Get Premium Data for Cyber Monday: Up to 55% Off InvestingProCLAIM SALE

Pot stocks fall after Florida voters reject recreational legalization measure

Published 06/11/2024, 11:50 pm
© Reuters
WEED
-
ACB
-
ACB
-
CGC
-
TLRY
-
TLRY
-

Investing.com - Shares in US and Canadian marijuana stocks dropped after voters in Florida rejected a ballot measure that would have legalized the recreational use of the drug.

The move, which also would have made it legal for adults of at least 21 years of age or older to possess up to three ounces of marijuana and allowed businesses already growing and selling medical marijuana to sell it to them, did not receive the required 60% supermajority it needed to pass.

Canopy Growth (NASDAQ:CGC), Tilray (NASDAQ:TLRY), and Aurora Cannabis (NASDAQ:ACB) all sank in premarket US trading on Wednesday.

Florida Gov. Ron DeSantis had been fervent critic of the measure, arguing in part that it would impact tourism in the southeastern US state due to a weed smell in the air. Still, the amendment had received the backing of DeSantis' fellow Republican Donald Trump, who won the US presidential election on Wednesday.

Funding for the campaign boosting the measure came largely from Trulieve, Florida's biggest medical marijuana operator. Trulieve gave almost $145 million of the $153 million in total it spent on the campaign through the end of October, according to the Associated Press.

Meanwhile, similar measures in both North Dakota and South Dakota were also on track to be rejected by voters, although two measures to legalize medical marijuana and regulate the industry were approved in Nebraska.

Prior to the election, 24 US states and the District of Columbia, or roughly 53% of America's population, had legalized the use of marijuana for adults. Its use for medical purposed is also allowed in 38 states plus the District of Columbia. Under federal law, possessing or selling marijuana remains a crime punishable by prison time and fines.

(The Associated Press contributed reporting.)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.