Did DeSantis Take Donations To Fight Amendment 3?
On the latest Trade To Black podcast, hosts Shadd Dales and Anthony Varrell dive into major headlines from the state of Florida about the cannabis industry this week. Curaleaf plans to launch a hemp dispensary in Palm Beach, and it seems to have leaked out that Ron DeSantis took $500,000 in donations from Phillip Morris International to fight Amendment 3. Additionally, Michael Bronstein from the American Trade Association for Cannabis and Hemp joins us for the weekly Insiders Edge segment, to provide updates on the fight for hemp in the State of Texas.
Cureleaf’s announcement of its first hemp dispensary in Palm Beach sparked discussion on market strategy. Anthony believes this could serve as a smart, low-barrier entry point for consumers and a brand extension opportunity for Boris Jordan, who may use the store as an educational tool to differentiate regulated THC from hemp-derived products. Upcoming restrictive hemp regulations in Florida could curb such ventures, however.
An investigative tweet reported that Governor Ron DeSantis accepted a $500,000 donation from Philip Morris International during a campaign opposing Florida’s Amendment 3, which would have legalized adult-use cannabis. The hosts expressed concern over the optics, especially as Philip Morris is also invested in medical cannabis companies, signaling hesitance to support recreational legalization.
In quite a different tone from Florida, Texas has decided to take an aggressive stance on hemp. Despite an 18-month boom with 8,000 new dispensaries and market estimates jumping from $3B to $8B, the legislature is moving swiftly toward banning hemp-derived intoxicants. Michael Bronstein, President of ATACH, joined to unpack this political dissonance between the public and the lawmakers.
Across the country, states are re-evaluating hemp regulation, with nearly every bill this session trending restrictive. Is this as a necessary correction after the unintended loopholes in the 2018 Farm Bill allowed proliferation of unregulated synthetic cannabinoids? Bronstein criticizes industry voices defending all hemp access—even unsafe synthetics—as damaging to public trust and regulatory progress.
Turning to Ohio, proposed excise tax hikes and program rollbacks could make the regulated cannabis market uncompetitive. Taxation is regulatory policy: if prices climb too high, consumers will revert to unlicensed alternatives. Capital markets remain cautious, with investment levels tied directly to regulatory uncertainty. Until the Farm Bill is updated and the DEA makes a firm decision on rescheduling, industry growth will remain restrained.
