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Marajuana stocks rise after Florida Court backs ballot measure to legalize use

Investing.com -- Cannabis stocks were in rally mode Tuesday after the Florida Supreme Court cleared the way for a proposal that seeks to legalize recreational cannabis in the state to appear on the ballot for the November election.  

SNDL Inc (NASDAQ:SNDL), Canopy Growth Corp (NASDAQ:CGC), Aurora Cannabis Inc (TSX:ACB), were sharply higher, with the latter up more than 16%.

In June 2023, the measure -- proposed by the Smart&Safe Florida. would allow Florida's current providers of medical marijuana to sell cannabis to all adults aged at least 21 --- received enough signatures to qualify for the 2024 general election ballot subject to a review from the Florida Supreme court.

The Supreme Court, which had previously rejected two cannabis legalization proposals, backed the measure in a 5-2 vote to advance the proposal to the ballot in the November election, where it must win least 60% of the vote to be passed into law.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.