Major cannabis operator stocks were sent into freefall after Florida voters this week rejected an amendment that would have legalized recreational pot.
Canopy Growth, Tilray Brands, SNDL and Cronos Group all experienced stock price declines of 20.4%, 11%, 13.8% and 7.2%, respectively.
Trulieve, which had spent millions of dollars in support of the ballot initiative, saw its stock price plummet more than 40%.
CEO Kim Rivers placed emphasis on Florida’s cannabis market potential when her company this week reported its third-quarter earnings.
"With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment… Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring,” she said.
Florida’s recreational cannabis initiative garnered widespread support but fell short of the 60% vote it needed to pass.
Voters in North and South Dakota also rejected similar recreational cannabis measures while voters in Nebraska approved a measure legalizing medical cannabis.
