DeSantis-Backed Anti-Cannabis PACs ‘Blew Through’ $116K At Fundraiser, While Pro-Pot Group Holds $90M War Chest – Trulieve Cannabis (OTC:TCNNF), Next Generation Mgmt (OTC:NGMC)

A six-figure campaign event at a luxury Georgia resort aimed at opposing Florida’s cannabis and abortion amendments ended up losing money rather than generating a profit.

What Happened: The Ron DeSantis-affiliated Florida Freedom Fund, formed in late-May with the stated goal of defeating cannabis legalization and restoring abortion access, “blew through nearly $116,000 between Aug. 31 and Sept. 6, even though it raised just over $41,000 in the same time,” reported Florida Politics. Most of that, about $115,000, went to cover costs at the Ritz-Carlton in Georgia. This spending constitutes over a third of the campaign’s total expenditures since it launched.

The cannabis legalization initiative, known as Amendment 3, is set to go before Florida voters in the upcoming November elections.

Despite the lavish spending, the committee raised just over $41,000 during the same period, marking the second time its expenditures outpaced contributions. Both the Florida Freedom Fund and Keep Florida Clean, another anti-amendment group linked to DeSantis, have struggled with more spending than fundraising since September. Keep Florida Clean spent more than $286,000 in the same period but raised just $1,600.

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Meanwhile, Amendment 3, which is now the best-funded cannabis legalization amendment in American history, has no shortage of cash on hand. Led by the Smart & Safe Florida committee, the amendment received $90.44 million through Aug. 30, according to Ballotpedia.

As of Sept. 6, Florida’s largest medical marijuana company, Trulieve Cannabis Corp TCNNF, had contributed $87.77 million in cash and in-kind contributions to the Smart & Safe committee since 2022, reported News Service of Florida, citing a state database.

DeSantis lashed out recently at Trulieve, calling the company a corporate monopoly that seeks to corner the cannabis market.

Read More: DeSantis Targets ‘One Big Weed Company’ Funding Florida’s Legalization Campaign, Citing ‘Corporate Interests’

Both the Florida Freedom Fund and Keep Florida Clean committees are chaired by James Uthmeier, DeSantis’ chief of staff and former campaign manager when the governor ran for president. As of Sept. 6, the Florida Freedom Fund had a little more than $3.4 million remaining in cash. Keep Florida Clean had just over $3.9 million, noted Florida Politics.

While fundraising has been lackluster, the Florida Freedom Fund received several notable donations, including $25,000 from Next Generation Energy Corporation NGMC and $10,000 from a Pompano Beach retiree. The outlet noted that the committee continues to rely heavily on a mid-August  $12 million donation from Citadel CEO Ken Griffin.

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