The battle for Florida’s marijuana future is heating up, with a massive financial disparity playing out between the pro- and anti-legalization camps, Bloomberg reports.
While cannabis companies are pouring millions into a referendum to legalize recreational marijuana, Governor Ron DeSantis and his allies are struggling to keep pace.
The amendment, known as Amendment 3, has garnered significant support from the cannabis industry, with a staggering $153 million invested in its favor. This includes a hefty $145 million from Trulieve Cannabis Corp. alone. The initiative has also received endorsements from prominent figures, including former President Donald Trump and Vice President Kamala Harris.
On the opposing side, billionaire Ken Griffin, founder of the hedge fund Citadel, has emerged as a major financial force against the referendum. Griffin has donated $12 million to “Keep Florida Clean”, a political committee chaired by DeSantis’s chief of staff, James Uthmeier.
Despite his hefty contribution, Griffin’s efforts have been dwarfed by the pro-weed campaign. This financial imbalance has prompted DeSantis to utilize state resources, including public service ads, to highlight the perceived risks of marijuana.
DeSantis’s campaign has also featured his wife, Casey, who has been critical of the vast financial advantage held by the cannabis industry.
The stakes are high for both sides. The legal marijuana market in Florida could reach $4.5 billion by 2028, according to BDSA, a cannabis market intelligence firm.
While Florida has a long history of resisting marijuana legalization, the tide appears to be shifting. A recent poll indicated that 60% of Florida voters favor legalization, suggesting a potential victory for the pro-weed movement.
This outcome would have significant implications for the national cannabis landscape. Florida’s legalization would bring the total number of states with legal recreational marijuana to 25, representing approximately 60% of the U.S. population.
