This evening, Regulate Florida, the organization behind a signature campaign to get a constitutional amendment to legalize adult use of cannabis on the state’s ballot next November, has thrown in the towel, deferring until 2018.  The organization needed to get almost 700K signatures for the petition.  Here is a letter sent out by email:

Dear Supporters,

At this time, we want to thank all of you who have been working so hard to make this effort a success. Due to time constraints, it has become obvious we will not be able to collect the needed number of verifiable petitions in time to qualify for the 2016 election.

However, it is because of all your hard work and the show of strength of our supporters that it is clear we can pass regulated adult use in Florida. We are are happy to announce we are making a few minor changes to the petition langage, have some soft commitments for funding, and we will be doing everything we can to make the 2018 ballot. By March, we will have a new petition with minor changes.

The most exciting, important, and biggest hurdle we had this year, should not be an issue moving forward for the 2018 election. When we launch the new petition, it will most likely be with adequate funding to support the campaign from start to successful finish.

None of what has been done has been for naught. All of us have learned how to organize and participate in an effective and successful grassroots effort. It’s because of the evidence of strength we caught the attention of some investors who are very interested in helping us to achieve our goals.

Additionally, it is the language of our petition that made us stand out from the others, so the changes will be very minor. However, please be kind and recycle any remaining petitions you have so there will be no confusion when we launch the new signature drive.  We will keep you all informed as we move along to the campaign to Regulate Marijuana like Alcohol in 2018.

We chose this time to tell you all of this so you can spend your time with loved ones, relax and gear up for the big push sometime after the the new year.

We thank you and wish you the happiest of holidays. We would not be in this advantageous position without you.

Together we can (and will).

Michael C. Minardi, Esq.
Chairman, Regulate Florida

Breaking News by Alan Brochstein, CFA

Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email