Safe & Smart Florida, the group behind Florida’s failed attempt to legalize recreational cannabis in November 2024, has launched a new initiative to do it again in a 2026 ballot.

The "Adult Personal Use of Marijuana," initiative was filed on Tuesday, first reported by Florida Politics, noting that it was the first ballot petition filed in 2025.

The new initiative "Allows adults 21 and older to possess, purchase, or use marijuana for non-medical consumption. Establishes possession limits. Prohibits marketing and packaging attractive to children. Prohibits smoking and vaping in public. Maintains prohibition on driving under influence,” and more.

Florida Politics pointed out that the campaign launched this new effort to put legal marijuana up for a vote just one day after Gov. Ron DeSantis called a special session asking lawmakers to crackdown on “fraudulent signatures” to place amendments on the ballot. Leaders of the legislature, per the outlet, said they do not intend to allow DeSantis “to dictate what issues are ultimately considered by lawmakers.”

This past November, the ballot measure, known as Amendment 3, fell short of the 60% vote required to pass an amendment in Florida though it received nearly 57% support across the state. The amendment faced tough and sustained opposition from DeSantis and the Florida Republican Party.

Over the course of its efforts, Smart & Safe’s legalization campaign pulled in at least $150 million, making it the best-funded cannabis legalization initiative in U.S. history, with medical marijuana giant Trulieve Cannabis Corp. (OTC: TCNNF) contributing the bulk of it.

Cannabis Stocks Respond

Cannabis stocks, which had dropped slightly on news that the DEA hearings on rescheduling cannabis were put on hold for three months, seemed to perk up a bit with the Florida initiative news.

ETFs such as AdvisorShares Pure US Cannabis MSOS rose 0.29% and AdvisorShares Pure Cannabis YOLO went up 0.87% at the close. Trulieve Cannabis ended down 2.23% while Green Thumb Industries GTBIF rose 0.28%. Tilray Brands TLRY held steady. Other multi-state operators seemed unfazed by the news, at least for now.

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Photo: El Planteo