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More donors have joined the Florida marijuana legalization campaign, which has so far been mainly funded by the state’s leading cannabis retailer, Trulieve (OTCQX:TCNNF), the sponsor of the initiative, Smart & Safe Florida announced.
The $15M in funding from companies including Cresco Labs (OTCQX:CRLBF), Ayr Wellness (OTCQX:AYRWF), Curaleaf (OTCPK:CURLF), Green Thumb (OTCQX:GTBIF), and Verano (OTCQX:VRNOF) brings total campaign financing to at least $55M, cannabis publication MJBiz reported.
“As we move into the next phase of campaigning, we are grateful to have the support of our donors. We have come a long way, but our work has only just begun,” Smart & Safe Florida said.
Its cannabis legalization campaign marked a major victory early this week when the state’s Supreme Court greenlighted the initiative to go before voters on the November ballot in Florida, the third-most populous U.S. state and the largest medical marijuana market.
“We are not only pleased that the court has agreed to move this initiative forward, but we are also thrilled to announce a strong alliance of committed donors to the effort,” Smart & Safe Florida added.
To become law, at least 60% of the Florida electorate should vote for the proposed measure, named Amendment 3.
If passed, the possession of up to three ounces of cannabis will be legal for adults as early as May 2025, transforming the state’s medical marijuana market, estimated to generate $2B in annual sales.
