US Cannabis Stocks Tumble After Florida Legalization Effort Fails

Nov 06, 2024

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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