Florida Billionaire Donates $20M to Candidates that Oppose Cannabis Legalization Effort (2024)

In an August 2 op-ed, Ken Griffin, the billionaire investor and CEO of Florida-based Citadel Hedge Fund, announced he donated $20 million in support of candidates that oppose the proposed adult-use cannabis constitutional amendment.

In the op-ed, published by the Miami Herald, Griffin called the proposal “a terrible plan to create the nation’s most expansive and destructive marijuana laws.”

“Passage of Amendment 3 would create a monopoly for large marijuana dispensaries and permit pot use in public and private areas throughout Florida. That will help no one other than special interests – and it will hurt us all, especially through more dangerous roads, a higher risk of addiction among our youth, and an increase in crime.” — Griffin, ‘Amendment 3, other misguided policies will harm FL’s comeback. Here’s how I’m fighting it,’ 8/2/24

Further, Griffin writes that “No one wants the effects of widespread legalization of marijuana – skyrocketing crime, suffering among children, a decline in the quality of life in Florida’s vibrant neighborhoods – but Amendment 3 would make it inevitable.”

Griffin does not name the candidates he plans to support with the donation; however, Smart & Safe Florida, the campaign seeking to enact the reforms, had raised $66.475 million in cash and $129,000 in in-kind contributions as of July 19, according to state Division of Elections Data, and spent $53.963 million so far on the campaign.

The reforms are opposed by Republican Gov. Ron DeSantis who in June launched the Florida Freedom Fund to combat both the adult-use cannabis campaign and the ballot initiative on abortion access.In the fund’s first five weeks,it raised just $10,000; however, earlier this month a cohort of hemp businesses in the statedonated $5 millionto the Republican Party of Florida after the governor vetoed a bill to regulate hemp-derived intoxicating cannabinoids.

According to aMarijuana Momentreport, as of July 15, the Florida Freedom Fund had about $121,000 on hand, the majority of which came from POB Ventures, which has links to a medical cannabis worker training organization and a cadre ofhempbusinesses.

A University of North Florida Public Opinion Research Lab (PORL)pollreleased last month found 64% of likely voters planned to vote in favor of the proposal. A pollpublished earlier in Julyfound the same level of support.In Florida, constitutional amendments require 60% support to pass.

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