This election year, cannabis legalization will be on the ballot in the Sunshine State. On November 5, if Floridians vote “yes” on Amendment 3, they will be supporting legalizing recreational marijuana usage for adults who are at least 21 years old as long as they only possess up to three ounces. Currently, medical requirements must be met to possess marijuana in Florida. Considering Florida is the third-largest state in the U.S. by population, a change in its possession laws could be very lucrative for the marijuana industry, making cannabis stocks a winner in the near future.
While the state is still seeing growth in the number of patients with medical marijuana cards, the rate of that growth has been declining steadily since 2019. People forgo applying for a medical cannabis license for many reasons. The initial visit may be too cost-prohibitive or they may lack information on how to start the process. If access to cannabis becomes substantially easier, the number of people legally purchasing the drug may increase substantially as well.
Many investors think the cannabis industry is a risky bet as the drug is still a Schedule I controlled substance at the federal level. But right now, cannabis
