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.