with the MJ PurePlay 100 index dropping 17% and shares of Trulieve Cannabis Corp. plunging nearly 47% on the day of the vote. This loss is viewed as a setback for the cannabis industry, which had invested heavily in anticipation of legalization, potentially affecting national legalization efforts as well. The election results reflect a broader trend in the U.S., where marijuana legalization measures received mixed outcomes across various states. Despite backing from prominent figures like Donald Trump, the measure's failure highlights ongoing challenges in changing cannabis laws at the state level.