Pot Stocks Take a Hit as Florida’s Amendment 3 Fails to Pass

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Florida voters had their say, and it wasn’t what the big players in the cannabis industry wanted to hear. Amendment 3, the measure that could have flipped Florida into a lucrative recreational weed market, tanked. The result? A seismic shock that sent pot stocks tumbling like they’d been dosed with a sedative.

Trulieve Cannabis, a company that had pumped over $100 million into the push, watched its shares nosedive by a staggering 44.2%. And they weren’t the only ones getting burned. Canopy Growth, one of Canada’s cannabis darlings, took a 20.4% hit on the Toronto Stock Exchange. Over in the U.S., Tilray Brands fell more than 11%, while SNDL and Cronos Group saw drops of 13.8% and 7.2%, respectively. The ETF AdvisorShares Pure US Cannabis fund? It plunged 24.1%, as if the whole industry was collectively holding its breath and turning blue.

Why all the drama? Amendment 3 was supposed to be the key to the kingdom, projected by cannabis analytics firm Headset to pull in anywhere from $4.9 billion to $6.1 billion in adult-use sales in its first year. That’s not just pocket change; that’s an economic jolt that could’ve made Florida a serious player in the national cannabis scene. But despite grabbing more than 55% of the vote, it fell short of the state’s frustrating 60% majority requirement. Close, but no blunt.

Florida’s flirtation with legalization has a long and tangled history. Medical marijuana only squeaked by in 2016 after a similar 2014 attempt flopped. This time, even with millions from the likes of Trulieve fueling the push, the finish line stayed just out of reach. The irony? More than two dozen states have already legalized recreational weed, proving that while Florida might boast sunshine and retirees, it’s lagging behind when it comes to progressive cannabis policy.

And here’s the kicker: The hit to stocks wasn’t just about disappointment. It was a gut punch that rippled through the market, reminding investors and industry giants that federal legalization is still a pipe dream. While Amendment 3 had the potential to cement Florida as a gold mine, the rejection has left a bitter taste in the mouths of those banking on it. Twenty-four states have moved forward with recreational legalization, and yet the federal government continues to twiddle its thumbs.

The failure of Amendment 3 isn’t just a setback for Florida; it’s a cautionary tale for the entire industry. The pot boom may have momentum, but it’s not unstoppable. With this latest flop, the message is clear: in states like Florida, the fight for cannabis reform is going to take more than big money and a slick campaign. It’s going to take time, and it’s going to take voters who are ready to shake things up.

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