Pot producers climb as recreational cannabis to go on Florida ballot

Archos SA

02/04/2024 12:03

April 2 (Reuters) - U.S.-listed shares of pot producers
rise premarket on Tuesday after the Florida Supreme Court on
Monday allowed voters to decide on the fate of recreational use
of marijuana in the state through a referendum on the November
ballot.
    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  SNDL.O , Tilray Brands
 TLRY.O , Aurora Cannabis  ACB.TO   ACB.O  and Canopy Growth
 WEED.TO   CGC.O  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)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))