Florida's Marijuana Legalization Proposal Gains Momentum, Will New Hemp Regs Derail Industry Growth?

Florida Marijuana Proposal Gains Momentum, Nears Ballot Spot In 2024

A measure filed this past summer by Smart & Safe Florida, the political committee proposing a constitutional amendment to legalize recreational cannabis, has garnered well over two-thirds of the votes needed to be placed on the 2024 ballot, reported CBS News.

According to the state Division of Elections website, the initiative had collected 635,961 valid signatures as of Tuesday, representing an increase compared to 420,000 signatures submitted a month ago.

The measure, "Adult Personal Use of Marijuana," seeks to allow already-existing medical marijuana (MMJ) companies such as Trulieve Cannabis Corp. TRUL TCNNF to begin selling recreational cannabis. Trulieve contributed over $20 million to the campaign of which more than $19 million was spent on expenses related to petition collection and verification.

The proposition would allow adults over 21 "to possess, purchase, or use marijuana products and marijuana accessories for non-medical personal consumption by smoking, ingestion, or otherwise." However, the initiative would not allow home cultivation for personal use.

If the political committee gets State Supreme Court approval, the proposal will then need to gather another 891,589 valid signatures to be placed on the 2024 ballot.

Critics Warn Proposed Hemp Regulations Will Destroy Florida's Hemp Industry

Meanwhile, a pair of measures introduced recently seeks to regulate the state's hemp industry further. SB 1676 and HB 1475 would limit total THC content in hemp products to 0.5 mg per serving and 2 mg per package and would likely prohibit delta-8 and most full spectrum hemp CBD products as well as the marketing of hemp products to minors, reported WEAR News.

"Floridians should feel safe with products sold in our state," said Republican Sen. Colleen Burton, who is behind SB 1676. "They deserve to have confidence knowing hemp extract products are not marketed in a way that is confusing or misleading, especially for children who mistake them for candy."

Agriculture Commissioner Wilton Simpson also supports the push to further regulate the hemp space.

"Some will say this bill will end the hemp industry," Simpson said. "Let me be clear -- the current wild west situation selling anything to anyone is going to end."

Those claiming that bills threaten to endanger the existence of the hemp industry said that thousands would suffer the consequences of the policy change.

"Over 100,000 jobs will be lost overnight because of this bill. Small business would go bankrupt and be out of business overnight," one of the public speakers said.

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Photo: Courtesy of Ernie114, PeterPike by Pixabay