Call for legalization of recreational cannabis in Florida gains momentum, report says.
According to a local Florida Fox station report on Tuesday (July 18), lawyer John Morgan has thrown his financial support behind a new ballot initiative to legalize cannabis in the state. Morgan has been a leading cannabis advocate figure in Florida.
The report indicated the initiative needs at least 766,200 signatures to make it into the ballot and be up to the voters.
Nick Garulay, founder and CEO of My Florida Green, an advocate group helping patients get cannabis medicine in the state, told Fox 4 Now there is a substantial demand for recreational cannabis that will push the proposal for a vote on the 2020 ballot.
Voters in Florida overwhelmingly approved the use of medical cannabis during the 2016 election, with policy enacted by Gov. Rick Scott in June 2017.
Cannabis consumers in the state have faced a rocky road with the use of the drug in Florida, most notoriously this year when the state banned smoking cannabis products. In May Leon County Circuit Court Judge Karen Gievers ruled against the ban from the government.
Players in the Florida market
Investors have been able to gain exposure to the medical cannabis market in Florida thanks to the dispensaries and businesses of iAnthus Capital Holdings (CSE:IAN) and Liberty Health Sciences (CSE:LHS).
These two companies have enjoyed a newfound goodwill towards US-focussed operators from analyst and public market experts.
Canadian Securities Exchange (CSE) listed companies in particular have seen substantial growth this year. The Canadian exchange hosts a variety of these companies with US assets despite the federal illegality of the drug.
Legalization in the US has been gaining momentum thanks to new legislation being proposed for its de-scheduling from illegal substances list and for the protection of businesses operating in the space.
These assets included a cannabis cultivation facility in Eustis, a city in Lake County just north of Orlando and the option to open 25 dispensaries in the state, according to the company.
“Florida is the third most populous state in the country with a medical marijuana market estimated to reach $1 billion in annual sales by 2020,” CEO of MedMen Adam Bierman said.
Opening the recreational market in Florida would provide a boost to an already thriving market and would surely incentivize more public ventures from exploring options in the state.
Don’t forget to follow us @INN_Cannabis for real-time news updates! Stay tuned to our cannabis channel for more stories from Lift.
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).