Call for legalization of recreational cannabis in Florida gains momentum, report says.

According to a local Florida Fox station report on Tuesday (July 18), lawyer John Morgan has thrown his financial support behind a new ballot initiative to legalize cannabis in the state. Morgan has been a leading cannabis advocate figure in Florida.


The report indicated the initiative needs at least 766,200 signatures to make it into the ballot and be up to the voters.

Nick Garulay, founder and CEO of My Florida Green, an advocate group helping patients get cannabis medicine in the state, told Fox 4 Now there is a substantial demand for recreational cannabis that will push the proposal for a vote on the 2020 ballot.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Voters in Florida overwhelmingly approved the use of medical cannabis during the 2016 election, with policy enacted by Gov. Rick Scott in June 2017.

Cannabis consumers in the state have faced a rocky road with the use of the drug in Florida, most notoriously this year when the state banned smoking cannabis products. In May Leon County Circuit Court Judge Karen Gievers ruled against the ban from the government.

Players in the Florida market

Investors have been able to gain exposure to the medical cannabis market in Florida thanks to the dispensaries and businesses of iAnthus Capital Holdings (CSE:IAN) and Liberty Health Sciences (CSE:LHS).

These two companies have enjoyed a newfound goodwill towards US-focussed operators from analyst and public market experts.

Canadian Securities Exchange (CSE) listed companies in particular have seen substantial growth this year. The Canadian exchange hosts a variety of these companies with US assets despite the federal illegality of the drug.

Legalization in the US has been gaining momentum thanks to new legislation being proposed for its de-scheduling from illegal substances list and for the protection of businesses operating in the space.

A recent public dispensary operator, MedMen Enterprises (CSE:MMEN), also made its debut in the Florida market by acquiring cannabis assets from Treadwell Simpson Partnership.

These assets included a cannabis cultivation facility in Eustis, a city in Lake County just north of Orlando and the option to open 25 dispensaries in the state, according to the company.

“Florida is the third most populous state in the country with a medical marijuana market estimated to reach $1 billion in annual sales by 2020,” CEO of MedMen Adam Bierman said.

Investor takeaway

Opening the recreational market in Florida would provide a boost to an already thriving market and would surely incentivize more public ventures from exploring options in the state.

Don’t forget to follow us @INN_Cannabis for real-time news updates! Stay tuned to our cannabis channel for more stories from Lift.

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States today announced the appointment of Marcum LLP (“Marcum”) as its independent registered public accounting firm, effective July 5, 2021 . Marcum was appointed following the resignation of MNP LLP (“MNP”) as the Company’s independent registered public accounting firm effective July 5, 2021 .

“We would like to thank MNP for their guidance and expertise over the past two years and we look forward to working with Marcum as the Company’s new independent registered public accounting firm,” stated Chief Financial Officer, Alex D’Amico.

Keep reading... Show less

Cannabis-infused beverages are not a new product concept, but this summer Canadian drink makers hope consumers will discover them for the first time.

Recreational cannabis beverages have beguiled Canadian producers through different avenues, and many continue to make investments. The promise of these drinks lies in the potential of a more welcoming option for new consumers who may be out of their depth with rolled-up dried flower.

Keep reading... Show less

In the news release, BioHarvest Sciences Inc.‘s First Cannabis Cell Reservoir Produces Ongoing Flowering Stage Cannabinoid Cells For 2 Years, issued 07-Jul-2021 by BioHarvest Sciences Inc. over PR Newswire, we are advised by the company that an incorrect version of the release was issued inadvertently. The complete, corrected release follows:

BioHarvest Sciences Inc.‘s First Cannabis Cell Reservoir Produces Ongoing Flowering Stage Cannabinoid Cells For 2 Years

Keep reading... Show less

Trulieve is the first medical cannabis operator to start planting in the state

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today that it commenced operations in West Virginia . The Company has begun cultivation at their 100,000 square foot size facility in Huntington, West Virginia .

Keep reading... Show less

– The Company demonstrates the efficiency and reliability of its BioFarming technology by reducing production cycle time for Cannabis from 14-23 weeks to 3-4 weeks.

– The Company’s BioFarming technology will allow the Company to harvest 13-17 cycles per year versus 2-4 cycles per year for conventional Cannabis agriculture.

Keep reading... Show less