6 MSOs Join Florida Adult-Use Legalization Campaign, Contribute $15 Million in New Funding

Trulieve is no longer Florida’s lone medical cannabis operator providing financial muscle behind an adult-use legalization initiative, Amendment 3, that will go before voters in November’s election.

Leading up to the Supreme Court’s 5-2 ruling on April 1 that approved the proposed constitutional amendment for placement on the ballot, Tallahassee-based Trulieve had contributed more than $40 million to the initiative’s sponsor, Smart & Safe Florida, according to Florida Department of State public records through the fourth quarter of 2023.

Trulieve is the largest medical cannabis operator in the state with 134 dispensaries, according to Florida’s Office of Medical Marijuana Use (OMMU).

But six other multistate cannabis operators with significant footprints in the Sunshine State have now joined the effort and have contributed to an additional $15 million in funding for the campaign, Smart & Safe Florida announced April 3. 

Those six companies include Verano, Curaleaf, AYR Wellness, Cresco Labs, Green Thumb Industries and INSA, which operate another 256 medical cannabis retail facilities in Florida, according to OMMU. Trulieve is also a donor that contributed to the $15 million in additional funding, a Smart & Safe Florida spokesperson told Cannabis Business Times.

“We are not only pleased that the court has agreed to move this initiative forward, but we are also thrilled to announce a strong alliance of committed donors to the effort,” Smart & Safe Florida Chairman David Bellamy said in the press release.

The new donors will help propel the campaign to gain the supermajority 60% voter support required to pass constitutional amendments in Florida. Among 13 states that have legalized adult-use cannabis through citizen-initiated ballot measures, only Arizona, in the 2020 election, has met that 60% threshold. New Jersey (67.1%) and Maryland (67.2%) voters approved legislative-referred referendums.

In Florida, 67% of voters said they would support a constitutional amendment allowing adults to purchase and possess personal amounts of cannabis, according to a November 2023 survey conducted by pollsters at the University of North Florida’s Public Opinion Research Lab. 

But with opponents of the initiative—including Drug Free America, the Florida Chamber of Commerce, and Florida Attorney General Ashley Moody—as well as myriad factors that can influence voters during an actual election, from media to public figures, donations will be key leading up to November.

And Florida’s existing medical operators, which will be able to remain vertically integrated while expanding to a forthcoming adult-use market under the proposed amendment, know what’s at stake.

Verano, the state’s second-largest operator with 74 retail storefronts under the MÜV umbrella in Florida, has more than 262,000 square feet of cultivation and processing capabilities with facilities in Apollo Beach and Palatka.

From the medical market alone, Verano generated more than $221 million in Florida retail sales in 2023, representing 23.6% of its total revenue of $938 million for the year, according to Verano’s reported financial results.

“Following the Florida Supreme Court’s affirmative ruling confirming Floridians’ democratic right and freedom to vote in support of Amendment 3, Verano and MÜV are proud to stand alongside cannabis leaders and advocates to inform, educate and collaborate on the countless economic, health and wellness benefits this incredible plant provides millions of Americans every day,” Verano CEO and founder George Archos said in a statement provided to CBT. “Florida has a chance to make history, and we’re thrilled to join Smart and Safe to drive positive lasting change in the Sunshine State.”

Should voters cross the 60% threshold in November, adults 21 and older would be able to purchase and possess up to 3 ounces of dried flower or 5 grams of concentrate for personal use with the effective date of the amendment coming six months after the election.

The Florida Legislature would determine a process for licensing additional market entrants.

"Trulieve was the primary financial supporter of the initiative during the signature gathering effort and subsequent court challenge and is a proud supporter, alongside a strong coalition of other companies, of the next important phase to educate Floridians on the amendment and secure a yes vote on Amendment 3 this November," Trulieve CEO Kim Rivers said in a press release.