MJBiz - September/October 2024 - 45

would have multiple benefits for the
industry:
* It would pave the way for what
could become the second-biggest
recreational marijuana market
in the United States behind
California-or at least a top-4
market with California, Michigan
and, eventually, New York.
* It would add wind to the sails of
both rescheduling and future
state-legalization efforts in the
remaining prohibitionist markets.
* It would increase confidence
among investors from inside
and outside the cannabis sector.
" We are very, very confident of
a yes vote here. There are lots of
things moving in our favor, " said
Darren Weiss, CEO of Chicago-based
multistate operator Verano Holdings,
which owns the Müv brand of
dispensaries in Florida. " I think that
we're going to be able to see adultuse
sales at some point in 2025. "
Steve Reilly, the partner and head
of government relations at Insa, a
Massachusetts-based multistate
marijuana company that has
vertically integrated operations in
Florida, was cautiously optimistic
but said it was important for
legalization advocates to continue
reaching out to voters.
" We've got to make that argument
for the voters and make more people
aware that amendment is out there.
Voter turnout is important, " Reilley
said. " There's still a lot of time
between now and the elections-and
potentially, a lot of things could
change. "
Good Chances
The fight for recreational marijuana
legalization in Florida faces difficult
challenges nonetheless, and
supporters cautioned against taking
victory for granted.
One important reason to get
high voter turnout is that, to pass
in Florida, a referendum must get
Steve Reilly
at least 60% of the vote, not just a
simple majority, as in most states.
In 2014, a recreational marijuana
ballot measure, Amendment 2,
received almost 58% of the vote but
failed because it did not meet the
60% threshold.
Marijuana advocates ran
campaigns for recreational
marijuana legalization in 2016, 2018,
2020 and 2022, but each failed to
secure enough signatures to get on
the ballot.
Florida voters secured medical
marijuana in 2016 by a 71%-29% vote.
Weiss and other advocates are
encouraged by polls showing voter
support significantly above 60%.
For example, a Fox News poll
from early June found support
for Amendment 3 at 66%, with
opposition at 32% and undecided
at 2%.
Weiss attributes the positive
polling-at least in part-to
Floridians being used to living in
a state with a regulated medical
marijuana market.
" Cannabis is ubiquitous in
Florida, " Weiss said, adding that
the state has the highest patient
penetration of any medical
marijuana market. " Cannabis is
there. People see it. They realize
what it's like to live with legal and
safe access to cannabis, and I have
no concerns that we're going to be
able to get this over the finish line. "
Huge Fundraising Edge
Another big reason for optimism is
the huge fundraising advantage that
legalization has in Florida.
Through Aug. 2, pro-marijuana
forces had raised more than
$66.7 million-led by more than
$61 million in contributions from
Trulieve Cannabis Corp.-while
prohibitionists had raised almost
$13.9 million to fight Amendment
3, according to data from Florida's
Campaign Finance Database. The
opposition's total includes
$12 million donated in August by
Ken Griffen, the majority owner of a
Miami-based hedge fund.
That means Smart & Safe Florida,
the ballot measure committee
behind Amendment 3, has smashed
cannabis fundraising records, raising
more than any other marijuanarelated
ballot measure committee in
a single election cycle, according to
Open Secrets, a campaign financetracking
organization.
California's Proposition 64, which
previously held the record for mostfunded
recreational marijuana
legalization ballot measure, raised
$36.7 million during the 2016 cycle,
according to Open Secrets.
Through July, Amendment 3
has been the most-funded
measure of any kind in the United
States in 2024, Open Secrets said.
And Weiss doesn't expect the
financial scales to tip between now
and November. " I don't think that
there's a whole lot of very wealthy folks
that are going to be putting money
toward (opposing legalization). It's not
a winning issue. "
Opponnets of recreational
marijuana in Florida took another
hit on Aug.31, when the state's most
famous resident, former President
Donald Trump, acknowledged the
likelihood that Amendment 3 would
pass and that lawmakers should
focus on ensuring legalization is
done " correctly. " (See page 32.)
mjbizdaily.com | September-October 2024 45
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