Florida voters reject recreational marijuana legalization, cannabis stocks tumble

Florida Governor Ron DeSantis and billionaire Ken Griffin successfully opposed a ballot measure to legalize recreational marijuana, which failed to secure the required 60% voter support, receiving only 55.9%. This defeat caused significant drops in cannabis industry stocks. The MJ PurePlay 100 Index fell 17%, marking its largest decline since February 2021. Shares of Trulieve Cannabis Corp., which heavily invested in the campaign for legalization, plummeted by as much as 47%. DeSantis focused on blocking legalization as part of his political strategy, with Griffin contributing $12 million to the anti-legalization efforts. The campaign raised a total of $26 million to defeat the measure.