Benzinga - by Maureen Meehan, Benzinga Editor.
Florida's latest and fifth attempt to legalize recreational marijuana via a ballot initiative this coming November is drawing unprecedented financial support, making it the most-funded measure of its kind in history.
Smart & Safe Florida, the committee leading the initiative, broke new fundraising records, according to June 10 campaign filings, reported by Open Secret, which noted that the campaign has raised more than any other marijuana-related ballot measure committee in a single election cycle ever and is the most-funded measure of 2024.
Smart and Safe has raised over $40 million, surpassing the previous record set by California’s 2016 Proposition 64.
Jeanne Hanna, director of research at the Center for Political Accountability told OpenSecrets that medical marijuana companies may be donating to this ballot measure in lieu of other political spending because of potential risks and pitfalls that come with them.
“It’s not a terribly common type in the grand scope of corporations getting involved in politics with their money,” Hanna said regarding ballot measure spending. “But when they do attract money, they tend to attract a lot. I think it’s an area in which companies may think there aren’t extensive negative consequences because they’re not supporting a candidate who may support a wide variety of issues.”
Trulieve's Record-Breaking Donations Another record was broken by Trulieve (OTCQX:TCNNF), which reportedly has spent more than $40 million to get the measure on the ballot.
Per Open Secret, Trulieve's March donation of $8.25 million to Smart & Safe Florida broke records for the largest single donation and surpassed the next largest cumulative donation from a single donor to any recreational marijuana legalization measure in the U.S. The medical marijuana company also put up an additional $20 million prior to the reporting dates of this election cycle, setting its total spend on this measure at over $54 million.
Up until recently Trulieve was alone in its financial support for the initiative, known as Amendment 3. Now several other cannabis companies are putting their money where their mouths are. Those companies include:
- Verano Holdings Corp (OTCQX: VRNOF)
- Curaleaf Holdings (OTCQX: CURLF)
- AYR Wellness (OTCQX: AYRWF)
- Cresco Labs Inc. (OTCQX: CRLBF)
- Green Thumb Industries Inc (OTCQX: GTBIF)
- INSA, Inc.
No Report Yet From The Opposition No anti-Amendment 3 fundraising was reported in the June 10 filings, though that will likely change soon. Last month Gov. Ron DeSantis created the Florida Freedom Fund with the express goal of defeating both legal cannabis and the measure that would codify a woman's right to an abortion in Florida. DeSantis has condemned both measures as “radical” and “extreme,” predicting that voters will ultimately reject them.
This despite an early June Fox News poll showed that the cannabis legalization amendment was more popular than DeSantis himself and that two-thirds of Florida voters, including a majority of Republicans, supported cannabis legalization.
Florida was the host of the April Benzinga Cannabis Capital Conference but this coming Oct. 8-9 we’re gathering in Chicago. Join us to talk more about what legalization and rescheduling mean for the future of the industry. Hear directly for top executives, investors, policymakers and advocates Get your tickets now before prices go up by following this link.
Photo: Florida postcard by Shutterstock
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