Weed Legalization in Florida Gains Ground: This Week in Cannabis Investing

Enough signatures have been gathered to take recreational weed legalization efforts in Florida to the next step.

marijuana leaf with sun in background
(Image credit: Getty Images)

2024 will be here before we know it, and another big election cycle is on the horizon. Primary election years are usually strong for state-level cannabis legalization initiatives, given the higher voter turnout. We are closely watching a few key states, with potential weed legalization in Florida being of particular note. 

Late last week, we learned a key hurdle for recreational cannabis legalization in the state was cleared when Smart & Safe Florida gathered over 294,037 valid signatures for its petition. The committee is seeking weed legalization in Florida, and acquired the number of signatures needed for the Florida Supreme Court to review the proposal and confirm its validity. 

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Morgan Paxhia
Contributing Writer

Morgan Paxhia is Managing Director and Co-Founder of Poseidon Investment Management. With over 10 years experience in investing and finance, Morgan has developed a deep understanding of individual company analysis, portfolio construction, and risk mitigation. This content is not intended to provide any investment, financial, legal, regulatory, accounting, tax or similar advice, and nothing should be construed as a recommendation by Poseidon Investment Management, LLC, its affiliates, or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction. An investment in any strategy involves a high degree of risk and there is always the possibility of loss, including the loss of principal. This content should not be considered as an offer or solicitation to purchase or sell securities or other services. Any of the securities identified and described herein are for illustrative purposes only.  Their selection was based upon nonperformance-based objective criteria. The content presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Past performance is not indicative of future results.