Adult-use cannabis campaign in Florida gathers enough signatures to trigger court review of proposed ballot measure

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.
TCNNF,
-0.98%
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.
CURLF,
-1.52%
and Green Thumb Industries Inc.
GTBIF,
-2.37%.
The AdvisorShares Pure US Cannabis ETF
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is down 2.3% in 2023, compared to a 16.6% increase by the Nasdaq
COMP,
+3.25%.