Cannabis reform faces setbacks in 2024 U.S. elections as key initiatives fail

Cannabis reform faced setbacks in the 2024 U.S. elections, with key initiatives failing in several states. Florida's Amendment 3 received 55.9% support but did not meet the 60% requirement for approval. In contrast, Nebraska passed two medical cannabis measures, marking a significant policy shift. North Dakota and South Dakota voters rejected adult-use cannabis measures again, reflecting conservative attitudes. Meanwhile, Dallas, Texas, approved the "Dallas Freedom Act," decriminalizing small amounts of cannabis, indicating a local push for reform despite state-level opposition. Following the election results, U.S.-focused cannabis stocks fell sharply, with major companies and ETFs experiencing double-digit declines. The outcomes highlight a complex landscape for cannabis reform across the country.