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Florida Governor Ron DeSantis has been very vocal about his position on the state’s Amendment 3, which would legalize adult-use cannabis. He’s 100% against it. However, his reasons keep changing as he hopes to find one that sticks like fine cannabis resin.
At first, the governor complained that if adult-use cannabis was legalized in the state, the smell of consumption would be overwhelming.
When that failed to catch fire, DeSantis suggested in a speech at the Republican National Convention that if cannabis were fully legal in the state, Florida would “turn blue” (more Democratic). While some fully legal states do lean toward Democratic majorities, many, such as Montana and Arizona, are Republican-controlled.
DeSantis just says no
The governor’s latest tactic has been to characterize Amendment 3 as a pro-monopoly bill, clearly meaning it would only benefit Trulieve Cannabis Corp. (OTC: TCNNF), the largest medical marijuana provider in the state, even though he hasn’t mentioned the company by name.
“This is being driven by one company from Canada, and they came into Florida for medical [marijuana],” DeSantis said. The problem with his latest claim? Trulieve is a Florida-based company operated by mostly Floridians. It got its first-mover advantage in the state by aligning with an already-established nursery in the state to get one of the first medical marijuana licenses.
The monopoly argument doesn’t even hold bong water.
“The accusations are verifiably false,” Trulieve spokesman Steve Vancore told Green Market Report. “There are 25 medical marijuana treatment centers licensed in the state. That’s more than grocery store chains or automotive manufacturers also operating in the state. Additionally, the governor himself has limited the market and today could issue another 22 licenses under Florida law. There’s no definition of monopoly that fits here.
Vancore added: “Secondly, and perhaps more importantly, the amendment itself clearly states that the legislature may provide for licensure of entities that are not medical marijuana treatment centers, which means the amendment itself expands, not contracts, the market.”
Trulieve had 149 stores in the state as of September 13. It is followed by privately owned MUV with 79 stores. Rounding out the top five operators are:
Ayr Wellness with 65 stores
Curaleaf with 64 stores
Surterra Wellness (Parallel Cannabis) with 45 stores.
Assuming they are willing to pay the fees required for adult-use licenses, any of these operators stand to gain from the amendment passing – not just Trulieve.
Monopoly money
DeSantis also seems to take issue with the amount of money Trulieve has spent on the initiative, which currently sits at $83 million on through Smart and Safe Florida. According to a report from WUSF, Verano Holdings ($3.5 million), Green Thumb Industries ($2.5 million) and Curaleaf ($2 million) have also contributed to the campaign.
“It’s not about access to weed, it’s about corporate greed,” Vote No on 3 spokeswoman Sarah Bascom said in a news release. The campaign’s website echoes the DeSantis view: “It entrenches their monopoly, bans homegrown pot, and gives special licenses to corporations. They wrote it. They rigged it. And they are hoping you fall for it. Amendment 3 isn’t the marijuana amendment, it’s the monopoly amendment.”
However, the ban on homegrown cannabis came from the courts, not legislation.
In addition, while the Vote No folks talk about greed, CBS News reported that hemp industry executives were caught saying they would give $5 million to Florida Republicans to help fight Amendment 3.
Steve Reilly, head of government relations at Insa, said, “As support for Amendment 3 grows, opponents are resorting to arguments about its supposed impact on the cannabis industry, espousing anti-business sentiment in order to avoid substantive discussions about Amendment 3’s true impact – which is to create a safe, regulated, legal cannabis market for the state and all its residents.”
While the monopoly angle has gained more traction than previous messaging, voting against the measure won’t close existing stores and these companies would continue to operate and sell medical marijuana. According to Headset, the state is on track to sell more than $2 billion worth of cannabis in that market this year.
The legislation needs 60% of the population to vote in favor. Recent polls have it passing that threshold, but the margin remains somewhat slim.
“}]] Several cannabis companies would benefit from the passing of Amendment 3, not just Trulieve. Read More