
Inside Trulieve’s $75 Million Gamble on Florida Recreational
Trulieve has been at the center of Florida’s push for recreational cannabis, throwing down a staggering $75 million to get Amendment 3 on the ballot and then even more to try and win over the voters. But as the state inches closer to a vote, people are starting to wonder why. What does Trulieve stand to gain, and are they really looking to boost Florida or are they just hoping to maintain their grip on the industry?
Considering there’s no guarantee that recreational weed will pass in Florida this November, Trulieve is taking a huge gamble.
The Story So Far Goes Like This
If you’re not familiar, Trulieve is a major player in the cannabis industry as a whole, and their dispensaries can be found in six recreational markets. Florida is the company’s home base, and Trulieve dispensaries make up almost a quarter of all the medical dispensaries that call Florida home. The company made $1.13 billion in revenue in 2023, and while they’ve reported a significant net loss for the year, they still see Florida as their crown jewel.
Why? Because Florida’s potential as a recreational cannabis market is ridiculously huge. You’ve got beaches and theme parks bringing in tons of tourists every year, and one thing tourists love is immersing themselves in the culture. If you add recreational weed to that cultural mix, Florida could very well be “the largest legal cannabis market in the world,”— at least, according to Trulieve’s CEO, Kim Rivers.
Right now, Trulieve serves nearly 900,000 registered medical marijuana patients in Florida, but if recreational use is legalized, that customer base could skyrocket. And not just doubling or tripling like other recreational markets. We’re talking exponential growth here.
And that’s why Trulieve has thrown down over $75 million to support Amendment 3, which would legalize recreational marijuana for adults 21 and older. Nearly 91% of the $82.7 million raised by the “Smart & Safe Florida” campaign, which is pushing for the amendment, has come from Trulieve. It’s the largest amount ever spent on a marijuana legalization effort in Florida, and it shows just how all-in Trulieve is on making this happen.
Despite all the money to be made, according to Trulieve, it’s about more than that. Kim Rivers has talked about their belief that “no one should be in jail for small quantities of cannabis” and that adults should have access to “safe, regulated products.” They’re pitching this as a fight for personal freedom, economic growth, and public safety—a way to provide Floridians with a safe alternative to the illicit market and generate hundreds of millions in tax revenue that could be used for schools, infrastructure, and more.
Which, frankly, can’t be denied. Having access to safe, legal recreational weed is better than having to rely on drug dealers selling you bags of weed covered in mold and bugs or getting caught with it and ending up in jail. Incremental reform is better than no reform at all.
The Payoff Could Be Huge for Trulieve

Despite the controversy, there’s no denying that Trulieve stands to gain a lot if Amendment 3 passes. With Florida’s potential to become one of the biggest cannabis markets in the world, Trulieve could see a massive boost in revenue—especially since they’re already the dominant player in the state’s medical cannabis market.
Right now, Trulieve serves a limited pool of medical marijuana patients, but if recreational use is legalized, that pool would expand to include millions of adults across Florida, as well as the state’s tens of millions of annual tourists. Imagine the difference between serving a niche medical market versus a statewide recreational market with global tourist appeal. The potential revenue is staggering, and it’s easy to see why Trulieve is willing to invest so heavily in this push.
Their $75 million investment in Amendment 3 is a huge gamble, especially considering the $527 million in losses Trulieve has posted. At the same time, they’ve been finding financial loopholes and saved $113 million in 280E tax refunds. Regardless, the potential rewards—expanded market share, increased revenue, and the chance to cement themselves as the dominant cannabis company in Florida—make it worth the risk.
But on the other hand, a lot of people seem to be aware of the problems if Trulieve corners the market. Even Governor Ron DeSantis has accused the company of trying to create a “corporate monopoly” in Florida, using Amendment 3 to solidify their control over the market.
He’s pointed out that the amendment, as it stands, doesn’t allow for home-growing cannabis, which would mean Floridians would have to rely solely on corporations like Trulieve for their weed. “Why is it that other states with recreational marijuana allow home grow, but Florida’s Amendment 3 specifically does not?” DeSantis asked, suggesting that this is less about freedom and more about corporate greed.
In response, Smart & Safe Florida has been running a campaign titled “False” to convince voters that they’re not actually creating a monopoly and that the tax revenue from recreational cannabis will be used for public works like schools and infrastructure. But if we look at other states, the results are mixed.
Many states that legalized recreational cannabis made similar promises, but the reality hasn’t always matched up. For example, in states like California and Colorado, a significant portion of the cannabis tax revenue has been diverted to cover regulatory costs, with less going toward roads, schools, and public services than initially promised.
Regardless, DeSantis’s criticism goes beyond monopolistic concerns. He’s also voiced worries about the impact of recreational cannabis on Florida’s communities, pointing to the smell and increased crime in cities like Denver and Los Angeles. Whether you agree with his stance or not, it’s clear that DeSantis sees Trulieve’s push for recreational weed as a self-serving move that could harm Floridians more than it helps. Part of the reason he may be saying just about anything to get this amendment killed.
What’s the Real Choice for Floridians?
At its core, this is a debate about who stands to benefit from recreational legalization. On one hand, there’s no denying that legal weed could be a good thing for many people—it could create jobs, boost the state economy, and provide a safe, regulated market for cannabis. It takes away that black market mentality, opens the doors for new tourists, and preserves people’s right to enjoy a smoke at the end of a long day. More or less, even as it is, Amendment 3 looks a lot better than the status quo.
But on the other hand, it could increase crime, traffic incidents, and set the stage for a market dominated by a handful of big corporations, with limited opportunities for small businesses to enter and compete.
Right now, the way Amendment 3 is structured, first dibs on recreational licenses would go to the medical dispensaries already in operation—dispensaries like Trulieve. With their deep pockets and established infrastructure, it’s easy to see how they could quickly outcompete any smaller businesses that might try to enter the market later. That’s bad news for anyone who believes in a diverse, competitive cannabis market that benefits the local community rather than lining the pockets of a massive, multi-state operator.
And then there’s the question of home-grow. If recreational marijuana is legalized without a provision for home-growing, Floridians would be forced to buy their cannabis from licensed dispensaries for an unknown period of time—most likely from companies like Trulieve. For many, the idea of being limited to one massive dispensary chain is far less appealing than the freedom to cultivate better quality cannabis at home.
The company has said home growing isn’t involved in this amendment thanks to Florida’s single-subject rules but that they fully intend to push for it later. Only time will tell if that’s true or not. If their goal is indeed to corner the market and they’re successful, it’s not likely that home growing will ever be an option. Why would they take a slice of pie when they can have the whole pie?
Ultimately, the choice comes down to this: do you want to see a recreational cannabis market that benefits everyone—local businesses, consumers, and the community as a whole—or are you okay with a market that primarily benefits a few big players? Recreational weed could be a great thing for Florida, but only if it’s done in a way that encourages competition, protects individual freedoms, and truly serves the interests of the people. Voters should consider whether the claims being made now will actually translate into tangible benefits for their communities.
Trulieve’s $75 million gamble is impressive, but it’s also telling. They’re willing to bet big because they know just how much they stand to gain if they win. The question is, will Florida’s voters see it the same way?