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Recreational marijuana use will be on Florida's ballot in 2024

Several cannabis stocks — Tilray (TLRY), Canopy Growth Corp. (CGC), Aurora (ACB) — are taking off after the Florida Supreme Court approves an amendment on recreational marijuana use to be on the ballot this November in the 2024 presidential election.

Yahoo Finance Live reports on what legalization could mean for Florida's market, citing projections from Trulieve (TCNNF).

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

JOSH LIPTON: Moving on. Cannabis stocks here are getting a boost after the Florida Supreme Court approves a ballot measure to vote on recreational marijuana. So the news here Florida Supreme Court says OK. They ruled recreational.

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Weed proposals can go into the November ballot. We did see moves higher. Different names, Aurora, Kronos. The amplify alternative ETF.

Favorable ruling had been expected, Julie. But I think some investors clearly just appreciate the official word and the potential obviously revenue impact from the industry.

JULIE HYMAN: Yeah, and I got an email from the folks over at Trulieve which is one of the companies that operates I believe medically there. It has 130 dispensaries in the state. I have to say I was just on vacation in Florida.

There are a lot of dispensaries there. And I guess they're all medical dispensaries. But maybe some of them will be switching over or opening new ones.

According to Trulieve, the Florida Medical market makes up 20% of the entire patient count of the United States, which makes sense given the demographics in Florida here. And Trulieve, again, is predicting it will be a $6 billion market in Florida alone if this does get passed.

JOSH LIPTON: That's a lot of weed.

JULIE HYMAN: It's a lot of weed.