Floridians could be able to purchase and use recreational cannabis legally in the next few years if a proposed constitutional amendment that was filed last week is successful. Backed by country-music duo the Bellamy Brothers and Trulieve, currently the largest medical-cannabis operator in Florida, the measure would legalize the use of recreational marijuana by people aged 21 and older.
The Tallahassee-based medical marijuana operator contributed $5 million to help get the constitutional amendment to the 2024 ballot. The measure is also expected to receive support from other multistate medical cannabis companies. The proposed amendment was filed on Monday at the Florida Division of Elections and would allow the possession, purchase, and use of cannabis and cannabis products for nonmedical use.
Voters in Florida legalized medical marijuana via a constitutional amendment in 2016 after a failed attempt in 2014. The 2014 constitutional amendment failed to advance because it required at least 60% rather than a simple majority to receive approval. Soon after the 2016 amendment passed, Florida lawmakers launched a vertically integrated system that allowed companies to handle one or more stages of production.
However, this vertically integrated system has been criticized for significantly increasing operational costs and locking out small entrepreneurs who don’t have access to large capital. If the new constitutional amendment, dubbed the “Adult Person Use of Marijuana” is passed by voters, lawmakers will have to figure out how to structure the industry. Activists behind the measure will have to collect around 900,000 petition signatures to qualify for the 2024 ballot.
Backers believe the measure will meet the Florida Supreme Court requirements even though past adult-use cannabis initiatives have failed to advance. Kim Rivers, the CEO of Trulieve, says the proposed amendment is all about increasing access to cannabis in the state. She says that Trulieve, which currently runs around 119 medical cannabis dispensaries, is looking to increase access to safe, high-quality cannabis products that can give people more control over their medical journeys.
News Service reports that the amendment would allow the cultivation, processing, manufacturing, selling and distribution of cannabis products at medical cannabis treatment centers. According to musical duo the Bellamy Brothers, Florida is now ready for recreational marijuana. In an email to News Service of Florida, members of the group said that they have seen the benefits of marijuana as they traveled the country. The Florida natives have a ranch in Pasco County, and they have already partnered with Trulieve to produce a line of marijuana products.
As more states seek to legalize recreational marijuana, companies such as Flora Growth Corp. (NASDAQ: FLGC) will have a larger pool of potential markets to choose from when expanding their footprint across the country and beyond.
NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.