Investing.com — Cannabis stocks were in rally mode Tuesday after the Florida Supreme Court cleared the way for a proposal that seeks to legalize recreational cannabis in the state to appear on the ballot for the November election.
SNDL Inc (NASDAQ:), Canopy Growth Corp (NASDAQ:), Aurora Cannabis Inc (TSX:), were sharply higher, with the latter up more than 16%.
In June 2023, the measure — proposed by the Smart & Safe Florida. would allow Florida’s current providers of medical marijuana to sell cannabis to all adults aged at least 21 — received enough signatures to qualify for the 2024 general election ballot subject to a review from the Florida Supreme court.
The Supreme Court, which had previously rejected two cannabis legalization proposals, backed the measure in a 5-2 vote to advance the proposal to the ballot in the November election, where it must win least 60% of the vote to be passed into law.
