Despite support from Republican Party presidential nominee Donald Trump, just 55.9% of the roughly 10.6 million votes cast for Amendment 3 were in favor of its passage.
Because the Sunshine State’s constitution needs to be amended to legalize adult-use weed, a 60% “yes” vote would have been necessary for it to pass. It’s undoubtedly a disappointment for marijuana companies that have been steadily building their presence in Florida, including Trulieve Cannabis (OTC: TCNNF), Verano Holdings (OTC: VRNO.F), and AYR Wellness (OTC: AYRW.F).