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Marajuana stocks rise after Florida Court backs ballot measure to legalize use

Published 04/03/2024, 04:04 AM
© Reuters
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Investing.com -- Cannabis stocks were in rally mode Tuesday after the Florida Supreme Court cleared the way for a proposal that seeks to legalize recreational cannabis in the state to appear on the ballot for the November election.  

SNDL Inc (NASDAQ:SNDL), Canopy Growth Corp (NASDAQ:CGC), Aurora Cannabis Inc (TSX:ACB), were sharply higher, with the latter up more than 16%.

In June 2023, the measure -- proposed by the Smart & Safe Florida. would allow Florida's current providers of medical marijuana to sell cannabis to all adults aged at least 21 --- received enough signatures to qualify for the 2024 general election ballot subject to a review from the Florida Supreme court.

The Supreme Court, which had previously rejected two cannabis legalization proposals, backed the measure in a 5-2 vote to advance the proposal to the ballot in the November election, where it must win least 60% of the vote to be passed into law.

 

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