Inside The Battle Over Cannabis Legalization In Florida

Forbes

With billions of dollars at stake, the Sunshine State will decide whether to legalize adult-use marijuana in November. But the ballot measure has some powerful enemies—including Governor DeSantis and a hedge fund billionaire. Here's who could tip the scales either way.  Read the full story on Forbes: https://www.forbes.com/sites/willyakowicz/2024/08/22/inside-the-battle-over-cannabis-legalization-in-florida/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, inside the battle over cannabis legalization in Florida.

00:07This November, when voters decide who will become the next president of the United States,

00:12Floridians will also have the chance to vote on whether to legalize adult-use cannabis.

00:17If the Sunshine State votes yes on Amendment 3,

00:21it will become the 25th state in the U.S. to legalize recreational use,

00:25and one of only 14 Republican ones.

00:28If the measure passes, Florida would become the first red state in the American South to legalize recreational use.

00:35Kim Rivers, the CEO of Tallahassee-based True Leave,

00:39the state's largest cannabis company with 143 medical marijuana dispensaries across the state,

00:45believes the importance of Florida passing adult use cannot be overstated.

00:50Rivers tells Forbes,

00:53This is a pivotal moment in the trajectory of cannabis and ending prohibition.

00:57We have an opportunity here to make a meaningful impact on the national conversation.

01:01Florida would be a very big domino to fall.

01:05With only 12 weeks before Election Day and billions of dollars at stake,

01:09the fight to legalize adult-use cannabis in Florida is too close to call.

01:14Home to the country's largest medical marijuana market,

01:17which now boasts $2 billion in annual sales,

01:20if the ballot measure passes,

01:22Florida's legal cannabis market could bloom into a $6 billion in annual sales industry by 2026,

01:29according to cannabis data firm Headset.

01:32To date, True Leave, which is also one of the country's largest legal cannabis outfits,

01:37has donated $65 million to Smart and Safe Florida over the last two years,

01:43the organization running the Yes on 3 campaign.

01:46According to campaign contribution data from the Florida Department of State Division of Elections,

01:51Verano, another medical marijuana operator, donated $2.5 million,

01:57while Cureleaf donated $2 million to the effort.

02:00In total, the campaign has raised nearly $72 million through early August.

02:06Boris Jordan, the billionaire CEO of Connecticut-based Cureleaf,

02:10which is Florida's second-largest operator,

02:13agrees that the passage of Amendment 3 would have national implications,

02:17as the U.S. Drug Enforcement Administration is considering whether to reschedule marijuana under federal law.

02:23Jordan says,

02:25I think Florida going adult use forces the hand of the federal government to act.

02:29How can you not? You have California, New York, and Florida.

02:34The last one would be Texas, and we're done.

02:37While 70% of Americans believe cannabis should be legal, according to a Gallup poll in November 2023,

02:43ballot measures in Florida need a supermajority of 60% to be approved,

02:48and various polls have predicted opposite outcomes.

02:52According to a July poll conducted by the University of North Florida,

02:5564% of voters surveyed said they would vote yes on Amendment 3.

03:00This is slightly down from a poll conducted in late 2023, when 67% of voters said they would vote yes.

03:07In early August, a Florida Atlantic University poll found that only 56% of respondents planned to vote in favor of the measure.

03:15Jordan says,

03:17It's going to be a dogfight right to the end.

03:21Amendment 3 also has some powerful enemies.

03:24Florida Governor Ron DeSantis is strongly opposed.

03:27During a law enforcement conference last month,

03:30Governor DeSantis told a room full of sheriffs that marijuana legalization, quote,

03:34should not be on the ballot, and this whole matter is, quote, ridiculous.

03:39The Republican governor added, quote,

03:41It won't be good for law and order, and it won't be good for quality of life.

03:46Meanwhile, Ken Griffin, the hedge fund billionaire who moved his firm Citadel to Miami from Chicago in 2022,

03:53has also come out against legalization.

03:56Griffin, a Florida resident, recently donated $12 million to the fledgling Vote No on 3 campaign.

04:03And in an op-ed published in the Miami Herald earlier this month,

04:06Griffin cautioned voters not to repeat the mistakes of states like California, Colorado, and New York,

04:12all of which have legalized recreational cannabis.

04:15Griffin wrote, quote,

04:17No one wants the effects of widespread legalization of marijuana, skyrocketing crime, suffering among children,

04:24a decline in the quality of life in Florida's vibrant neighborhoods,

04:27but Amendment 3 would make it inevitable.

04:31For full coverage, check out Will Yakowitz's piece on Forbes.com.

04:37This is Kieran Meadows from Forbes. Thanks for tuning in.

04:45Forbes.com

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