In a stinging rebuke to the $32 billion regulated U.S. marijuana industry – and to one multistate operator, in particular – Florida voters on Tuesday appeared to reject a constitutional amendment that would have legalized adult-use cannabis in the nation’s largest medical-only market.
The Election Day setback also is a nightmare scenario for Tallahassee-headquartered Trulieve Cannabis Corp., which spent at least $144.5 million on a yearslong effort to qualify Amendment 3 for the ballot.
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Despite that massive outlay, the measure was on track to fail decisively as of 10:30 p.m. ET Tuesday, with 55.9% of voters in support and 44.2% opposed, according to the Florida Division of Elections.
A constitutional amendment in Florida requires 60% support to pass.
Marijuana stakeholders react
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