U.S. cannabis stocks fall before market open as Florida voters reject legalization of marijuana for recreational use.

U.S. cannabis stocks fell before the market opened on Wednesday after a costly campaign to legalize recreational marijuana in Florida failed on Tuesday night. As of writing, Canopy Growth (CGC.US) was down nearly 17%, Tilray Brands (TLRY.US) was down over 6%, SNDL (SNDL.US) was down over 13%, Cronos Group (CRON.US) was down over 7%, Aurora Cannabis (ACB.US) was down over 4%, and AdvisorShares Pure US Cannabis ETF (MSOS.US) was down nearly 17% before the market opened on Wednesday.

It was reported that the rejection of the ballot initiative to legalize recreational marijuana in Florida was seen as a victory for Governor Ron DeSantis, who opposed the initiative. Trump had previously said he supported the ballot initiative to legalize recreational marijuana in Florida.