An adult-use cannabis effort by the Smart & Safe Florida political committee that’s backed by a medical cannabis company operating in the state collected enough signatures to require the Florida Supreme Court to review a proposed ballot measure. The group has collected 294,046 unofficial signatures, which is well above the 222,898 signatures needed for a judicial and financial impact review, according to the Florida Division of Elections website. The effort would need 891,589 signatures to win a berth on the statewide ballot. The signatures were initially reported by The Capitolist. Trulieve Cannabis Corp.
has paid $20 million to back the effort, according to the article. Other large cannabis companies operating in the Sunshine State’s medical cannabis market include Curaleaf Holdings Inc.
and Green Thumb Industries Inc.
The AdvisorShares Pure US Cannabis ETF
is down 2.3% in 2023, compared to a 16.6% increase by the Nasdaq