Pot producers are on the rise as Florida voters decide on the fate of the use of recreational marijuana [Video]

U.S.-listed shares of pot producers rose premarket on Tuesday after the Florida Supreme Court on Monday allowed voters to decide on the fate of recreational use of marijuana in the state through a referendum on the November ballot.

If passed, adult-use cannabis will be legal in the country’s third-most populous state.

WHY IT IS IMPORTANT

Florida can become the next top prize for regulated U.S. marijuana operators. It has a population of more than 22 million and is also an important medical cannabis market.

OK RESIDENTS TO VOTE ON LEGALIZING RECREATIONAL MARIJUANA TUESDAY

It could add to the Biden administration’s efforts to push cannabis reforms such as seeking to ease the treatment of the psychoactive plant under federal law and pardoning thousands of convictions for mere possession of the drug.

The U.S. health agency last year also proposed to reclassify cannabis as a lower-risk substance, boosting expectations of legalization at the federal level.

U.S-listed shares of pot firms SNDL, Tilray Brands, Aurora Cannabis and Canopy Growth …