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