Florida's recreational marijuana legalization measure fails to pass but offers potential benefits for cannabis businesses

Florida's attempt to legalize recreational marijuana through Amendment 3 has failed. The measure needed 60% approval but only received 55.9% of the votes. This outcome is disappointing for cannabis companies in the state. Despite the setback, there is a potential benefit for marijuana businesses. The Biden administration is considering rescheduling cannabis from a Schedule I to a Schedule III substance. This change could improve tax conditions for companies like Trulieve and Verano. A hearing by the U.S. Drug Enforcement Administration is scheduled for early December. If successful, rescheduling could enhance profit potential for cannabis companies, even without recreational legalization in Florida.