The 2024 US elections saw a mixed bag of results for cannabis reform efforts, delivering both victories and setbacks for advocates and industry players alike. While some states saw significant progress, others maintained their conservative stances, highlighting the complex and evolving nature of public opinion on cannabis legalization.
Florida’s Close Call:
In Florida, Amendment 3, aiming to legalize adult-use cannabis, garnered 55.9% support, falling short of the required 60% threshold for constitutional amendments. Despite strong backing from high-profile figures like former President Donald Trump, the initiative faced fierce opposition from GOP figures, including Governor Ron DeSantis, who actively campaigned against it. This outcome, though disappointing for supporters, indicates a growing but not yet decisive public sentiment towards legalization in the state.
Nebraska’s New Era for Medical Cannabis:
In a major policy shift, Nebraska voters approved two medical cannabis measures, Initiative 437 and Initiative 438. These measures pave the way for the establishment of a regulated medical cannabis market, allowing patients to access cannabis for medical conditions. This long-awaited change, driven by persistent activist efforts and significant public support, signals a new era for medical cannabis in the state, with the market potentially opening as early as summer 2026.
North Dakota’s Persistent Conservatism:
For the third time, North Dakota voters declined to legalize adult-use cannabis, with 53% rejecting Measure 5. Despite proponents highlighting the potential financial benefits and proposing regulatory structures similar to neighboring states, the measure failed to secure enough support. This outcome reflects North Dakota’s more conservative stance on cannabis, contrasting with the national trend towards legalization.
South Dakota’s Missed Opportunity:
South Dakota voters also rejected Measure 29, which aimed to legalize cannabis for adult use, in a close vote. This measure proposed limited possession rights and cultivation for adults over 21, but failed to win over the majority of voters. Advocates see this outcome as a missed opportunity for the state to capitalize on the potential economic benefits of a legalized cannabis market.
Dallas, Texas’ Landmark Decriminalization:
In a significant step, Dallas voters approved the “Dallas Freedom Act,” which decriminalizes small amounts of cannabis. This landmark decision, passing with 65% support, prohibits arrests for possession of up to 4 ounces of cannabis and restricts police from using cannabis odor as probable cause. The success in Dallas reflects a growing trend towards cannabis reform in Texas cities, despite continued state-level opposition.
Cannabis Stocks Take a Hit:
Following these election outcomes, US-focused cannabis stocks and ETFs experienced significant declines in Wednesday’s pre-market session. Companies like Verano Holdings Corp, Curaleaf Holdings Inc, Green Thumb Industries Inc, and Trulieve Cannabis Corp, along with ETFs like AdvisorShares Pure US Cannabis ETF and Amplify Alternative Harvest ETF, all saw double-digit drops.The varied responses to cannabis reform across different states during the 2024 elections illustrate the evolving but complex landscape of cannabis policy. Each election serves as a gauge of the readiness, or reluctance, of states to embrace cannabis reform, reflecting both local values and national debates. As the movement towards legalization and decriminalization continues, the outcomes of these elections offer valuable insights into the future of cannabis policy in the United States.
