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Pot producers climb as recreational cannabis to go on Florida ballot

Published 2024-04-02, 07:06 a/m
Updated 2024-04-02, 09:37 a/m
© Reuters.

(Reuters) - U.S.-listed shares of pot producers rise premarket on Tuesday after the Florida Supreme Court on Monday allowed voters to decide on the fate of recreational use of marijuana in the state through a referendum on the November ballot.

If passed, adult-use cannabis will be legal in the country's third-most populous state.

WHY IT IS IMPORTANT

Florida can become the next top prize for regulated U.S. marijuana operators. It has a population of more than 22 million and is also an important medical cannabis market.

It could add to the Biden administration's efforts to push cannabis reforms such as seeking to ease the treatment of the psychoactive plant under federal law and pardoning thousands of convictions for mere possession of the drug.

The U.S. health agency last year also proposed to reclassify cannabis as a lower-risk substance, boosting expectations of legalization at the federal level. MARKET REACTION

U.S-listed shares of pot firms SNDL, Tilray (TSX:TLRY) Brands, Aurora Cannabis (TSX:ACB) and Canopy Growth (TSX:WEED) climb between 1% and 6.8% before the bell. BY THE NUMBERS

Adult-use cannabis is legal in 24 U.S. states and also in the District of Columbia, Guam and the Northern Mariana Islands.

KEY QUOTES

George Archos, CEO, Verano Holdings

"As the nation's largest medical cannabis market with a high population and significant political influence, Florida has the chance to make history by joining the growing majority of Americans who say 'yes' to legal regulated cannabis and the wealth of positive health, wellness and economic benefits this incredible plant provides millions of individuals and countless communities every day."

© Reuters. FILE PHOTO: Pens featuring a marijuana leaf are pictured on a table at the Cannabis World Congress & Business Exposition (CWCBExpo) in the Manhattan borough of New York City, New York, U.S., November 5, 2021. REUTERS/Carlo Allegri/File Photo

Kim Rivers, CEO, Trulieve Cannabis

"We are thankful that the Court has correctly ruled the ballot initiative and summary language meet the standards for single subject and clarity. We look forward to supporting this campaign as it heads to the ballot this November."

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