Florida Supreme Court Approves Cannabis Legalization Proposal For November Election In Blow To DeSantis
Portfolio Pulse from Maureen Meehan
The Florida Supreme Court approved Amendment 3 for the November 2024 ballot, which proposes the legalization of recreational marijuana for adults over 21. Trulieve Cannabis (OTCQX:TCNNF), having contributed significantly to the advocacy group Smart & Safe, stands to benefit if the amendment passes. Florida's Attorney General opposed the measure, citing concerns over federal legality. The amendment allows for possession, purchase, and use of marijuana, with Medical Marijuana Treatment Centers able to sell to adults for personal use starting May 2025 if approved.
April 01, 2024 | 8:37 pm
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Trulieve Cannabis, having invested over $40 million in the advocacy group Smart & Safe, could see significant growth in Florida's market with the potential legalization of recreational marijuana.
Trulieve Cannabis's significant financial contribution to the advocacy group Smart & Safe directly ties it to the success of Amendment 3. If passed, the amendment would expand the legal cannabis market in Florida, potentially increasing Trulieve's customer base and revenue significantly. Given Florida's status as one of the largest medical marijuana markets, the transition to include recreational use could offer substantial growth opportunities for Trulieve.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90