Amendment 3 continues to gain traction

🆕 FLORIDA POLLING
Amendment 3 passing in latest round of polling

Driving the news: Aside from the Presidential race, all cannabis eyes are on the Amendment 3 measure to legalize cannabis in Florida. Recall that the measure needs a 60 percent yes vote to pass. And the measure has been hovering just below that measure, according to polling from earlier in the campaign. 

But not any more.

The latest: According to the University of North Florida Public Opinion Research Lab, the measure is polling above the 60 percent threshold. According to UNF PORL: 

Amendment 3, “Adult Personal Use of Marijuana,” received much greater and definitive support with 66% indicating a vote of “yes,” 30% who said they would vote “no,” and 4% who said they don’t know. Support for this amendment has increased by two percentage points since the last PORL statewide poll in July of this year, in which 64% of likely voters indicated a vote of “yes.”

Why it matters: If Amendment 3 passes, it will be the second, large “red state” to legalize in the past year – with Ohio voters approving legal cannabis last November. Florida already has a massive medical cannabis market, generally a strong indicator of near-term success of adult-use cannabis markets. 

And…: Florida has split the coalition that generally fights legalization efforts – Republican Governors and the considerable political and policy levers they are able to pull. Just yesterday, we wrote about Governor Ron DeSantis’ use of state agencies to stir the political pot against cannabis. And in Florida, it’s a Republican vs. Republican battle – as former President Donald Trump is supporting Amendment 3 while DeSantis is opposing it. 

As always, polling caveat: As with any poll, results may vary from actual vote counts on Election Day – so stay tuned.

-JR

WKMG in Orlando had attorney John Morgan on to talk about Amendment 3. They referred to him as Florida’s “Pot Daddy” — and he came through with these quotable gems:

 "It's a plant, put into nature, by God, for us, and it works..." and

“I take a gummy, every single night, and I fly to bed.”

Watch the full segment. 

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Illinois can’t celebrate just yet 💸

Illinois’ legal cannabis market reached over $2 billion in sales in fiscal year 2024, per Illinois’ annual cannabis report. However, the state still struggle with illicit sales — which account for about 36% of cannabis use — and the rise of unregulated hemp-derived THC products that exploit legal loopholes and complicate enforcement efforts. Read more. 

Louisiana hemp ain’t happy 😡

Louisiana’s hemp industry is suing state officials over Act 752, says Law360, which redefines industrial hemp based on total THC content rather than just delta-9 THC. The Louisiana hemp industry argues that the law is unconstitutional as it conflicts with federal regulations under the 2018 Farm Bill and could criminalize previously legal hemp-derived products, overly vague, and threatens the livelihoods of farmers and businesses. Read more. 

Puerto Rico 🤝 decriminalization

Governor Pedro Pierluisi Urrutia expressed support for decriminalizing, but not legalizing, controlled substances in response to increasing fentanyl-related deaths in Puerto Rico, per The San Juan Daily Star. He emphasized the need for careful regulation to avoid encouraging drug use, stating that drug users should not face imprisonment unless involved in repeat offenses or other crimes. Read more.

As more people turn to cannabis to manage chronic pain, healthcare providers still question its validity. As a result, the Rutgers Institute for Health, Health Care Policy and Aging Research conducted a study not to determine whether cannabis is an admissible fix for chronic pain, but to assess the support among adults with chronic pain and physicians for chronic pain-related cannabis access policies. 

Lead author of the study, Elizabeth Stone, said it best to NJ.com: “Whether or not the evidence is there, people are using cannabis for chronic pain. So, with this survey, we wanted to see where providers were at with that interest. The main takeaway for us is this need for education.”

The survey, unsurprisingly, found that people with chronic pain were more supportive of policies expanding access to cannabis — federal legalization and insurance coverage — compared to physicians. Physicians who had not recommended cannabis for chronic pain were less supportive of expanding access. Those who used cannabis for chronic pain were the most in favor of expanded access, while support for physician training on cannabis use for chronic pain management was unanimous.

-CR

Spencer Scott announced on LinkedIn that he’s the new Chief Revenue Officer at cannabis tech company Dutchie. Scott’s last two positions were in executive roles at Boats Group and CarGurus. 

Nalu Bio is looking for a Chief Scientific Officer to lead the development of innovative therapeutics and supplements targeting the endocannabinoid system, said Caitlyn Krebs on LinkedIn.

Canadian cannabis company SNDL announced they finalized their acquisition of NOVA – which is meant to streamline retail operations as well as expenses related to having NOVA be a publicly-traded company.

Some publicly-traded cannabis companies are under the microscope in the cannabis news:

• It looks like Canada-based Aurora Cannabis has settled a long-standing lawsuit claiming it manipulated their stock price in 2019 as part of an acquisition. StratCann has more. 

• And speaking of investor-driving lawsuits, WeedMaps is facing a possible class action from investors over misleading financial statements. More from Benzinga.

The Tax Foundation put together a handy-dandy map/guide of taxation on cannabis throughout the US.

The rare bipartisan issue in this year’s election: recreational weed | The Wall Street Journal

Abu Dhabi’s billions enter the private credit craze | Bloomberg

Federal court clarifies standard for marijuana caregivers seeking protection from DOJ prosecution (Op-Ed) | Marijuana Moment