Governor Ron DeSantis is expected to make a significant, yet controversial decision affecting Florida’s cannabis and industries.
While the governor opposes the upcoming ballot initiative to legalize marijuana, known as Amendment 3, he's expected to veto a senate bill that would regulate and limit the sale of THC products like Delta 9, which would save the hemp industry from severe restrictions.
Advocates for the hemp industry argue that the Senate bill in question would devastate the sector, resulting in massive job losses and billions in lost revenue for the state.
By vetoing the bill, DeSantis would be throwing a vital lifeline to the hemp industry.
Ulterior Motive?
If DeSantis vetoes the bill, he would essentially be adopting the ancient proverb “the enemy of my enemy is my friend.” By preserving the hemp industry, DeSantis will not doubt secure its financial backing to combat the marijuana legalization amendment, which will appear on the ballot in November. DeSantis vehemently opposes and has promised to scuttle it.
“It’s been flying under the radar, but he’s going to veto,” an official told CBS Miami anonymously.
“There was never a thought the Governor would veto the bill,” said a second source. “But they are now signaling that they are going to veto, and I think it would be fair to say he is leaning toward a veto.”
Hemp Vs. Cannabis, GOP Vs. Democrats
The rivalry between the hemp and marijuana industries has become intense. Notably, the Republican Party of Florida's chair, Evan Power is a leading hemp industry lobbyist, while the Florida Democratic Party chair, Nikki Fried, has been a strong hemp and cannabis advocate.
Critics argue that the lack of regulation and testing means hemp products can and often do contain dangerously high levels of THC and other harmful substances. They also warn that the widespread availability of hemp products, including in gas stations and convenience stores, poses risks to children.
“If he vetoes the bill, he runs the risk of more kids overdosing and ending up in emergency rooms,” said a critic. “And that will piss off a lot of moms. So, there is a risk to vetoing the bill.”
Photo: Benzinga edit with images by Wikimedia Commons and Kindel Media on Pexels
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.