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Forbes Daily Briefing

What The Failure Of Florida’s Amendment 3 Means For Cannabis Legalization

Forbes Daily Briefing

Forbes

Careers, Business, News, Entrepreneurship

4.612 Ratings

🗓️ 7 November 2024

⏱️ 5 minutes

🧾️ Download transcript

Summary

Voters rejected legalizing recreational marijuana in the bellwether state. Here’s what it means for federal legalization and pot’s green wave.

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Transcript

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0:00.0

Here's your Forbes Daily Briefing for Thursday, November 7th.

0:05.0

Today on Forbes, what the failure of Florida's Amendment 3 means for cannabis legalization.

0:12.0

In a major defeat for cannabis legalization, Florida voters have rejected Amendment 3,

0:18.0

which would have legalized recreational marijuana for adults 21 and older.

0:22.7

The amendment, which failed to get the 60% voter support it needed to pass,

0:27.5

could have been the start of a new green wave across the country.

0:30.9

The Sunshine State is already home to the country's largest medical marijuana market,

0:35.9

$2 billion in annual sales, but it missed the opportunity

0:39.2

to become the first red state in the south to launch an adult use market.

0:44.2

Florida, which has a population of 20 million people and attracts more than 140 million tourists

0:49.4

every year, was expected to swell to a $6 billion cannabis market by 2026 if Amendment 3 passed,

0:57.3

according to marijuana sales data firm headset.

1:00.8

Voters will have to wait another two years before cannabis can get back on the ballot.

1:06.1

The amendment received more than 57% of the vote, a strong majority, but not enough to surpass

1:12.1

the 60% threshold required in the state of Florida.

1:16.1

The measure even had the backing of former president and now president-elect Donald Trump.

1:21.2

The night's biggest loser is Tallahassee-based True Leave, which spent $145 million backing Smart and Safe Florida, the organization

1:30.0

running the Yes On 3 campaign.

1:32.7

The campaign raised a total of $153 million, according to campaign contribution data from the

1:38.5

Florida Department of State Division of Elections.

1:41.9

The night's biggest winner is Florida Governor Ron DeSantis, who had declared

1:45.9

war on the cannabis ballot measure and spent an estimated $50 million of taxpayer money on radio

...

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