Cannabis stocks plunge after DeSantis, Griffin win Florida fight against weed legalization

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2024 Presidential Election,Florida,Marijuana

Amendment 3 – which would have legalized the recreational use of marijuana in the state’s constitution – failed to receive the 60% support needed to pass under Florida law.

Cannabis stocks plunged Wednesday after Florida Gov. Ron DeSantis and billionaire Ken Griffin successfully defeated a marijuana legalization measure on the ballot.

Trump Media short sellers lost $420 million after betting against stock before blowout election victory On Wednesday, the MJ PurePlay 100 index, which tracks the global cannabis industry, shot down 17% – the largest drop since February 2021. Its shares were down another 1.2% on Thursday.Canadian shares of Trulieve Cannabis Corp., a marijuana retailer and Florida’s largest medical marijuana operator, plunged as much as 47% Wednesday – its worst single-day drop. The stock ticked back up 6.4% on Thursday.

Including Florida, about 60% of the US population would have had access to recreational marijuana, which would have made national legalization more likely, according to the Bloomberg report.

 

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