Florida voters rejected an initiative to legalize marijuana for adult use. Known as Amendment 3, the initiative did not garner the 60% votes necessary Tuesday to pass a constitutional amendment though it did get a clear majority.
The initiative enjoyed star-studded endorsements, including from former President Donald Trump, who is a Florida resident. But it faced tough and sustained GOP opposition from Gov. Ron DeSantis and the Florida Republican Party.
With 93% of votes counted, the amendment failed with 55.8% yes votes and 44.2% no votes, according to the Associated Press.
Smart & Safe Florida, the campaign that got the initiative onto the ballot, put out a notice shortly after receiving the news.
pic.twitter.com/O7X6zHZEY0
— Smart & Safe Florida (@SmartandSafeFl) November 6, 2024
In the weeks before Election Day, DeSantis held a string of conferences denouncing the amendment. Campaign groups opposing legalization were essentially staffed by DeSantis allies. In what many called misusing public money, the Florida transportation department ran ads saying that DUI crashes increased in states with legal marijuana, which caused the Amendment 3 campaign to send out cease-and-desist notices.
Cannabis Industry Responds
"While it's disappointing to see Florida's Amendment 3 fall short of the 60% threshold necessary, it's important to recognize the bipartisan voter support that the measure received," said Anthony Coniglio, CEO of NewLake Capital Partners, Inc. (OTC:NLCP).
"Constitutional amendments requiring 60% approval are always difficult but Americans' support for the cannabis industry is undeniable. These results don't erase the progress the sector has made or the growing public support for cannabis nationwide."
Tyler Beuerlein, business development officer at Safe Harbor Financial (NASDAQ:SHFS), acknowledged that state-level changes do not automatically resolve broader industry challenges.
"Despite both major political parties now voicing support for cannabis reform, federal legalization remains complex, with numerous unresolved issues around banking, interstate commerce, and comprehensive regulatory frameworks."
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Illustration created using artificial intelligence.
