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Florida-centric cannabis stocks rose more than the overall market last week as investors awaited an April 1, 2024 deadline for the Florida Supreme Court to rule on whether adult Floridians will be allowed to vote for on a constitutional amendment to legalize adult recreational cannabis — which was approved on Monday.
Viridian calculated an estimate of the torque that each company has with regard to Florida. The measure (shown in the green bars) is the number of dispensaries each company has in Florida divided by the company’s enterprise value. Cansortium (TIUM.USD: CSE) and AYRWF (AYR.A: CSE) are the two companies with the highest torque, followed by Planet 13 CSE, and Cannabist (CBST: Cboe). The orange line depicts last week’s percentage increase in each company’s stock.
Investors clearly believed the bill would be approved by the Florida Supreme Court. The graph shows Florida-centric stocks outpaced stocks with less or no contribution from Florida.
With the go-ahead by the Court, recreational use in Florida still has one additional major hurdle. The constitutional amendment requires a 60% supermajority to pass and that is a tough standard. The first time Floridians voted on medical cannabis in 2014, the measure received 57% of the vote, failing to meet
