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If
passed, adult-use cannabis will be legal in the country's
third-most populous state.
WHY IT IS IMPORTANT
Florida can become the next top prize for regulated U.S.
marijuana operators. It has a population of more than 22 million
and is also an important medical cannabis market.
It could add to the Biden administration's efforts to push
cannabis reforms such as seeking to ease the treatment of the
psychoactive plant under federal law and pardoning thousands of
convictions for mere possession of the drug.
The U.S. health agency last year also proposed to reclassify
cannabis as a lower-risk substance, boosting expectations of
legalization at the federal level. MARKET REACTION
U.S-listed shares of pot firms SNDL, Tilray Brands, Aurora
Cannabis and Canopy Growth climb between 1% and 6.8% before the
bell. BY THE NUMBERS
Adult-use cannabis is legal in 24 U.S. states and also in the
District of Columbia, Guam and the Northern Mariana Islands.
KEY QUOTES
George Archos, CEO, Verano Holdings
"As the nation's largest medical cannabis market with a high
population and significant political influence, Florida has the
chance to make history by joining the growing majority of
Americans who say 'yes' to legal regulated cannabis and the
wealth of positive health, wellness and economic benefits this
incredible plant provides millions of individuals and countless
communities every day."
Kim Rivers, CEO, Trulieve Cannabis
"We are thankful that the Court has correctly ruled the ballot
initiative and summary language meet the standards for single
subject and clarity. We look forward to supporting this campaign
as it heads to the ballot this November."
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj
Kalluvila)
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