The recreational cannabis legalization campaign in Florida is up against a significant new challenge: heavily funded opposition. Florida Governor Ron DeSantis (R) recently created the Florida Freedom Fund, allowing him to receive unlimited donations aimed at achieving the fund’s specific goals.
A primary objective of the fund is to thwart Amendment 3, which proposes to legalize recreational marijuana and permit sales at already-existing medical cannabis dispensaries. In the unlikely event that DeSantis is successful in garnering national attention and support for this cause, the legalization of recreational marijuana may not be supported by a larger financial advantage throughout its campaign.
Smart and Safe Florida spokesperson Morgan Hill noted that a recent survey indicated 66% of probable voters support the ballot measure. In Florida, a constitutional amendment must receive the support of at least 60% of voters to pass, a rather high percentage.
In contrast, Ohio’s recreational cannabis was approved by more than 57% of voters last year. The opposition there managed to collect contributions totaling only $927,900, while the pro-legalization campaign raised more than $6.7 million.
Florida represents a crucial market for marijuana businesses, being the largest domestic medical cannabis market, with strict state laws limiting the number of participants. The stakes in Florida are high, especially because it’s a presidential battleground state, and the legalization measure will appear on the same ballot as President Joseph Biden and Florida resident and presumed GOP contender Donald Trump.
Biden is anticipated to focus some of his campaign on marijuana reform to win over young people following his executive order from 2022, which prompted the U.S. DOJ to propose cannabis rescheduling. Trump has not yet taken a stance on Florida’s recreational cannabis legalization, but DeSantis, a former presidential contender, has expressed strong opposition.
The DeSantis fund is also targeting a measure that seeks to overturn a law he signed earlier prohibiting abortion procedures beyond the six-week pregnancy mark. The governor has labeled both measures as quite excessive.
Political analysts speculate that the confluence of these concerns may boost female and younger voter turnout, which might help Democratic candidates such as Biden.
There’s been significant fundraising done to support the two measures. The Tampa Bay Times reported that the abortion protection proposal has received $12 million in contributions since April. In the meantime, supporters of cannabis legalization have invested more than $40 million in Florida. The leading contributor remains Trulieve, which added another $5 million in April.
Marijuana companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) will be hoping that, at the end of the day, the true will of the people of Florida carries the day on polling day regardless of which way the ballot swings.
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