Florida’s Amendment 3 And The Next Moves In Cannabis Stocks

The Florida Supreme Court signed off on the ballot language for Amendment 3 on Monday, allowing voters decide the future of cannabis. Governor Ron DeSantis (R-FL), however, continues to oppose the idea of adult recreational use. “[The smell] is going to be part of your community,” Gov. Ron DeSantis said recently. “I’ve gone to some of these cities that have this everywhere.”

This Friday’s Trade To Black podcast takes a look at the headlines from the first week of April, 2024. On the board is what Monday’s decision means for the voters of Florida, the legal action happening with the Albany County Supreme Court in New York, and how ongoing issues with hemp has gotten the House Oversight and Accountability Committee to call in the FDA. We also discuss the recent market pullback with Dan, The Chart Man. Dan outlines some of the opportunities that still exist and where might buyers re-enter the market.

Our first headline is Florida and the decision to sign off on ballot language for Amendment 3. This means that voters in the state will be able to vote in November on whether cannabis will be legalized for adult recreational use. Florida Governor Ron DeSantis has continued to rail against the legalization of cannabis, predicting voters will reject the “radical” proposal and spouting rhetoric that it will “reduce the quality of life” for residents. Don Murphy commented on a tweet earlier this week that he believes thinks this story about DeSantis is helpful. “It’s one thing to collect signatures, but Kim Rivers and Trulieve can’t get to 60% on their own. Too many in the cannabis industry appear to think the heavy lifting is over.”

In New York, Kevin Bryant, an Albany Supreme Court judge, created turmoil this week after striking down nearly all the regulations for New York’s adult recreational cannabis market on April 3. At the time of initial ruling, he called the laws regulating marijuana “unconstitutionally vague.” Later, he issued a revised, narrower ruling. We’ll explore what this new ruling means.

Ongoing hemp regulatory issues could mean that the head of the FDA could get involved. Rep. James Comer (R-KY), the head of The House Oversight and Accountability Committee, decided to schedule a hearing in which FDA Commissioner Robert Califf would testify on April 11. “We will hold the Commissioner accountable for what the FDA is doing to address ongoing crises, how they are conducting inspections to prevent nationwide crises in the future, and how they intend to ensure the FDA is first and foremost protecting American consumers,” says Rep. Comer.

Be sure to catch our other episodes of Trade To Black from this week, including an insightful interview from Rep. Nancy Mace.

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