Following Monday's approval by Florida's Supreme Court to allow a constitutional amendment to legalize recreational marijuana on the November 2024 ballot, other cannabis companies – in addition to the ultra-generous Trulieve (OTCQX:TCNNF) – are now coughing up support money to the tune of at least $15 million, so far.
Trulieve founder and CEO Kim Rivers is a speaker at the Benzinga Cannabis Capital Conference in Hollywood, Florida April 16-17, where the Supreme Court decision and Florida's legalization bid will no doubt be on everyone's minds.
Cannabis Companies Jump In
Within 48 hours after the Supreme Court decision, which tossed out Republican Attorney General Ashley Moore's bitter challenge against the measure, amendment sponsors Smart & Safe Florida said in a Wednesday press release that it's pulling in new funding from donors "committed to helping ensure victory this fall."
"We are not only pleased that the court has agreed to move this initiative forward, but we are also thrilled to announce a strong alliance of committed donors to the effort," said Smart & Safe Florida chair David Bellamy.
"To date, the campaign has largely been funded by Florida-based Trulieve and with the announcement of these additional donors, new campaign finance reports will soon show a broad group of companies who are joining Trulieve to contribute to this historic effort," Smart & Safe Florida stated.
Florida is, after all, among the largest and most lucrative medical marijuana markets in the U.S. Imagine if/when a legal adult-use market is approved this coming November.
The companies now involved in funding the proposal, known as Amendment 3, include Verano Holdings Corp (OTCQX: VRNOF), Curaleaf Holdings (OTCQX: CURLF), AYR Wellness (OTCQX: AYRWF), Cresco Labs Inc. (OTCQX: CRLBF), Green Thumb Industries (OTCQX: GTBIF) and INSA, Inc.
The proposal, which would legalize the "non-medical personal use of marijuana products and marijuana accessories by an adult" 21 or older, needs to be approved by at least 60% of the voters in November 2024.
"As we move into the next phase of campaigning, we are grateful to have the support of our donors," reads the Smart & Safe Florida statement. "We have come a long way, but our work has only just begun."
The Benzinga Cannabis Capital Conference in Florida is being held at a new venue on April 16-17, 2024. The two-day event at The Diplomat Beach Resort is a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!
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