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Governor Ron DeSantis opposes recreational cannabis legalization in Florida, challenging Trulieve, that&#39;s backing amendment 3...

DeSantis Targets &#39;One Big Weed Company&#39; Funding Florida&#39;s Legalization Campaign, Cites &#39;Corporate Interest&#39; As Main Motivation

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GOP And Democratic State Senators Back Florida&#39;s Cannabis Legalization Initiative In New Ad As Ballot Vote Looms

Trump DeSantis weed

Several GOP stalwarts are lashing out at Trump, essentially calling him a hypocrite who&#39;d &#39;say anything&#39; to get ahead.

DeSantis Vs. Trump Over Florida Cannabis Legalization: Guess Who&#39;s Winning

TRULIEVE CANNABIS CORP by Trulieve Cannabis Corporation

Trulieve Cannabis Corp

As Florida prepares for a critical vote on recreational cannabis legalization this November, Governor Ron DeSantis is intensifying his campaign against Amendment 3, this time challenging cannabis giant Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) (CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>). In an effort to counter what the <a href="https://www.benzinga.com/markets/cannabis/24/08/40418144/florida-cannabis-legalization-one-poll-shows-weed-going-legal-in-november-ballot-another-thumbs-">polls show</a> as a majority of support for recreational cannabis, the governor is presenting brand new creative arguments.
On Tuesday night, the Anti-Amendment 3 X (formerly Twitter) account shared a video where DeSantis appears to target &#8220;one big weed company,&#8221; referring to Amendment 3's <a href="https://www.benzinga.com/markets/cannabis/24/05/38730627/medical-marijuana-giant-trulieve-backer-of-floridas-recreational-cannabis-ballot-narrows-loss-re">main backer</a>, Trulieve, as an alleged corporate monopoly seeking to profit from a captive market. He also accused them of being led by &#8220;corporate interests&#8221;.
<h3 class="wp-block-heading">Fighting &#8216;Corporate Cannabis&#8216;?</h3>
The Vote No on 3 X account shared a video of DeSantis stating, "One big weed company that spent 75 to 80 million dollars… writes in there that you have a right to possess and use marijuana, but only if you buy it from them; you can't grow it in your backyard."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f440; <a href="https://twitter.com/GovRonDeSantis?ref_src=twsrc%5Etfw">@GovRonDeSantis</a> laid it out: Amendment 3 is not pro-freedom, it&#39;s pro-monopoly. Instead of giving you the freedom to grow in your backyard, Amendment 3 would allow unchecked public use. <a href="https://t.co/NKhJpBcq9C">pic.twitter.com/NKhJpBcq9C</a>
&mdash; Vote No on 3 (@VoteNo_On3) <a href="https://twitter.com/VoteNo_On3/status/1836082394782110002?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
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This statement is surprising for two reasons: it misrepresents the cannabis regulations in other states, where <a href="https://www.benzinga.com/markets/cannabis/24/04/37988501/59-of-americans-support-right-to-grow-legal-cannabis-at-home-new-survey-finds">home cultivation</a> is often permitted, while also portraying DeSantis as supportive of home growing—a stance that <a href="https://www.benzinga.com/markets/cannabis/24/05/38649648/ron-desantis-plan-to-scuttle-floridas-cannabis-legalization-initiative-with-his-vast-fundraising">contradicts his previous positions</a>.
While DeSantis opposes the legalization of recreational cannabis, supporting legislation that allows residents to grow their own plants could address some concerns about access and the illegal market.
Instead, De Santis has been <a href="https://www.benzinga.com/markets/cannabis/24/07/39760907/ron-desantis-floridas-gop-and-hemp-industry-pile-on-to-defeat-marijuana-legalization">financially backed </a>by another type of manufacturer: the hemp derivatives groups. Some of the companies in this sector profit from an unregulated environment that allows them not to cope with the tax burden and manufacturing controls imposed on the cannabis industry.
That sort of backing led the governor to veto a bill that would&#8217;ve outlawed hemp-based&nbsp;products in July of this year.
Benzinga reached out to Trulieve for comments on DeSantis&#8217; remarks. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40820699/trump-stuck-in-southern-border-and-immigration-loop-during-harris-debate-theyre-destroying-our-c">Trump Stuck In Southern Border And Immigration Loop During Harris Debate: &#8216;They&#8217;re Destroying Our Country&#8217;</a>
<h3 class="wp-block-heading">Running Against Trulieve</h3>
DeSantis&#8217; remarks also reflect his complicated relationship with the cannabis industry.
Trulieve, which has invested heavily in the Smart &amp; Safe campaign for Amendment 3, is a major player in the Florida medical cannabis market. However, it&#8217;s far from being a monopoly, as the X post reads and the governor implies.
According to the most <a href="https://knowthefactsmmj.com/wp-content/uploads/ommu_updates/2024/091324-OMMU-Update.pdf">recent data</a> from the Office of Medical Marijuana Use (OMMU), Trulieve operates 22% of the state's dispensaries, accounting for 30% of total medical marijuana sales and 10% of low-THC cannabis products. It&#8217;s clear that the company is not the only cannabis business in Florida.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">DeSantis&#8217; Closing Arguments</h3>
DeSantis also expressed concerns about marijuana use in public spaces, which is a typical regulatory concern with cannabis (similar to alcohol and tobacco).
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is all you need to know to prove that Amendment 3 is about corporate interests, not personal freedom. If you buy from 
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DeSantis Targets 'One Big Weed Company' Funding Florida's Legalization Campaign, Cites 'Corporate Interest' As Main Motivation

In a bipartisan effort, two Florida state senators have come together to promote the Florida cannabis legalization initiative, known as <a href="https://drupal-cloudfront.benzinga.com/topic/amendment-3">Amendment 3</a> that will appear on the ballot in the <a href="https://www.benzinga.com/markets/cannabis/24/03/37992749/florida-supreme-court-shelves-cannabis-ballot-proposal-with-no-explanation-or-provisions-as-apri" target="_blank" rel="noreferrer noopener">November 2024 election</a>. Republican Sen. <a href="https://www.benzinga.com/markets/cannabis/24/08/40441169/florida-senator-proposes-outdoor-smoking-ban-if-weed-is-legalized-jacksonville-sheriff-dead-set-">Joe Gruters</a> and Democratic Sen. Shevrin Jones are featured in a new ad sponsored by the <a href="https://www.benzinga.com/markets/cannabis/24/04/38313915/cannabis-in-florida-the-bellamy-brothers-tell-trulieve-ceo-we-rolled-a-fat-one-when-legalization" target="_blank" rel="noreferrer noopener">Smart &amp; Safe Florida</a> campaign.
Gruters, a former chair of the Florida Republican Party, and Jones, a prominent Democratic senator, acknowledge that they "don't agree on much—hardly anything" and would each be voting for their respective party's presidential nominee, but legalizing marijuana is an issue they can both get behind.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Florida State Senator and Miami-Dade DEC Chairman <a href="https://twitter.com/ShevrinJones?ref_src=twsrc%5Etfw">@ShevrinJones</a> and State Senator and Former Republican Party of Florida Chair <a href="https://twitter.com/JoeGruters?ref_src=twsrc%5Etfw">@JoeGruters</a> may not agree on much, but they DO agree that safe, regulated marijuana is the right call for Florida. <a href="https://twitter.com/hashtag/YesOn3?src=hash&amp;ref_src=twsrc%5Etfw">#YesOn3</a> <a href="https://t.co/vRWJXzZhfu">pic.twitter.com/vRWJXzZhfu</a>
&mdash; Smart &amp; Safe Florida (@SmartandSafeFl) <a href="https://twitter.com/SmartandSafeFl/status/1833837189274206324?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>
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Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/09/40798916/desantis-vs-trump-over-florida-cannabis-legalization-guess-whos-winning"> DeSantis Vs. Trump Over Florida Cannabis Legalization: Guess Who&#8217;s Winning</a>
Gruters <a href="https://www.benzinga.com/markets/cannabis/24/07/40085870/ron-desantis-and-gop-stalwart-feud-over-cannabis-legalization-trump-floridas-top-cops-also-weigh" target="_blank" rel="noreferrer noopener">came out in favor</a>&nbsp;of cannabis legalization over the summer and Jones stressed the social justice aspects of the measure. He says legalizing cannabis would bring justice to marginalized communities that have been, still are, disproportionately affected by marijuana prohibition laws.
The amendment, if passed, would also channel tax revenue from legal marijuana sales into critical areas such as public education and law enforcement, a point both senators made. 
Meanwhile, Gov. <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis</a>, who <a href="https://www.benzinga.com/markets/cannabis/24/07/39827912/ron-desantis-blasts-floridas-cannabis-legalization-ballot-at-rnc-it-would-allow-80-joints-a-day-" target="_blank" rel="noreferrer noopener">vehemently opposes</a> the legalization measure <a href="https://www.benzinga.com/markets/cannabis/24/09/40798916/desantis-vs-trump-over-florida-cannabis-legalization-guess-whos-winning">said recently</a> that the cannabis legalization initiative in Florida is the result of &#8220;one weed company,&#8221; the medical marijuana company Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), which he called a &#8220;de facto monopoly" and a "weed cartel."
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<h2 class="wp-block-heading">Money To Be Made</h2>
At a roundtable in mid-June week in Tampa, Safe &amp; Smart<a href="https://www.benzinga.com/markets/cannabis/24/06/39346531/desantis-cant-get-past-the-odor-of-weed-to-smell-the-flowers-specifically-430m-annually-in-canna"> quoted economists</a> who estimate that legalizing marijuana could generate between $195 million and $431 million annually in sales tax revenue, providing a significant boost to the state's economy. 
Florida isn't alone in this potential windfall—other <a href="https://www.benzinga.com/markets/cannabis/24/05/38712820/legal-cannabis-states-raked-in-20b-since-2014-peaking-at-4b-in-2023-new-report-shows">states with legal marijuana </a>are raking in around $20 billion in tax revenue, according to legalization advocates. However, this appears insufficient to sway DeSantis.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40383353/ron-desantis-slams-trulieves-alleged-canadian-ties-in-his-battle-against-cannabis-legalization">Ron DeSantis Slams Trulieve&#8217;s Alleged &#8216;Canadian&#8217; Ties In His Battle Against Cannabis Legalization</a></li>
</ul>
Image generated using artificial intelligence via Midjourney.

GOP And Democratic State Senators Back Florida's Cannabis Legalization Initiative In New Ad As Ballot Vote Looms

<a href="https://www.benzinga.com/topic/donald-trump">Donald Trump</a> and Florida Governor <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis </a>continue to square off over cannabis legalization, with the former supporting and the latter opposing.
"As a Floridian, I will be voting YES on Amendment 3 this November," Trump <a href="https://www.benzinga.com/markets/cannabis/24/09/40774795/trump-says-hell-reschedule-cannabis-if-elected-backs-marijuana-banking-reform-and-floridas-amend">wrote</a> Sunday in a Truth Social post. "As President, we will continue to focus on research to unlock medical uses of marijuana to a schedule 3 drug, and work with Congress to pass common sense laws."
Shortly before Trump's remarks hit the wires, DeSantis <a href="https://www.youtube.com/watch?v=lDgT9g_TUlU">told</a> a gathering at City Church Tallahassee that the cannabis legalization initiative, known as Amendment 3, was "coming because of one weed company, Trulieve who basically has a de facto monopoly" or a "weed cartel." He proceeded to accuse the CEO of Florida medical marijuana giant, Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) of having personally written the ballot amendment.
But when it comes to Trump's newly-found support of legal cannabis, both in Florida and on a national level, DeSantis is still not commenting or casting aspersions.
<h2 class="wp-block-heading">Casey DeSantis Takes Up The Anti-Weed Battle</h2>
However, Casey DeSantis isn&#8217;t shy about sharing her thoughts on the matter, even if she&#8217;s echoing her husband&#8217;s views — and that&#8217;s fine.
&#8220;Amendment 3 creates a permanent, constitutional right to possess over 100 joints at a time and SMOKE ANYWHERE in Florida—even public places where it could more easily fall into the hands of children,&#8221; she posted on X.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40782415/top-dem-congressman-calls-trumps-cannabis-support-a-powerful-signal-to-gop-when-even-donald-trum">Top Dem Congressman Calls Trump&#8217;s Cannabis Support A &#8216;Powerful Signal&#8217; To GOP: &#8216;When Even Donald Trump Can Get On Board&#8230;&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Amendment 3 creates a permanent, constitutional right to possess over 100 joints at a time and SMOKE ANYWHERE in Florida—even public places where it could more easily fall into the hands of children. What's more, it creates a monopoly &amp; blanket legal immunity for big weed… <a href="https://t.co/Fv5eXDW6t2">https://t.co/Fv5eXDW6t2</a>
&mdash; Casey DeSantis (@CaseyDeSantis) <a href="https://twitter.com/CaseyDeSantis/status/1833198813970133201?ref_src=twsrc%5Etfw">September 9, 2024</a></blockquote>
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The DeSantis couple are not the only Republicans fuming over Trump&#8217;s endorsement of legal weed in the Sunshine state. 
Stuart Stevens, chief strategist for Mitt Romney&#8216;s 2012 presidential campaign, told <a href="https://www.newsweek.com/topic/msnbc">MSNBC</a> that the former president was essentially a hypocrite who&#8217;d say anything to get ahead. &#8220;Donald Trump, he&#8217;s on both sides of so many of these issues. I mean, within an hour he reversed himself on what position he was going to take on the abortion referendum in Florida. It&#8217;s because there&#8217;s nothing there except this desire to be president, this desire to be in control … so he&#8217;ll say anything.&#8221;
Several other GOP stalwarts joined Stevens in his criticism of the former president, <a href="https://www.newsweek.com/donald-trumps-marijuana-stance-sparks-anger-some-florida-republicans-1951273">reported</a> Newsweek.
Actually, the Republicans&#8217; comments were not unlike those made by Vice President Kamala Harris&#8216; presidential campaign team, which referred to Trump&#8217;s cannabis announcement as &#8220;blatant pandering.&#8221;
Read more on that:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40785015/harris-campaign-accuses-trump-of-blatant-pandering-and-lying-about-his-cannabis-support-announce">Harris Campaign Accuses Trump Of &#8216;Blatant Pandering&#8217; And Lying About His Cannabis Support Announcemen</a>t</li>
</ul>
Photo: Benzinga edit with images by&nbsp;<a href="https://en.wikipedia.org/wiki/en:Shealah_Craighead" target="_blank" rel="noreferrer noopener">Shaleah Craighead</a>&nbsp;and&nbsp;<a href="https://www.flickr.com/people/22007612@N05" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;on Wikimedia Commons and Kindel Media on Pexels

DeSantis Vs. Trump Over Florida Cannabis Legalization: Guess Who's Winning

Former President Donald Trump announced on Sunday night that, if re-elected, he would reschedule cannabis and support banking reforms for the marijuana industry. He also confirmed his support for Florida's Amendment 3, which would legalize recreational cannabis in the state. Trump's <a href="https://www.benzinga.com/markets/cannabis/24/09/40774795/trump-says-hell-reschedule-cannabis-if-elected-backs-marijuana-banking-reform-and-floridas-amend">comments</a> sparked a reaction in the cannabis stock market on Monday.
Get Benzinga's exclusive analysis and top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
<h3 class="wp-block-heading">Stocks Reaction</h3>
<ul>
<li>Trulieve Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>): The price at market close was $10.99 with a change of +$1.28 (+13.18%). Trading volume reached 707,392, with a market cap of $2.06 billion.</li>
<li>Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>): The price at market close was $10.66 with a change of +$1.02 (+10.58%). Trading volume hit 473,092, with a market cap of $2.52 billion.</li>
<li>Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>): The price at market close was $3.10 with a change of +$0.26 (+9.15%). Trading volume reached 639,920, and the market cap stood at $2.09 billion.</li>
<li>Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>): The price at market close was $4.86 with a change of +$0.38 (+8.54%). Trading volume was 6,041,892, with a market cap of $412 million.</li>
<li>Sundial Growers (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>): The price at market close was $2.14 with a change of +$0.16 (+8.08%). Trading volume hit 1,946,306, and the market cap was $530 million.</li>
<li>Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>): The price at market close was $5.80 with a change of +$0.39 (+7.25%). Trading volume was 1,136,294, with a market cap of $317 million.</li>
<li>Cronos Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRON#NASDAQ">CRON</a>): The price at market close was $2.21 with a change of +$0.07 (+3.27%). Trading volume reached 1,448,055, with a market cap of $847 million.</li>
<li>HEXO Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HEXO#NASDAQ">HEXO</a>): The price at market close was $1.35 with a change of +$0.05 (+3.85%). Trading volume was 1,215,840, with a market cap of $401 million.</li>
<li>AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>): The price at market close was $7.16 with a change of +$0.75 (+11.70%). Trading volume hit 13,998,304.</li>
<li>Innovative Industrial Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>): The price at market close was $122.69 with a change of +$2.02 (+1.67%). Trading volume was 90,181, with a market cap of $3.42 billion.</li>
<li>GrowGeneration (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>): The price at market close was $1.92 with a change of +$0.05 (+2.96%). Trading volume hit 454,306, and the market cap was $110 million.</li>
<li>Corbus Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>): The price at market close was $52.48 with a change of +$2.43 (+4.87%). Trading volume was 153,424, with a market cap of $630 million.</li>
<li>AdvisorShares Pure Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>): The price at market close was $3.35 with a change of +$0.21 (+6.69%). Trading volume reached 37,519.</li>
<li>Scotts Miracle-Gro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMG#NYSE">SMG</a>): The price at market close was $67.62 with a change of -$0.20 (-0.29%). Trading volume reached 323,540, with a market cap of $3.85 billion.</li>
<li>Village Farms International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>): The price at market close was $1.01 with a change of +$0.01 (+1.02%). Trading volume hit 459,136, and the market cap was $113 million.</li>
<li>Trees (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CANN#OTC">CANN</a>): The price at market close was $0.042 with a change of -$0.012 (-22.22%). Trading volume was 118,407.</li>
<li>Medical Marijuana (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MJNA#OTC">MJNA</a>): The price at market close was $0.001 with no change. Trading volume hit 9,393,761, with a market cap of $5.68 million.</li>
<li>OrganiGram Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>): The price at market close was $1.83 with a change of +$0.08 (+4.29%). Trading volume was 348,054, with a market cap of $186 million.</li>
<li>High Tide (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HITI#NASDAQ">HITI</a>): The price at market close was $2.12 with a change of +$0.16 (+8.16%). Trading volume hit 648,008, with a market cap of $162 million.</li>
<li>Planet 13 Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNHF#OTC">PLNHF</a>): The price at market close was $0.96 with no significant change. Trading volume was 275,004.</li>
<li>Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>): The price at market close was $1.74 with a change of +$0.13 (+7.74%). Trading volume hit 438,517, with a market cap of $565 million.</li>
</ul>
<h3 class="wp-block-heading">Highs And Lows In 2024&nbsp;</h3>
The cannabis market has experienced several significant stock movements in recent months. On April 30, 2024, stocks soared after the DEA announced plans to reschedule cannabis to Schedule III, with Canopy Growth <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38536953/cannabis-stocks-react-to-dea-rescheduling-canopy-aurora-surge-tilray-wm-tech-hold-s">jumping</a> by 78.8% and Aurora Cannabis rising 46%. 
However, two weeks ago, following the DEA's decision to delay its final ruling, the sector saw a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40580306/cannabis-stocks-plummet-by-up-to-16-on-dea-rescheduling-delay-could-this-be-the-buy">sharp decline</a>, with Curaleaf falling 15.68% and Green Thumb Industries dropping 10.15%. In contrast, Monday's gains following Trump's support for Amendment 3 were more modest, with a mean growth of 4.31%, suggesting a recovery but not on the same scale as the April surge.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/09/40776937/trump-joins-millions-of-americans-who-support-rescheduling-cannabis-weed-industry-responds-to-fo">Trump &#8216;Joins Millions Of Americans&#8217; Who Support Rescheduling Cannabis: Weed Industry Responds To Former Pres&#8217; News</a>

ETFs

CANN

CRBP

CRLBF

CRON

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

GRWG

GTBIF

HEXO

HITI

IIPR

MJNA

MSOS

PLNHF

SNDL

TLRY

YOLO

Cannabis Stocks React To Trump's Marijuana Comments: See Which Ones Posted Solid Gains

<h3 class="wp-block-heading">First Weed Shop In North Carolina To Open This Weekend</h3>
The first legal recreational cannabis store in North Carolina is slated to open its doors to customers on Saturday, Sept. 7 at 91 Bingo Loop Road in Cherokee, Swain County, <a href="https://www.citizen-times.com/story/news/local/2024/09/03/north-carolinas-1st-recreational-marijuana-dispensary-set-to-open/75010685007/">reported</a> The Asheville Citizen-Times.
Great Smoky Cannabis Co., an Eastern Band of Cherokee Indians (ECBI) medical marijuana <a href="https://www.benzinga.com/markets/cannabis/24/08/40134964/north-carolinas-first-and-only-recreational-marijuana-shop-opening-soon-thanks-to-eastern-band-o">announced this summer</a> that recreational cannabis was available to adult members of the ECBI and other federally recognized Native American tribes. Now the store opening celebration is about to take place.
 ECBI&#8217;s members said yes to <a href="https://www.benzinga.com/markets/cannabis/23/09/34358061/cherokee-tribe-votes-to-legalize-marijuana-in-north-carolina-despite-gop-congressmans-threats">recreational cannabis on&nbsp;a Sept. 7 referendum in 2023.</a>
<h3 class="wp-block-heading">D.C. MMJ Dispensaries Are At Risk Of Shutting Down, Here's Why</h3>
In Washington D.C. owners of licensed medical cannabis dispensaries say their businesses are at stake as they are affected by the so-called I-71 weed shops as well as the relatively nascent, but burgeoning Maryland cannabis market, reported Axios.
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That said, the District Is now expected to act on &#8220;gray area&#8221; I-71 shops. Earlier this year, the D.C. Council approved an emergency measure to give city officials the authority to impose penalties on unlicensed marijuana gifting shops not operating under <a href="https://www.benzinga.com/markets/cannabis/24/01/36597430/new-emergency-law-empowers-authorities-to-crack-down-on-cannabis-gifting-shops-in-d-c">the city&#8217;s medical cannabis program.</a> Since then, &nbsp;some have decided to go legit. The Alcoholic Beverage and Cannabis Administration (ABCA) published a list of businesses shortly, looking to transition from D.C.&#8217;s I-71 gifting market to legal medical dispensaries. Out of 76 submitted applications, a total of 26 D.C. unlicensed retailers have been awarded placards, including 12 social equity <a href="https://www.benzinga.com/markets/cannabis/24/02/37220237/dcs-weed-gifting-goes-legit-nebraskans-want-medical-marijuana-legalized-and-more-cannabis-regs">applicants and 14 standard applicants.</a>
Five legal dispensaries went out of business in the past two years, according to Grace Hyde, a director at District Cannabis and co-chair of the Regulated Cannabis Association of DC. One of the reasons are higher prices of products sold in licensed shops, as the product is regulated and sourced from D.C. cultivators.
Hyde urged Mayor Muriel Bowser to tackle the issue of the I-71 shops. &#8220;I would say the industry has — without enforcement — 60 days before we start to collapse,&#8221; she said. &#8220;Our business has not broken even in any single month in 2024.&#8221;
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/06/39297599/dc-residents-fight-against-cannabis-dispensaries-near-schools-is-there-a-real-danger-for-childre">DC Residents Fight Against Cannabis Dispensaries Near Schools: Is There A Real Danger For Children?</a>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06111232/ccc-oct-24-banner__1_-12.gif" alt="" class="wp-image-534890" /></a></figure>
<h3 class="wp-block-heading">Florida Medical Marijuana Giant Ramps Up National Retail Footprint And Other Stores That Launched Cannabis Sales</h3>
Meanwhile, Trulieve Cannabis Corp. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) has been ramping up its presence nationwide.
In Florida, the medical cannabis giant launched sales at a new medical cannabis dispensary in Orlando. Located at 6655 S Semoran Blvd, the store started serving patients in late August.
On Friday, the Tallahassee-based company held ribbon-cutting celebrations at three medical cannabis dispensaries including stores in Miramar Beach, Niceville and Tampa, while the Cocoa shop is slated to open on Saturday, Sept. 7.
The same day, Trulieve will launch sales at a new medical cannabis dispensary in Clearwater as well.
The company also relocated its dispensary in Tucson, Arizona. The new Menlo Park location at 1010 S Freeway #130 will host a grand opening celebration starting on Friday, Sept. 13.
Texas Original medical cannabis provider wrapped up last month by announcing the opening of a pickup location in the Katy area. Located at 810 S. Highway 6 #101, the Katy site offers Texas Original's full suite of medical cannabis products to qualifying patients registered under the state's Compassionate Use Program (CUP).
Canadian cannabis retail giant High Tide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HITI#NASDAQ">HITI</a>) (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/HITI#TSXV">HITI</a>) (FSE: 2LYA) announced on Thursday that its Canna Cabana retail cannabis store located at 389 Main Street, Lucan, Ontario will begin selling recreational cannabis products and consumption accessories for adult use on Friday, Sept. 6. This opening will mark the company&#8217;s 183rd Canna Cabana branded retail cannabis location in Canada, the 69th in the province. 
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40528453/heres-where-to-buy-legal-weed-khalifa-kushs-store-in-las-vegas-west-hollywoods-lgbtq-owned-canna">Here&#8217;s Where To Buy Legal Weed: Khalifa Kush&#8217;s Store In Las Vegas, West Hollywood&#8217;s LGBTQ+ Owned Cannabis Dispensary And More</a></li>
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First Weed Shop In North Carolina, Why Are D.C. Medical Marijuana Shops Closing Down? More New Places To Buy Legal Cannabis

Nearly a month has passed since Ohio <a href="https://www.benzinga.com/markets/cannabis/24/08/40207399/cannabis-stocks-surge-with-ohios-recreational-sales-kickoff-and-strong-earnings-reports">began selling adult-use cannabis</a> and dispensaries in the Columbus area are reporting continued strong demand. Locals Cannabis and Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), both with locations in the city, have observed sustained interest with no indication of a decrease in customers.
<h3 class="wp-block-heading">Legal Weed Buyers Flock To Ohio Dispensaries</h3>
Mandy Morton, owner of Locals Cannabis, noted a significant uptick in patronage. &#8220;We've had at least six times the amount of people that we had before when we were just medical,&#8221; Morton <a href="https://www.wowktv.com/ohio-3/ohio-recreational-marijuana-sales-show-no-signs-of-slowing-down/">told</a> WOWK-TV. &#8220;So the non-medical crowd has definitely come in in full force.&#8221;
Similarly, the <a href="http://benzinga.com/cannabis">cannabis</a> multi-state operator (MSO) Trulieve has experienced a steady flow of patrons. Nick Rassler, director of state operations, highlighted the consistency in customer visits. &#8220;We're still seeing roughly the same volume of people each week that we saw the first launch week,&#8221; said Rassler. &#8220;I think that that'll continue to grow.&#8221;
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Both companies report that customers are <a href="https://www.benzinga.com/markets/cannabis/24/08/40492614/smoke-much-weed-ohio-38-5m-in-first-two-weeks-of-adult-use-sales-including-medical-marijuana">becoming more savvy about the purchasing process</a>. &#8220;The first couple weeks we had a longer consultation process with new customers talking them through what to expect in dispensary sales and what products we have available,&#8221; Morton added.
<h3 class="wp-block-heading">Cannabis MSOs Expanding Footprint In Ohio</h3>
In addition Florida-based Trulieve, several other MSOs are capitalizing on Ohio&#8217;s burgeoning <a href="http://benzinga.com/topic/ohio-cannabis">marijuana market</a>. These include Verano Holdings Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), the Cannabist Company Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTC">CBSTF</a>), Curaleaf Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Rise Dispensaries, Acreage Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACRHF#OTC">ACRHF</a>), Green Thumb Industries Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) and Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>).
Financially, the sector has shown impressive figures. WOWK-TV notes that according to the Ohio Division of Cannabis Control, adult-use marijuana sales have already topped $44 million as of Saturday.&nbsp;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40527752/ohios-sales-surge-might-cast-trouble-for-michigans-cannabis-market-heres-why">Ohio's Cannabis Sales Surge Might Trouble Michigan's Market</a>
<h3 class="wp-block-heading">Lawmakers Concerned Over Road Safety</h3>
However, this economic boom is not without its challenges, as increased sales have prompted concerns among state lawmakers about road safety. A bill is under consideration that <a href="https://www.benzinga.com/markets/cannabis/24/07/40084282/ohio-approves-34-dispensaries-as-recreational-sales-near-new-cannabis-dui-testing-bill-controver">would permit law enforcement to conduct oral fluid tests</a> to check for drug impairment in drivers. Yet, research from UC Davis indicates that the presence of THC in bodily fluids <a href="https://www.benzinga.com/markets/cannabis/24/04/38134128/detection-of-cannabis-in-bodily-fluids-not-correlated-with-driving-impairment-new-review-shows">does not correlate with actual driving impairment</a>, challenging the basis of such legislative measures.
As the debate on safety measures unfolds, Ohio&#8217;s adult-use cannabis market remains poised for continued growth and sustained consumer engagement.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40582981/cannabis-careers-in-ohio-attracting-gen-x-millennials-amid-legalizations-economic-boom">Cannabis Careers In Ohio Attracting Gen X, Millennials Amid Legalization&#8217;s Economic Boom</a></li>
</ul>
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Ohio's Cannabis Sales Reach $44M As New Customers Just Keep Coming And Demand Is Not Slowing

The cannabis market is abuzz following former President Donald Trump&#8217;s recent comments supporting cannabis legalization in Florida.&nbsp;
During a podcast interview, Trump <a href="https://www.benzinga.com/markets/cannabis/24/09/40697992/trump-talks-legal-weed-on-lex-fridman-podcast-we-can-live-with-the-marijuana">backed the state&#8217;s recreational cannabis initiative </a>and emphasized the need for a lawful and regulated framework.&nbsp;
This comes as Florida prepares to vote on a ballot initiative in November, which could reshape the cannabis landscape.
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<h3 class="wp-block-heading">Top Performers And Decliners After Trump&#8217;s Comments On Marijuana </h3>
Stocks in the cannabis sector showed varied reactions on Wednesday, after <a href="https://www.benzinga.com/markets/cannabis/24/09/40677600/harris-campaign-slams-donald-trump-over-cannabis-shift-calls-it-brazen-flip-flop">Trump&#8217;s comments</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>) AdvisorShares Pure Cannabis ETF led the gainers, climbing 3.48% to $3.27, reflecting investor optimism around potential federal changes.&nbsp;
(OTC:<a class="ticker" href="https://www.benzinga.com/stock/CANN#OTC">CANN</a>) Trees Corporation experienced a plunge, down 99.8%, closing at $0.0001. Among the notable losers, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) Canopy Growth dropped 3.37% to $4.87, and (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRON#NASDAQ">CRON</a>) Cronos Group slipped 1.79% to $2.20.
Other stocks remained relatively stable. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) Tilray Brands fell 1.19%, ending at $1.67, and (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) Aurora Cannabis dipped 1.37% to $5.76.&nbsp;
Meanwhile, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) Sundial Growers climbed 2.53%, closing at $2.00, and (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) Trulieve Cannabis posted a 3.72% gain to $9.75, reflecting positive sentiment around these companies.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/09/40712816/what-trump-learned-about-marijuana-that-desantis-did-not-and-why-the-gop-might-become-weed-frien">What Trump Learned About Marijuana That DeSantis Did Not And Why The GOP Might Become Weed-Friendly</a>
<h3 class="wp-block-heading">Stocks To Watch </h3>
<ul>
<li>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) AdvisorShares Pure US Cannabis ETF ended the day with a slight decline of 0.31%, closing at $6.48.</li>
<li>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>) Innovative Industrial Properties, a key player in cannabis real estate, dropped 0.82%, closing at $121.58, showing a more cautious response from investors.&nbsp;</li>
<li>(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) Green Thumb Industries posted a modest gain of 0.67%, closing at $9.83, indicating optimism.&nbsp;</li>
<li>(OTC:<a class="ticker" href="https://www.benzinga.com/stock/MJNA#OTC">MJNA</a>) Medical Marijuana Inc. surged 10%, finishing at $0.0011, reflecting renewed interest despite its low price point.</li>
</ul>
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/09/40713542/2024-election-cannabis-swing-state-voters-back-legalization-new-poll-reveals">2024 Election &amp; Cannabis: Swing State Voters Back Legalization, New Poll Reveals</a>

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Trump's Marijuana Support Could Ignite Stock Surge – Are You Positioned To Benefit?

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/ACNNF">AusCann Group Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACNNF#OTC">ACNNF</a>) shares closed up 100.00% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/GBHPF">Global Hemp Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBHPF#OTC">GBHPF</a>) shares closed up 51.10% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/CNBX">CNBX Pharmaceuticals</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNBX#OTC">CNBX</a>) shares closed up 19.35% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/RMHB">Rocky Mountain High</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RMHB#OTC">RMHB</a>) shares closed up 18.81% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/MGWFF">Maple Leaf Green World</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MGWFF#OTC">MGWFF</a>) shares closed up 18.11% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed up 8.73% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/TCNNF">Trulieve Cannabis</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) shares closed up 8.05% at $9.40</li>
<li><a href="https://www.benzinga.com/quote/CNTMF">Cansortium</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>) shares closed up 5.93% at $0.15</li>
<li><a href="https://www.benzinga.com/quote/YCBD">cbdMD</a> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/YCBD#AMEX">YCBD</a>) shares closed up 5.33% at $0.57</li>
<li><a href="https://www.benzinga.com/quote/CXXIF">C21 Investments</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CXXIF#OTC">CXXIF</a>) shares closed up 4.90% at $0.24</li>
<li><a href="https://www.benzinga.com/quote/CRON">Cronos Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRON#NASDAQ">CRON</a>) shares closed up 4.42% at $2.24</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/KAYS">Kaya Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KAYS#OTC">KAYS</a>) shares closed down 21.51% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/LBUY">Leafbuyer Techs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LBUY#OTC">LBUY</a>) shares closed down 16.67% at $0.0005</li>
<li><a href="https://www.benzinga.com/quote/LVRLF">CordovaCann</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVRLF#OTC">LVRLF</a>) shares closed down 14.29% at $0.06</li>
<li><a href="https://www.benzinga.com/quote/RSSFF">Affinor Growers</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RSSFF#OTC">RSSFF</a>) shares closed down 13.68% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/CBDY">Target Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBDY#OTC">CBDY</a>) shares closed down 13.46% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/OILFF">Nextleaf Solutions</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OILFF#OTC">OILFF</a>) shares closed down 13.07% at $0.06</li>
<li><a href="https://www.benzinga.com/quote/SOLCF">SOL Glb Inv</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SOLCF#OTC">SOLCF</a>) shares closed down 12.80% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/MRMD">MariMed</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>) shares closed down 10.78% at $0.17</li>
<li><a href="https://www.benzinga.com/quote/CRBP">Corbus Pharmaceuticals</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) shares closed down 8.97% at $55.69</li>
<li><a href="https://www.benzinga.com/quote/XXII">22nd Century Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XXII#NASDAQ">XXII</a>) shares closed down 8.93% at $0.30</li>
<li><a href="https://www.benzinga.com/quote/EAST">Eastside Distilling</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EAST#NASDAQ">EAST</a>) shares closed down 6.17% at $0.80</li>
<li><a href="https://www.benzinga.com/quote/CPHRF">Cipher Pharmaceuticals</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CPHRF#OTC">CPHRF</a>) shares closed down 6.05% at $13.23</li>
<li><a href="https://www.benzinga.com/quote/CARA">Cara Therapeutics</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARA#NASDAQ">CARA</a>) shares closed down 5.39% at $0.33</li>
<li><a href="https://www.benzinga.com/quote/NWVCF">EnWave</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NWVCF#OTC">NWVCF</a>) shares closed down 4.79% at $0.17</li>
<li><a href="https://www.benzinga.com/quote/CVSI">CV Sciences</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CVSI#OTC">CVSI</a>) shares closed down 4.75% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/ESE">ESCO Technologies</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESE#NYSE">ESE</a>) shares closed down 4.41% at $114.62</li>
<li><a href="https://www.benzinga.com/quote/OGI">OrganiGram Holdings</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) shares closed down 3.78% at $1.79</li>
<li><a href="https://www.benzinga.com/quote/BLOZF">Cannabix Technologies</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BLOZF#OTC">BLOZF</a>) shares closed down 3.75% at $0.34</li>
<li><a href="https://www.benzinga.com/quote/MXC">Mexco Energy</a> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MXC#AMEX">MXC</a>) shares closed down 3.57% at $11.36</li>
<li><a href="https://www.benzinga.com/quote/ACB">Aurora Cannabis</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) shares closed down 3.29% at $5.84</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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LBUY

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Marijuana Stock Movers For September 3, 2024

Former President Donald Trump's <a href="https://www.benzinga.com/markets/cannabis/24/08/40666944/donald-trump-supports-cannabis-legalization-in-florida-game-changer-and-huge-blow-to-ron-desanti">Saturday announcement</a> that he is throwing his support behind <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">Florida&#8217;s Amendment 3,</a> the proposed constitutional amendment that seeks to legalize recreational marijuana, elicited an immediate response from the cannabis industry. 
<a href="https://www.benzinga.com/topic/kim-rivers">Kim Rivers</a>,&nbsp;CEO of&nbsp; Florida&#8217;s largest medical marijuana company&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/10/35206042/trulieve-donates-500k-to-floridas-marijuana-legalization-ballot-initiative" target="_blank" rel="noreferrer noopener">Trulieve</a>&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), which has been a <a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">huge financial backer</a> of Amendment 3, thanked the former president Trump.
Her comments on X were followed by former Republican Party of Florida Chair&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/40085870/ron-desantis-and-gop-stalwart-feud-over-cannabis-legalization-trump-floridas-top-cops-also-weigh" target="_blank" rel="noreferrer noopener">Joe Gruters who came out in favor</a>&nbsp;of cannabis legalization over the summer. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Thank you <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>! "We do not need to ruin lives &amp; waste Taxpayer Dollars arresting adults with personal amounts of it on them, and no one should grieve a loved one because they died from fentanyl laced marijuana."<a href="https://twitter.com/hashtag/YesOn3?src=hash&amp;ref_src=twsrc%5Etfw">#YesOn3</a> <a href="https://t.co/p5aXVSlCHQ">https://t.co/p5aXVSlCHQ</a>
&mdash; Kim Rivers (@rivers_kim) <a href="https://twitter.com/rivers_kim/status/1829895544329945322?ref_src=twsrc%5Etfw">August 31, 2024</a></blockquote>
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Boris Jordan, founder, chairman &amp; CEO of Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) pointed out what many have likely been thinking over the course of the past several months regarding the U.S. political landscape as we head into the <a href="https://www.benzinga.com/topic/2024-election">November 2024 elections</a>.
"This year&#8217;s election continues to be historic, and today we have two candidates who have publicly adopted pro-cannabis stances. It&#8217;s a milestone that both candidates are meeting U.S. voters where they&#8217;re at, as this is a bipartisan issue with the vast majority of Americans now in support of legalization in some form," said Jordan in a post on X. 
<h2 class="wp-block-heading">Trump Is Joining &#8216;Millions Of Americans&#8217; </h2>
"We welcome former President Trump&#8217;s comments on Amendment 3 in Florida, which would legalize adult use cannabis in the state. He joins millions of Americans who have reassessed their views on cannabis in recent years," said David Culver, SVP of Public Affairs for the US Cannabis Council in an email to Benzinga.
"Amendment 3 enjoys strong bipartisan support from Florida voters, and President Trump&#8217;s support could prove pivotal for meeting the 60% threshold required to become law. We look forward to hearing more from him about how he would approach cannabis reform if elected this November."
<h2 class="wp-block-heading">Governor Ron DeSantis?</h2>
So far no word from the governor who has been <a href="https://www.benzinga.com/markets/cannabis/24/07/39827912/ron-desantis-blasts-floridas-cannabis-legalization-ballot-at-rnc-it-would-allow-80-joints-a-day-">outspoken about his opposition</a> to legalizing marijuana in Florida.
<h2 class="wp-block-heading">What Trump Said </h2>
"In Florida, like so many other States that have already given their approval, personal amounts of marijuana will be legalized for adults with Amendment 3… at the same time, someone should not be a criminal in Florida, when this is legal in so many other states. We do not need to ruin lives &amp; waste Taxpayer Dollars arresting adults with personal amounts of it on them, and no one should grieve a loved one because they died from fentanyl laced marijuana," Trump wrote on his&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/113057012516008786" target="_blank" rel="noreferrer noopener">Truth Social platform</a>&nbsp;on Saturday.
Photo: Shutterstock

Trump's Cannabis Endorsement - Marijuana Industry Responds: 'We Have Two Candidates' Who Are Pro-Marijuana

In a significant political development, <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump</a> has thrown his support behind <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">Florida&#8217;s Amendment 3,</a> the proposed constitutional amendment that seeks to legalize recreational marijuana. Trump&#8217;s surprising endorsement, announced via his <a href="https://truthsocial.com/@realDonaldTrump/posts/113057012516008786">Truth Social platform</a> on Saturday, comes as Floridians prepare to vote for the amendment in the <a href="https://www.benzinga.com/topic/2024-election" target="_blank" rel="noreferrer noopener">November election</a>.
Trump&#8217;s backing of Amendment 3 is particularly noteworthy given his tough stance on drug policy, which has included <a href="https://www.benzinga.com/markets/cannabis/22/11/29741741/trump-announcement-death-to-drug-dealers-and-beautiful-american-flag-on-mars">calling for the death penalty</a> for drug dealers.
<h2 class="wp-block-heading">Change Of Tune</h2>
"In Florida, like so many other States that have already given their approval, personal amounts of marijuana will be legalized for adults with Amendment 3. Whether people like it or not, this will happen through the approval of the Voters, so it should be done correctly," <a href="https://truthsocial.com/@realDonaldTrump/posts/113057012516008786">wrote</a> Trump, who is a Florida voter.
He also said it is important to create laws that prohibit its use in public spaces "so that we don't smell marijuana everywhere we go." The widespread smell of cannabis smoke has been a constant criticism expressed by Gov. Ron DeSantis, who <a href="https://www.benzinga.com/markets/cannabis/24/07/39827912/ron-desantis-blasts-floridas-cannabis-legalization-ballot-at-rnc-it-would-allow-80-joints-a-day-">vehemently opposes</a> the legalization measure and is not likely to be happy about Trump&#8217;s endorsement.
Trump&#8217;s comments come nearly two weeks after his <a href="https://www.benzinga.com/markets/cannabis/24/08/40561136/trump-dislikes-having-people-in-jail-for-cannabis-will-he-legalize-if-elected-or-just-trying-to-">remarks on cannabis</a> including a distaste for people being incarcerated for weed.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40351943/trumps-nod-could-seal-floridas-marijuana-legalization-initiative-says-longtime-ally-roger-stone">Trump&#8217;s Nod Could Seal Florida&#8217;s Marijuana Legalization Initiative, Says Longtime Ally Roger Stone</a>
With Trump's influential endorsement, the conversation around marijuana legalization in Florida is likely to intensify in the weeks leading up to the election. Supporters, like former Republican Party of Florida Chair&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/40085870/ron-desantis-and-gop-stalwart-feud-over-cannabis-legalization-trump-floridas-top-cops-also-weigh" target="_blank" rel="noreferrer noopener">Joe Gruters who came out in favor</a>&nbsp;of cannabis legalization over the summer, says Trump&#8217;s support is crucial.
"I am incredibly proud to have President Trump stand alongside us in our effort to end needless arrests and incarcerations of adults for simple possession of marijuana and to give Floridians the same individual freedom to choose safe, tested products that more than half the country already enjoys," Gruters <a href="https://www.news4jax.com/news/local/2024/08/31/trump-supports-floridas-amendment-3-but-says-marijuana-legalization-should-be-done-correctly/">said</a> on New4Jax. 
<h2 class="wp-block-heading">Is DeSantis&#8217;s Anti-Weed Alliance Crumbling?</h2>
The Vote No on 3 campaign has full support of the Republican Party of Florida, though funding has been an issue.
At the moment, the pro-cannabis campaign led by&nbsp;<a href="https://drupal-cloudfront.benzinga.com/topic/smart-safe-florida" target="_blank" rel="noreferrer noopener">Smart and Safe Florida</a> has amassed $71.8 million as of mid-August, according to&nbsp;<a href="https://dos.elections.myflorida.com/cgi-bin/TreSel.exe" target="_blank" rel="noreferrer noopener">the latest data</a>&nbsp;from the Florida Division of Elections. This substantial war chest largely comes from&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/10/35206042/trulieve-donates-500k-to-floridas-marijuana-legalization-ballot-initiative" target="_blank" rel="noreferrer noopener">Trulieve</a>&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) one of the state's largest medical marijuana companies. 
On the other side, opposition to Amendment 3 has raised $14.5 million, not including the recent shot in the arm when Citadel CEO&nbsp;Ken Griffin&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/08/40158903/terrible-plan-billionaire-ken-griffin-donates-12m-to-defeat-floridas-cannabis-legalization-measu" target="_blank" rel="noreferrer noopener">contributed $12 million</a>.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40565943/ron-desantis-anti-cannabis-warpath-strewn-with-dissenting-gop-colleagues-not-enough-money-polls-">Ron DeSantis&#8217; Anti-Cannabis Warpath Strewn With Dissenting GOP Colleagues, Not Enough Money, Polls Favoring Legalization</a></li>
</ul>

Donald Trump Supports Cannabis Legalization in Florida: Game Changer And Huge Blow To Ron DeSantis

Editors note: This article has been updated to include Gov. Ron DeSantis&#8217;s response and comments.
In a poll conducted by the James Madison Institute released on Thursday, 64% of Florida voters expressed support for legalizing recreational marijuana, indicating strong backing for the initiative known as <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">Amendment 3</a> to be decided in the upcoming <a href="https://www.benzinga.com/topic/2024-election">November 2024 election</a>.
Published in <a href="https://thecapitolist.com/florida-voters-show-strong-support-for-marijuana-legalization/">The Capitolist</a>, the poll revealed bipartisan support as Gov. <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis</a> (R) intensified his opposition to the initiative. The governor faced criticism on Thursday from cannabis advocates and industry leaders after accusing Florida&#8217;s largest medical marijuana retailer Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) of backing the initiative in order to secure a &#8220;constitutionally-protected monopoly.&#8221; he also alleged that Amendment 3 was crafted by Trulieve&#8217;s CEO, <a href="https://www.benzinga.com/topic/kim-rivers">Kim Rivers</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Amendment 3: written by the CEO of a weed company that has poured $70 million (and counting) into the effort so that the company gets a constitutionally-protected monopoly on the market. This is bad policy and even worse constitutional law. <a href="https://t.co/9DenQ4ltkt">https://t.co/9DenQ4ltkt</a>
&mdash; Ron DeSantis (@RonDeSantis) <a href="https://twitter.com/RonDeSantis/status/1828904477702635818?ref_src=twsrc%5Etfw">August 28, 2024</a></blockquote>
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Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40383353/ron-desantis-slams-trulieves-alleged-canadian-ties-in-his-battle-against-cannabis-legalization">Ron DeSantis Slams Trulieve&#8217;s Alleged &#8216;Canadian&#8217; Ties In His Battle Against Cannabis Legalization</a>
<h2 class="wp-block-heading">Poll Results</h2>
While 64% of likely voters favor the amendment, 27% oppose it and 12% remain undecided. Democratic voters show the highest level of support at 74%, followed by Independents at 61% and Republicans at 54%.
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
Support is consistent across gender lines:
<ul>
<li>65% of men in favor</li>
<li>62% of women in favor</li>
</ul>
Age groups show strong support:
<ul>
<li>62% of voters aged 18-34 in favor</li>
<li>68% of voters aged 35-54 in favor</li>
<li>58% of voters aged 65 and older in favor</li>
</ul>
Ethnic support is robust:
<ul>
<li>66% of Black or African American voters in favor</li>
<li>65% of Hispanic voters in favor</li>
<li>63% of White, non-Hispanic voters in favor</li>
</ul>
Regional support varies:
<ul>
<li>Southwest and North Florida: 69% in favor</li>
<li>Southeast Florida: 59% in favor</li>
</ul>
<h1 class="wp-block-heading">Popular Support — And Lots Of Money</h1>
Financially, the pro-cannabis campaign led by <a href="https://drupal-cloudfront.benzinga.com/topic/smart-safe-florida" target="_blank" rel="noreferrer noopener">Smart and Safe Florida</a>, is in a strong position, having amassed $71.8 million as of mid-August, according to <a href="https://dos.elections.myflorida.com/cgi-bin/TreSel.exe" target="_blank" rel="noreferrer noopener">the latest data</a> from the Florida Division of Elections. 
<h1 class="wp-block-heading">GOP Support — And Not As Much Money</h1>
Opposition to Amendment 3 is being led by two political action committees (PACs), Keep Florida Clean Inc. and the&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/06/39565658/desantis-anti-cannabis-florida-freedom-fund-raises-barely-a-fraction-of-legalization-committees-" target="_blank" rel="noreferrer noopener">Florida Freedom Fund</a>, which have raised $14.5 million collectively, a fraction of the funds amassed by the pro-cannabis campaign.
If passed, state economists estimate that the measure could generate between $195.6 million and $431.3 million annually in sales tax revenue, with an additional $43.6 million expected from tourism.
Now Read:
<ul>
<li> <a href="https://www.benzinga.com/markets/cannabis/24/08/40565943/ron-desantis-anti-cannabis-warpath-strewn-with-dissenting-gop-colleagues-not-enough-money-polls-">Ron DeSantis&#8217; Anti-Cannabis Warpath Strewn With Dissenting GOP Colleagues, Not Enough Money, Polls Favoring Legalization</a></li>
</ul>

DeSantis Rejects Cannabis Legalization Despite Rising Bipartisan Support, Poll Reveals (UPDATE)

Grammy-nominated rapper Afroman — an Ohio native known for his hit &#8220;Because I Got High&#8221; — celebrated the <a href="https://www.benzinga.com/markets/cannabis/23/11/35664155/ohio-legalizes-cannabis-and-overwhelmingly-approves-abortion-rights">legalization of recreational marijuana</a> in a fun social media video in which he takes credit for getting weed legal in the Buckeye state.
In the five-minute clip, <a href="https://www.nbc4i.com/">reported</a> by NBC4, Afroman, whose real name is Joseph Foreman, raised a large pink and gold goblet, greeting his fellow Ohioans with a hearty &#8220;You're welcome,&#8221; as he toasted the new law.
&#8220;I got marijuana legal in Ohio," Afroman said. "I want to thank all the people that supported and stayed down like four flat tires."
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
Afroman posted the video on Aug. 6, the day recreational weed <a href="https://www.benzinga.com/markets/cannabis/24/08/40172821/its-official-ohio-begins-recreational-cannabis-sales-on-tuesday-heres-where-and-how-you-know-the">officially went on sale</a> at over 100 existing medical marijuana shops, including those owned by multi-state operators Verano Holdings (Cboe CA: VRNO) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTCQX">VRNOF</a>), Trulieve (CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>), Curaleaf Holdings (OTCQX:&nbsp;<a href="https://www.benzinga.com/stock/curlf#OTCQX">CURLF</a>), Rise Dispensaries, Acreage Holdings&nbsp;(OTCQX:&nbsp;<a href="https://www.benzinga.com/quote/ACRHF" target="_blank" rel="noreferrer noopener">ACRHF</a>) and Green Thumb Industries (OTCQX:&nbsp;<a href="https://www.benzinga.com/stock/gtbif#OTCQX">GTBIF</a>), 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40586896/dea-can-still-make-cannabis-arrests-in-legal-weed-states-like-ohio-but-its-not-our-goal">DEA Can Still Make Cannabis Arrests In Legal Weed States Like Ohio, But It&#8217;s Not &#8216;Our Goal&#8217;</a>
<h3 class="wp-block-heading">Let's Have A New Holiday!</h3>
"I want to make a toast to my fellow Ohioans. Yes, marijuana is now legal in the state of Ohio. Today is our liberation day,&#8221; said Afroman. &#8220;Nobody else in Ohio gets raided because they have marijuana. Nobody gets their door kicked down and their home vandalized because they have marijuana."
Afroman was referring to a raid on his home in the southern Ohio town of Winchester two years ago when local sheriffs barged with guns blazing in but turned up nothing illegal. 
Nevertheless, it provided Afroman with material for several songs in which he used footage of the cops from his home security cameras. 
His songs included "Lemon Pound Cake," in which one officer is caught staring at a plate of pound cake in Afroman's kitchen and another "Will You Help Me Repair My Door."
<h3 class="wp-block-heading">Freedom Of Speech And Running For President</h3>
"Now that I got marijuana legal in the state of Ohio, I gotta fight for freedom of speech. And just like I got marijuana legal in Ohio, I can get it legal all over the United States of America if you put Afroman in office. I'm just putting that out there,&#8221; he said as he raised the pink and gold goblet. "So here's to you, Ohio. Today's a good day. Congratulations."
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40492614/smoke-much-weed-ohio-38-5m-in-first-two-weeks-of-adult-use-sales-including-medical-marijuana">Smoke Much Weed, Ohio? $38.5M In First Two Weeks Of Adult-Use Sales, Including Medical Marijuana</a></li>
</ul>
Photo: Shutterstock

Entertainment

'I Got Marijuana Legal In Ohio' Says Rapper Afroman Toasting Fellow Ohioans With Pink And Gold Goblet

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/ELLXF">Elixinol Wellness</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ELLXF#OTC">ELLXF</a>) shares closed up 566.67% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/HERTF">Heritage Cannabis Holding</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HERTF#OTC">HERTF</a>) shares closed up 40.00% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/EAST">Eastside Distilling</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EAST#NASDAQ">EAST</a>) shares closed up 18.46% at $0.92</li>
<li><a href="https://www.benzinga.com/quote/LVRLF">CordovaCann</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVRLF#OTC">LVRLF</a>) shares closed up 14.70% at $0.08</li>
<li><a href="https://www.benzinga.com/quote/CWBHF">Charlottes Web Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTC">CWBHF</a>) shares closed up 3.33% at $0.15</li>
<li><a href="https://www.benzinga.com/quote/LMLLF">Pharmadrug</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LMLLF#OTC">LMLLF</a>) shares closed up 3.33% at $0.02</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/CBDY">Target Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBDY#OTC">CBDY</a>) shares closed down 25.00% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/SOLCF">SOL Glb Inv</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SOLCF#OTC">SOLCF</a>) shares closed down 17.60% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/CRLBF">Cresco Labs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) shares closed down 15.43% at $1.48</li>
<li><a href="https://www.benzinga.com/quote/CURLF">Curaleaf Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) shares closed down 13.21% at $2.75</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed down 11.85% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/GTBIF">Green Thumb Industries</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) shares closed down 11.13% at $9.67</li>
<li><a href="https://www.benzinga.com/quote/CNTMF">Cansortium</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>) shares closed down 10.67% at $0.13</li>
<li><a href="https://www.benzinga.com/quote/TCNNF">Trulieve Cannabis</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) shares closed down 10.23% at $8.63</li>
<li><a href="https://www.benzinga.com/quote/CGC">Canopy Gwth</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shares closed down 9.24% at $5.58</li>
<li><a href="https://www.benzinga.com/quote/MRMD">MariMed</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>) shares closed down 9.17% at $0.20</li>
<li><a href="https://www.benzinga.com/quote/GRWG">GrowGeneration</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>) shares closed down 8.97% at $1.99</li>
<li><a href="https://www.benzinga.com/quote/CXXIF">C21 Investments</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CXXIF#OTC">CXXIF</a>) shares closed down 7.88% at $0.22</li>
<li><a href="https://www.benzinga.com/quote/CBWTF">Auxly Cannabis Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTC">CBWTF</a>) shares closed down 6.82% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/VFF">Village Farms Intl</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>) shares closed down 5.66% at $1.01</li>
<li><a href="https://www.benzinga.com/quote/SNDL">SNDL</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) shares closed down 5.29% at $1.96</li>
<li><a href="https://www.benzinga.com/quote/GNLN">Greenlane Hldgs</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNLN#NASDAQ">GNLN</a>) shares closed down 5.28% at $5.93</li>
<li><a href="https://www.benzinga.com/quote/TLRY">Tilray Brands</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) shares closed down 5.11% at $1.75</li>
<li><a href="https://www.benzinga.com/quote/CVSI">CV Sciences</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CVSI#OTC">CVSI</a>) shares closed down 4.66% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/CNPOF">RIV Capital</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNPOF#OTC">CNPOF</a>) shares closed down 4.53% at $0.12</li>
<li><a href="https://www.benzinga.com/quote/ACB">Aurora Cannabis</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) shares closed down 4.48% at $6.17</li>
<li><a href="https://www.benzinga.com/quote/OGI">OrganiGram Holdings</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) shares closed down 4.31% at $1.83</li>
<li><a href="https://www.benzinga.com/quote/CRBP">Corbus Pharmaceuticals</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) shares closed down 3.39% at $57.24</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

CANNABIS WHEATON INCOME by Cannabis Wheaton Income Corp.

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Marijuana Stock Movers For August 27, 2024

Florida-based Trulieve Cannabis Corp. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) has <a href="https://www.prnewswire.com/news-releases/trulieve-announces-partnership-with-professional-pickleball-association-and-major-league-pickleball-302230901.html">announced</a> a special partnership with the Carvana PPA Tour and Major League Pickleball (MLP) to sponsor premier pickleball events in Arizona, Florida and Georgia.
This collaboration reflects <a href="https://www.benzinga.com/topic/trulieve">Trulieve</a>&#8216;s aims to engaging new audiences. This paddle sport is <a href="https://www.benzinga.com/news/23/07/33235405/pickleball-is-americas-fastest-growing-sport-but-is-it-also-the-most-dangerous-report-shows-it-could">the fastest-growing</a> of its kind for the third straight year. <a href="https://www.benzinga.com/markets/cannabis/22/05/27123024/exclusive-play-ball-usa-pickleball-and-day-one-beverages-team-up-launch-co-branded-cbd-recovery-">Pickleball</a> has approximately 13.6 million players in the U.S.
The PPA Tour, the largest professional and amateur pickleball tour globally, boasts 25 tour stops nationwide and a fan base of over 20 million viewers. The MLP league features nearly 100 players across 22 celebrity-owned teams and is set to host 11 events across 10 states in 2024.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39455304/desantis-fierce-opposition-notwithstanding-floridas-cannabis-legalization-amendment-shatters-all">DeSantis&#8217; Fierce Opposition Notwithstanding, Florida&#8217;s Cannabis Legalization Amendment Shatters All Fundraising Records</a>
Get Benzinga's exclusive analysis and top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
<h3 class="wp-block-heading">First Cannabis Sponsor For Pickleball</h3>
&#8220;We are excited to welcome Trulieve as a partner for the PPA Tour and Major League Pickleball,&#8221; said Jacob Cohen, Vice President of Sales for the United Pickleball Association, the parent organization of the PPA Tour and MLP. 
&#8220;This is an innovative collaboration, and we are looking forward to working with Trulieve as both of us continue to grow rapidly.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f389;We're Making History!&#x1f389; Trulieve is the first <a href="https://twitter.com/hashtag/cannabis?src=hash&amp;ref_src=twsrc%5Etfw">#cannabis</a> sponsor of <a href="https://twitter.com/MajorLeaguePB?ref_src=twsrc%5Etfw">@MajorLeaguePB</a> and <a href="https://twitter.com/PPAtour?ref_src=twsrc%5Etfw">@PPAtour</a>!&#x1f3d3; We&#39;re excited to partner with Major League Pickleball and the PPA Tour and <a href="https://twitter.com/hashtag/PlayElevated?src=hash&amp;ref_src=twsrc%5Etfw">#PlayElevated</a>&#x1f33f; <a href="https://t.co/fZYfwwfRMm">https://t.co/fZYfwwfRMm</a> <a href="https://t.co/AT27a1zH6R">pic.twitter.com/AT27a1zH6R</a>
&mdash; Trulieve (@Trulieve) <a href="https://twitter.com/Trulieve/status/1828462575924727841?ref_src=twsrc%5Etfw">August 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Trulieve will sponsor 12 events, starting with the CIBC Atlanta Slam in September 2024. 
&#8220;Pickleball is experiencing explosive growth across the country, and we are thrilled to partner with both the PPA Tour and Major League Pickleball to support the pickleball revolution,&#8221; said Trulieve CEO Kim Rivers.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40189647/trulieve-touts-third-consecutive-quarter-of-revenue-growth-narrows-q2-net-loss-97-yoy-launches-c">Trulieve Touts Third Consecutive Quarter Of Revenue Growth, Narrows Q2 Net Loss 97% YoY, Launches Cannabis Sales In Ohio</a></li>
</ul>
Cover: Photo by <a href="https://pixabay.com/es/users/slvmarketing-17264661/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=5354328">slvmarketing</a> via <a href="https://pixabay.com/es//?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=5354328">Pixabay</a>

Sports

Cannabis Giant Trulieve Breaks Ground As First Cannabis Sponsor Of U.S. Pro Pickleball

The U.S. Drug Enforcement Administration (DEA) <a href="https://www.benzinga.com/markets/cannabis/24/08/40567326/dea-delays-cannabis-rescheduling-decision-until-after-november-presidential-election">announced a delay on Monday</a> in its final ruling on cannabis rescheduling until after the <a href="https://www.benzinga.com/topic/2024-presidential-election">November presidential election</a>. The decision, which has created uncertainty in the market, pits Vice President Kamala Harris, a cannabis reform advocate, against former President Donald Trump, whose vice-presidential pick is opposed to legalization.
<h3 class="wp-block-heading">Market Responds With Sharp Declines</h3>
According to Benzinga Pro, the market's response was immediate and pronounced. The AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) dropped over 10% in early trading, while individual cannabis stocks experienced significant declines.
Amid the market downturn some of the biggest losers included Curaleaf Holdings, Cresco Labs, and Cansortium.
<ul>
<li>Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) fell by 15.68% to $2.71, with 372,001 shares traded. </li>
<li>Trulieve Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) saw a 10.36% decline, closing at $8.60 with a volume of 381,698 shares.&nbsp;</li>
<li>Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) dropped by 10.15%, ending the day at $9.56, with 274,985 shares changing hands.&nbsp;</li>
<li>Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) declined 13.89% to $1.55, on a volume of 435,673 shares. </li>
<li>Cansortium (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>) experienced a significant loss, dropping 16.67% to $0.125 with 312,094 shares traded.</li>
<li>Conversely, Trees (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CANN#OTC">CANN</a>) demonstrated resilience gaining 9.01%.&nbsp;</li>
</ul>
Among these, Green Thumb Industries emerges as a compelling buy opportunity. Despite the significant drop, GTBIF&#8217;s larger market cap of $2.25 billion and its position as one of the industry leaders suggest strong recovery potential, making it a strategic buy for investors seeking long-term growth.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Analyst Perspective: Delay May Add Credibility</h3>
In his latest report, Pablo Zuanic, a senior analyst at Zuanic &amp; Associates, provided critical insights into the DEA's decision and its implications for the cannabis market. According to Zuanic, the announcement of an Administrative Law Judge (ALJ) hearing set to begin on December 2, 2024, was not entirely unexpected.
 "While the most bullish thesis had anticipated a Final Rule before the election, the scenario of hearings was always a possibility," Zuanic said. He highlighted that the MSOS ETF's pre-market drop to $6.19 was within the expected range, given the ongoing uncertainties.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40561136/trump-dislikes-having-people-in-jail-for-cannabis-will-he-legalize-if-elected-or-just-trying-to-">Trump Dislikes Having People In Jail For Cannabis: Will He Legalize If Elected Or Just Trying To Appeal To VP Harris&#8217; Voters?</a>
<h3 class="wp-block-heading">Potential Buying Opportunities Amid Volatility</h3>
Despite the downturn, Zuanic sees potential buying opportunities, particularly if stocks continue to be volatile. "We believe the likelihood of successful legal challenges is drastically reduced if all significant ‘affected or impacted parties' are heard during the ALJ hearing."
<h3 class="wp-block-heading">Political Uncertainty And Future Implications</h3>
However, Zuanic also warned of the political uncertainty that comes with the 2024 election. While a potential President Harris might complete the rescheduling process, the scenario under a Trump administration is less clear. "In the past, we would have said Trump might let the process die, but this is less obvious now," Zuanic said.
<h3 class="wp-block-heading">Risks And Rewards For Cannabis Investors</h3>
The report further emphasizes that investors should prepare for a possible downturn in cannabis stock prices, particularly if the MSOS ETF drops by 15-20% or falls below $5.&nbsp;
"If the MSOS ETF is down 15-20% in the next week, that would be ugly for investors. But, assuming Harris wins or Trump does not appoint a Sessions-type AG, we would use that as a buying opportunity," Zuanic said. 
As the market digests the implications of the DEA's decision, Zuanic's analysis provides a balanced perspective, highlighting both the risks and potential rewards for investors in the cannabis sector.
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/05/39011156/exclusive-we-analyzed-4-000-dea-marijuana-rescheduling-comments-heres-what-americans-really-thin"> EXCLUSIVE: We Analyzed 4,000+ DEA Marijuana Rescheduling Comments; Here&#8217;s What Americans Really Think</a>

Analyst Color

Market Summary

Analyst Ratings

Cannabis Stocks Plummet By Up To 16% On DEA Rescheduling Delay: Could This Be The Buying Opportunity Of 2024?

The most recent expression of support for legalizing cannabis in Florida came on Monday when the American Civil Liberty Union of Florida (ACLU-FL) announced it was backing the initiative, also known as <a href="https://drupal-cloudfront.benzinga.com/topic/amendment-3">Amendment 3</a>, which goes to a vote in the upcoming <a href="https://www.benzinga.com/topic/2024-election">November elections</a>.
&#8220;We proudly endorse Amendment 3, to legalize cannabis for recreational use in Florida. The time is now to end the failed drug war in Florida and to legalize it,&#8221; wrote the ACLU-FL Monday on X. 
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Florida voters have the opportunity to legalize and repair over a half-century of failed policies criminalizing cannabis by voting Yes on 3. <a href="https://t.co/uD7dfCUIvT">pic.twitter.com/uD7dfCUIvT</a>
&mdash; ACLU of Florida (@ACLUFL) <a href="https://twitter.com/ACLUFL/status/1828106419503329624?ref_src=twsrc%5Etfw">August 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<h1 class="wp-block-heading">DeSantis&#8217; Anti-Cannabis Warpath: Falling Out With Friends, Not Enough Money</h1>
Meanwhile, Gov Ron DeSantis is very much on the warpath against legal weed in his state as the polls move in the direction of approval for the initiative. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40496563/ron-desantis-staffer-peeved-flordias-cannabis-legalization-initiative-has-no-home-grow-provision">Ron DeSantis Staffer Peeved Florida&#8217;s Cannabis Legalization Initiative Has No Home-Grow Provision — Shocked? We&#8217;ll Explain</a>
The Floridian recently <a href="https://floridianpress.com/2024/08/desantis-faces-a-high-uphill-climb-on-amendment-3-marijuana-legalization/">noted</a> DeSantis faces an uphill battle in his struggle to defeat Amendment 3, not the least of which likely includes Trump&#8217;s recent innuendo-drenched <a href="https://www.benzinga.com/markets/cannabis/24/08/40561136/trump-dislikes-having-people-in-jail-for-cannabis-will-he-legalize-if-elected-or-just-trying-to-">remarks on cannabis</a> including his distaste for people being incarcerated for weed.
&#8220;However, what might be the most interesting fact surrounding the millions of dollars campaigning for and against the amendment is that members of Gov. DeSantis' inner circle, both now and during his presidential campaign, are pushing for the passage of Amendment 3 with millions of dollars behind them,&#8221; wrote The Floridian.
To wit, two firms connected to a super PAC backing DeSantis,&nbsp;Axiom Strategies&nbsp;and&nbsp;Vanguard Field Strategies,&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/09/34745991/ron-desantis-anti-pot-stance-clashes-with-top-supporter-pushing-for-legalization-of-recreational">have received millions</a> from an organization advocating for Amendment 3.
DeSantis loyalist and longtime advisor Nick Iarossi of Capital City Consulting also happens to have Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) — one of the <a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">major financial backers</a> of the Amendment 3 campaign — as a client with his firm.
More recently, former Republican Party of Florida Chair <a href="https://www.benzinga.com/markets/cannabis/24/07/40085870/ron-desantis-and-gop-stalwart-feud-over-cannabis-legalization-trump-floridas-top-cops-also-weigh">Joe Gruters came out in favor</a> of cannabis legalization via Amendment 3. 
As the ballot vote gets closer, it appears Florida&#8217;s politicians and businesses are starting to see benefits in its passage.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40561136/trump-dislikes-having-people-in-jail-for-cannabis-will-he-legalize-if-elected-or-just-trying-to-">Trump Dislikes Having People In Jail For Cannabis: Will He Legalize If Elected Or Just Trying To Appeal To VP Harris&#8217; Voters?</a></li>
</ul>
Photo: Shutterstock

Ron DeSantis' Anti-Cannabis Warpath Strewn With Dissenting GOP Colleagues, Not Enough Money, Polls Favoring Legalization

Editor&#8217;s note: This article has been updated to reflect the correct exposure of Green Thumb Industries (GTI) in the MSOS ETF and to clarify the structure and risk factors associated with MSOX and MSOS. Additionally, we&#8217;ve provided more accurate information on the liquidity of the ETFs and their underlying assets.
Cannabis investors have been navigating a <a href="https://www.benzinga.com/cannabis">complex and volatile market</a>, with two major ETFs, the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and its leveraged counterpart, the AdvisorShares MSOS 2x Daily ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOX#NYSE">MSOX</a>), at the center of the storm.
Both ETFs have faced considerable headwinds in the form of regulatory uncertainty and underperforming stocks in the cannabis space, new SEC filings show. Yet the potential for regulatory reform — particularly the rescheduling of cannabis under federal law — along with emerging pro-cannabis political momentum, offers a glimpse of hope that could reinvigorate these funds and the broader market.
<h2 class="wp-block-heading">Closer Look At MSOS, MSOX: Performance And Market Pressures</h2>
In recent regulatory filings for MSOS and MSOX, we see a mixed picture of the ETFs&#8217; positions and struggles. MSOS, which tracks a diverse range of U.S.-based cannabis companies, is facing significant pressure due to the prolonged regulatory gridlock in the U.S. and the economic downturn that has weighed heavily on growth-oriented sectors like cannabis.
The filings reveal the ETF&#8217;s holdings in prominent cannabis companies such as Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), Verano Holdings Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>) and Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>). These stocks have shown both potential and volatility, yet have been unable to escape the broader downturn in the cannabis market. MSOS reported a 25.48% exposure to Green Thumb Industries, one of the most stable multi-state operators (MSOs), as of August 21, 2024, but the sector's struggles have prevented these assets from delivering consistent gains. This exposure includes a Total Return Swap (TRS) position on Green Thumb Industries with a notional amount of $18.39 million and an unrealized appreciation of $9.53 million as of the latest filing.
MSOX, the leveraged counterpart of MSOS, is built for more aggressive investors seeking amplified returns by leveraging the performance of MSOS itself. This strategy also means amplified risk, particularly in a volatile sector like cannabis. Unlike MSOS, which directly holds positions in cannabis stocks and Total Return Swaps (TRS), MSOX delivers its returns by applying leverage to the entire MSOS portfolio, rather than individual stock positions. While MSOS does have some exposure to 4Front Ventures Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>), its weighting is relatively small at 0.24% as of yesterday's close, which further underscores the diversified yet leveraged risk of MSOX.
Also Read: <a href="https://www.benzinga.com/markets/cannabis/24/08/40493745/bioxyne-delivers-australias-first-pharmaceutical-cannabis-gummies-scales-up-manufacturing-capabi">Bioxyne Delivers Australia&#8217;s First Pharmaceutical Cannabis Gummies, Scales Up Manufacturing Capabilities</a>
<h2 class="wp-block-heading">Structural And Liquidity Challenges In Cannabis ETFs</h2>
The filings also shed light on some of the structural challenges these ETFs face. Both MSOS and MSOX hold complex financial instruments, including total return swaps on major cannabis companies like Green Thumb Industries, Verano Holdings, and 4Front Ventures. While these swaps can provide potential gains, current market conditions have pushed many of these positions into significant losses since May of 2024.
MSOX, which leverages the performance of the entire MSOS portfolio, has experienced depreciation in value due to the broader market downturn. While MSOS holds TRS positions, such as a $462,000 loss on 4Front Ventures and a $1.22-million depreciation on swaps tied to Vapen MJ Ventures Corp, MSOX does not hold individual stock positions or swaps but amplifies the overall returns and risks of MSOS.
These derivative positions are often tied to companies that are under pressure, not just from declining stock prices but also from liquidity constraints and challenges in raising capital due to the regulatory environment and restricted access to traditional financing options. While the ETFs themselves, particularly MSOS, are highly liquid, with an average of 9 million shares trading daily over the past 10 days, the underlying assets, such as cannabis stocks, can be less liquid. Many of these stocks fall into the microcap category, where liquidity is often more limited compared to larger-cap stocks. This lower liquidity in the underlying assets can still contribute to volatility, especially in leveraged products like MSOX, where market movements are amplified.
Additionally, regulatory uncertainty, especially around U.S. federal cannabis reform, has kept institutional investors cautious, limiting the inflows into cannabis stocks and ETFs. These structural factors have contributed to the subdued performance of MSOS and MSOX.
<h2 class="wp-block-heading">Potential Cannabis Rescheduling: Beacon Of Hope</h2>
Despite these challenges, potential catalysts could significantly alter the landscape for cannabis stocks and ETFs. One of the most prominent developments on the horizon is the potential rescheduling of cannabis from a Schedule I to a Schedule III controlled substance. This shift would be a monumental step for the industry, easing many of the financial and operational burdens that cannabis companies face under federal prohibition.
Rescheduling cannabis would alleviate major obstacles related to taxation (particularly the burdensome Section 280E of the tax code), banking access and investment restrictions. This move could unlock broader institutional investment, which has been largely absent from the cannabis sector due to its federal illegality.
It would also allow cannabis companies to deduct ordinary business expenses, vastly improving their profitability. The market is already speculating that rescheduling could prompt a wave of new investments into the sector, lifting ETFs like MSOS and MSOX.
<h2 class="wp-block-heading">Legislative Momentum: Harris, Walz's Pro-Cannabis Formula</h2>
On the legislative front, pro-cannabis political figures such as Democratic presidential nominee Vice President Kamala Harris and her running mate Minnesota Gov. Tim Walz are helping drive momentum for cannabis reform. The Harris-Walz formula seeks to advance legalization and cannabis-friendly policies that focus on progressive reform and social equity initiatives. Harris has been a vocal advocate for cannabis legalization and her influence, along with growing bipartisan support, could accelerate progress in federal reform efforts.
Walz, meanwhile, has been instrumental in advancing state-level cannabis reforms and advocating for broader change at the federal level. His focus on legalization and progressive cannabis policies in Minnesota could serve as a blueprint for federal policy, should he be elected. These initiatives, coupled with broader political momentum, create a more favorable environment for cannabis legislation, which could ultimately benefit ETFs like MSOS and MSOX.
<h2 class="wp-block-heading">Key Catalysts: Banking Reform, International Expansion And SAFE Banking</h2>
Beyond rescheduling, other legislative and regulatory changes could offer significant tailwinds for the cannabis sector. The SAFE Banking Act, which aims to provide cannabis businesses with access to traditional banking services, is another key area of focus. Cannabis companies have limited access to banking, forcing many to operate in cash — a risky and inefficient model that stifles growth. Passage of the SAFE Banking Act would provide cannabis companies with much-needed financial services, lowering operational risks and making the sector more attractive to institutional investors.
International markets also present growth opportunities for cannabis companies. Germany, for example, has emerged as one of the most significant markets for medical cannabis in Europe and recent regulatory developments suggest that the country could become a global leader in cannabis. U.S.-based cannabis companies, many of which are part of MSOS and MSOX's portfolios, have already begun expanding internationally and success in international markets could help offset some of the domestic challenges.
<h2 class="wp-block-heading">The Road Ahead For Cannabis ETFs</h2>
While the environment remains challenging, the future holds several potential catalysts for the cannabis sector. Cannabis rescheduling, legislative reform and international expansion offer promising opportunities for growth. As these developments unfold, they could provide much-needed relief for ETFs like MSOS and MSOX, which are poised to benefit from a more favorable regulatory landscape and the subsequent influx of institutional capital.
For investors, the key lies in navigating the current volatility while staying attuned to the potential for a turnaround driven by regulatory and legislative progress. ETFs like MSOS and MSOX, though battered by recent market conditions, remain well-positioned to capture the upside if these catalysts come to fruition. The road ahead for cannabis ETFs may be rocky, but with the right mix of policy changes and market momentum, the sector could see a significant rebound in the not-too-distant future.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40493286/hip-hop-star-and-beyonc-collaborator-big-freedia-enters-cannabis-beverage-market-with-wobble-thc">Hip Hop Star And Beyoncé Collaborator Big Freedia Enters Cannabis Beverage Market With Wobble THC Energy Drink</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo created using artificial intelligence.

AdvisorShares Trust AdvisorShares MSOS 2x Daily ETF

MSOX

New SEC Filings Reveal Risks In Cannabis ETFs Following Recent Volatility — But There's Still Room For Optimism (CORRECTED)

A dispute between a senior staffer for Florida Gov. Ron DeSantis and the CEO of the state's largest medical marijuana company has intensified over the proposed cannabis legalization initiative, known as Amendment 3, which will be on the <a href="https://www.benzinga.com/topic/2024-election">November 2024 ballot</a>.
<h1 class="wp-block-heading">What's All The Fuss About?</h1>
Gov. DeSantis <a href="https://www.benzinga.com/markets/cannabis/24/07/39827912/ron-desantis-blasts-floridas-cannabis-legalization-ballot-at-rnc-it-would-allow-80-joints-a-day-">vehemently opposes</a> the legalization amendment, but based on what his staffer thinks, he could dislike the fact it does not include provisions for home-cultivation of cannabis. 
Christina Pushaw, a senior management analyst in the governor's office, took to social media on Tuesday to let off some collective steam about the amendment that one would assume she, nor her boss DeSantis, would be voting for. &nbsp;"Amendment 3 would create a monopoly on recreational [cannabis]" and "doesn't allow home growing," she lamented.
She questioned why Florida's legalization amendment omits home cultivation when other states that have legalized recreational marijuana include it. "It's not about ‘freedom,' it's corporate greed," she went on.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">Ken Griffin&#8217;s $12M Donation And DeSantis&#8217;s Anti-Cannabis PACs Face Off Against Pro-Legalization Group&#8217;s $72M War Chest</a>
<h1 class="wp-block-heading">DeSantis Ally Criticizing Corporate Greed? Who Might She Be Referring To?</h1>
Kim Rivers, CEO of Trulieve Cannabis Corp (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>), the prominent multi-state cannabis operator which <a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">significantly funded</a> the Florida legalization campaign, responded to Pushaw's remarks.
"Great news — it looks like <a href="https://x.com/GovRonDeSantis">@GovRonDeSantis</a> supports home grow in Florida per his spokesperson! While we could not include it in this amendment due to Florida Supreme Court single subject rules (which he knows), this is absolutely something we can support via implementation in the legislature and with the Governors support we can get it done!"
The cannabis company CEO respectfully stopped short of saying "Yay."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Great news &#8211; it looks like <a href="https://twitter.com/GovRonDeSantis?ref_src=twsrc%5Etfw">@GovRonDeSantis</a> supports home grow in Florida per his spokesperson! While we could not include it in this amendment due to Florida Supreme Court single subject rules (which he knows), this is absolutely something we can support via implementation in the… <a href="https://t.co/aNq1a2rdKn">https://t.co/aNq1a2rdKn</a>
&mdash; Kim Rivers (@rivers_kim) <a href="https://twitter.com/rivers_kim/status/1825890901203251492?ref_src=twsrc%5Etfw">August 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<h1 class="wp-block-heading">Pushaw's Response?</h1>
Back to X (formerly Twitter), Pushaw accused Rivers of a "reading comprehension fail," reiterating that the amendment is "purely about lining your own pockets at Floridians' expense."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Reading comprehension fail. I pointed out a fact about the amendment. Thanks for highlighting it and admitting that Amendment 3 is purely about lining your own pockets at Floridians' expense. <a href="https://t.co/w0TB0SfgCu">https://t.co/w0TB0SfgCu</a>
&mdash; Christina Pushaw &#x1f40a; &#x1f1fa;&#x1f1f8; (@ChristinaPushaw) <a href="https://twitter.com/ChristinaPushaw/status/1825922945505485278?ref_src=twsrc%5Etfw">August 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Meanwhile, a spokesperson for Smart &amp; Safe Florida, the advocacy group behind Amendment 3, echoed Rivers' sentiment, explaining that including a home cultivation option would have risked disqualification under the state Constitution's single-subject restrictions. These restrictions previously led to the disqualification of earlier legalization proposals, although the<a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d"> measure passed Supreme Court review </a>in April 2024, despite attempts by state officials to invalidate it.
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40491549/gop-concern-about-marijuana-as-a-gateway-drug-will-it-shape-policy-and-public-perception-ahead-o">GOP Concern About Marijuana As A Gateway Drug: Will It Shape Policy And Public Perception Ahead Of 2024 Election?</a></li>
</ul>
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
Photo: Benzinga edit with photo by&nbsp;<a href="https://www.flickr.com/people/22007612@N05" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;of&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/53299142646/" target="_blank" rel="noreferrer noopener">Ron DeSantis</a>&nbsp;via Wikimedia Commons; photo by&nbsp;<a href="https://unsplash.com/@joseluissp_ph" target="_blank" rel="noreferrer noopener">Jose Luis Sanchez Pereyra</a>&nbsp;via Unsplash

Ron DeSantis Staffer Peeved Florida's Cannabis Legalization Initiative Has No Home-Grow Provision — Shocked? We'll Explain

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/BLGVF">Belgravia Hartford Cap</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BLGVF#OTC">BLGVF</a>) shares closed up 57.10% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/BBRRF">Blueberries Medical</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BBRRF#OTC">BBRRF</a>) shares closed up 44.23% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/HERTF">Heritage Cannabis Holding</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HERTF#OTC">HERTF</a>) shares closed up 40.00% at $0.001</li>
<li><a href="https://www.benzinga.com/quote/EAST">Eastside Distilling</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EAST#NASDAQ">EAST</a>) shares closed up 31.87% at $0.94</li>
<li><a href="https://www.benzinga.com/quote/ZLDAF">Zelira Therapeutics</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ZLDAF#OTC">ZLDAF</a>) shares closed up 19.15% at $0.48</li>
<li><a href="https://www.benzinga.com/quote/SOLCF">SOL Glb Inv</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SOLCF#OTC">SOLCF</a>) shares closed up 15.50% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/LVRLF">CordovaCann</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVRLF#OTC">LVRLF</a>) shares closed up 14.29% at $0.08</li>
<li><a href="https://www.benzinga.com/quote/CNBX">CNBX Pharmaceuticals</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNBX#OTC">CNBX</a>) shares closed up 12.12% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CBDY">Target Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBDY#OTC">CBDY</a>) shares closed up 11.11% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/KAYS">Kaya Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KAYS#OTC">KAYS</a>) shares closed up 8.08% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/CNTMF">Cansortium</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>) shares closed up 7.64% at $0.15</li>
<li><a href="https://www.benzinga.com/quote/CRBP">Corbus Pharmaceuticals</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) shares closed up 7.45% at $61.55</li>
<li><a href="https://www.benzinga.com/quote/NWVCF">EnWave</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NWVCF#OTC">NWVCF</a>) shares closed up 7.13% at $0.16</li>
<li><a href="https://www.benzinga.com/quote/SOL">Emeren Group</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOL#NYSE">SOL</a>) shares closed up 5.95% at $1.96</li>
<li><a href="https://www.benzinga.com/quote/BLOZF">Cannabix Technologies</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BLOZF#OTC">BLOZF</a>) shares closed up 5.01% at $0.35</li>
<li><a href="https://www.benzinga.com/quote/MRMD">MariMed</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>) shares closed up 4.75% at $0.21</li>
<li><a href="https://www.benzinga.com/quote/VFF">Village Farms Intl</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>) shares closed up 4.67% at $1.09</li>
<li><a href="https://www.benzinga.com/quote/CPHRF">Cipher Pharmaceuticals</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CPHRF#OTC">CPHRF</a>) shares closed up 4.63% at $11.74</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed up 3.09% at $0.06</li>
<li><a href="https://www.benzinga.com/quote/TCNNF">Trulieve Cannabis</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) shares closed up 3.03% at $9.90</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/FLWPF">Flowr</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FLWPF#OTC">FLWPF</a>) shares closed down 99.00% at $1e-06</li>
<li><a href="https://www.benzinga.com/quote/ELLXF">Elixinol Wellness</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ELLXF#OTC">ELLXF</a>) shares closed down 87.23% at $0.0003</li>
<li><a href="https://www.benzinga.com/quote/LBUY">Leafbuyer Techs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LBUY#OTC">LBUY</a>) shares closed down 45.00% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/LMLLF">Pharmadrug</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LMLLF#OTC">LMLLF</a>) shares closed down 44.66% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/RSSFF">Affinor Growers</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RSSFF#OTC">RSSFF</a>) shares closed down 24.56% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/GNLN">Greenlane Hldgs</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNLN#NASDAQ">GNLN</a>) shares closed down 12.31% at $7.20</li>
<li><a href="https://www.benzinga.com/quote/CNPOF">RIV Capital</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNPOF#OTC">CNPOF</a>) shares closed down 12.17% at $0.12</li>
<li><a href="https://www.benzinga.com/quote/UGRO">Urban-gro</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UGRO#NASDAQ">UGRO</a>) shares closed down 11.56% at $1.50</li>
<li><a href="https://www.benzinga.com/quote/RMHB">Rocky Mountain High</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RMHB#OTC">RMHB</a>) shares closed down 9.09% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/ITHUF">iAnthus Capital Hldgs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTC">ITHUF</a>) shares closed down 7.85% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/GBHPF">Global Hemp Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBHPF#OTC">GBHPF</a>) shares closed down 5.41% at $0.04</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

BBRRF

BLGVF

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ZLDAF

Cannabis Stock Movers For August 21, 2024

Marijuana sales in Ohio are surging since <a href="https://www.benzinga.com/markets/cannabis/24/08/40172821/its-official-ohio-begins-recreational-cannabis-sales-on-tuesday-heres-where-and-how-you-know-the">sales began on Aug. 6</a> with shops reporting unprecedented — and unexpected — sales volumes from eager Ohioans and a fair share of visitors from neighboring states.
In the first 12 days alone, Ohio&#8217;s recreational marijuana sales reached over $22.5 million, with medical marijuana contributing an additional $16 million, bringing the total to roughly $38.5 million. In the first five days after the launch, consumers <a href="https://www.benzinga.com/markets/cannabis/24/08/40408620/ohio-cannabis-market-hits-11-5m-in-first-week-of-adult-use-sales">spent over $11.5 million</a>.
<h1 class="wp-block-heading">Daily Sales Averages: Dramatic Increase</h1>
Before 57% of Ohioans <a href="https://www.benzinga.com/markets/cannabis/23/11/35664155/ohio-legalizes-cannabis-and-overwhelmingly-approves-abortion-rights">voted to fully legalize cannabis</a> in November 2023, medical marijuana (MMJ) dispensaries averaged about $12,740 per day. Now, with recreational sales included, this average has climbed to approximately $27,300 per day — a 114% increase.
MMJ dispensaries now benefit from <a href="https://www.benzinga.com/markets/cannabis/24/06/39367272/ohios-medical-marijuana-dispensaries-will-soon-change-their-shingle-and-include-recreational-wee">dual-use licenses</a> allowing them to cater to the recreational market as well. This shift has pushed foot traffic and net sales off the chart, with some businesses reporting daily customer counts five to 10 times higher than usual.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40489270/harris-walz-ticket-could-it-be-the-federal-cannabis-reform-catalyst">Harris-Walz Ticket: Could It Be the Federal Cannabis Reform Catalyst?</a>
<h1 class="wp-block-heading">Welcome Neighbors!</h1>
The success of Ohio&#8217;s marijuana market is also drawing customers from nearby states, especially Indiana, where weed is still illegal. Dispensaries close to the state line, like Theory Wellness in Sherwood, have seen increased traffic from non-residents seeking legal purchases.
&#8220;They appreciate having a dispensary that is a lot closer to them than Michigan,&#8221; Brandon Pollock, CEO of Theory Wellness said of customers from Indiana, <a href="https://www.wtol.com/article/news/politics/marijuana-legalization/northwest-ohio-dispensaries-high-recreational-marijuana-sales-since-legal/512-ee8e7f7d-3c67-4120-a5ed-ada804901455">reported</a> WTOL11. &#8220;They might&#8217;ve been driving an hour and a half to go to Michigan to purchase, but we&#8217;re the more convenient, legal option.&#8221;
<h1 class="wp-block-heading">Multi-State Operators Getting In On The Action</h1>
The multi-state operators (MSOs) in Ohio include Verano Holdings Corp (Cboe CA: VRNO) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTCQX">VRNOF</a>), Florida-based Trulieve Cannabis Corp (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>), the Cannabist Company (under the Columbia Care and gLeaf brands), Curaleaf Holdings Inc (OTCQX: <a href="https://www.benzinga.com/stock/curlf#OTCQX">CURLF</a>), Rise Dispensaries, Acreage Holdings Inc (OTCQX: <a href="https://www.benzinga.com/quote/ACRHF" target="_blank" rel="noreferrer noopener">ACRHF</a>) and the cannabis retail chain owned Green Thumb Industries (OTCQX: <a href="https://www.benzinga.com/stock/gtbif#OTCQX">GTBIF</a>).
<h1 class="wp-block-heading">Bright Future</h1>
As Ohio continues to adjust to the newly legalized recreational market, some estimates anticipate the weed industry could generate $1 billion annually by serving its estimated one million monthly users while also creating 3,300 full-time jobs in the first year.
An Ohio State University&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/11/35554841/ohios-260m-economic-boom-in-first-year-of-legal-cannabis-new-study-predicts-windfall" target="_blank" rel="noreferrer noopener">analysis&nbsp;suggested earlier this year</a>&nbsp;that legal cannabis could potentially generate between $276.2 million and $403.6 million in annual tax revenue.
Go Buckeyes!
Now Read:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">Ken Griffin&#8217;s $12M Donation And DeSantis&#8217;s Anti-Cannabis PACs Face Off Against Pro-Legalization Group&#8217;s $72M War Chest</a></li>
</ul>
Get Benzinga&#8217;s exclusive analysis and top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.

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