US Cannabis Stocks Tumble After Florida Legalization Effort Fails

1 day ago

US cannabis stocks experienced significant declines following the failure of Florida's expensive campaign to legalize recreational marijuana. Recent data shows substantial pre-market losses for several major cannabis companies.

Leading the downturn, Canopy Growth (CGC, Financial) saw its shares plummet nearly 17%. Tilray Brands (TLRY) shares decreased over 6%, while SNDL (SNDL) faced a drop of more than 13%. Cronos Group (CRON) and Aurora Cannabis (ACB) also reported losses, with shares falling over 7% and 4%, respectively.

The AdvisorShares Pure US Cannabis ETF (MSOS) also suffered, declining nearly 17% in pre-market trading.

The decline came after Florida's initiative to legalize recreational marijuana was rejected, marking a political victory for Governor Ron DeSantis, who opposed the proposal. Former President Trump had previously voiced his support for the initiative.

Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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