Cannabis Stocks Tumble After Florida Legalization Bid Fails

The failure of Florida’s Amendment 3 to secure enough votes has led to significant declines in cannabis stock prices.

Florida's Amendment 3, which sought to legalize recreational marijuana, received 55% of the vote, falling short of the 60% required for passage.
Major cannabis companies, including Canopy Growth and Tilray Brands, saw their stock prices drop significantly following the vote's outcome.
Trulieve Cannabis, a major donor to the pro-legalization campaign, experienced a 43% decrease in its share price, reflecting investor disappointment.
The failed amendment was seen as a missed opportunity for the cannabis industry, with Florida projected to generate up to $6.1 billion in sales in its first year of legalization.
Political uncertainty, including the recent U.S. elections and potential GOP Senate control, has contributed to the market volatility affecting cannabis stocks.