Florida Governor Signs Bill to Prohibit Medical Marijuana in Recovery Residences

Florida Governor Ron DeSantis, a potential 2024 Republican presidential candidate, recently approved a law that forbids the use or possession of medical marijuana in sober living facilities, even if a doctor has certified a resident to use cannabis for therapeutic purposes.

The law specifically targets medical marijuana, allowing residents to use other prescribed pharmaceutical drugs.

The legislation

The legislation, SB 210, mandates that applicants for licensing to operate recovery residences affirm they do not permit the use of cannabis. This includes medical marijuana certified by a qualified physician. To receive certification, prospective recovery residents must provide documentation, such as a policy and procedures manual, that includes a prohibition on marijuana use, irrespective of a person’s status as a medical cannabis patient.

Furthermore, DeSantis gave final approval to a hemp regulations measure, SB 1676, which prohibits the sale of smokeless hemp products, like snuff and chewing gum, to individuals under 21. The law previously only set an age restriction on smokable hemp items. Additionally, DeSantis vetoed two non-cannabis related criminal justice reform bills. These bills would have revised expungements and sentencing statutes.

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To contrast, the governor approved legislation allowing doctors to renew medical cannabis recommendations via telehealth and encouraging Black farmers’ participation in the state’s medical marijuana program.

DeSantis’s stance on marijuana policy has attracted attention, especially since he announced he wouldn’t decriminalize cannabis if elected president. He asserted that marijuana use negatively affects the workforce. Also stating that it hampers productivity and could even cause death if contaminated. His position has been criticized by Democratic presidential candidate Robert F. Kennedy Jr.

Implications for Investors

The new law could potentially impact the revenues of companies involved in the production or distribution of medical marijuana in Florida, potentially causing a negative effect on their stock prices. On the other hand, pharmaceutical companies that produce alternative treatments could see a positive impact as the law may increase demand for their products.

In addition to these implications on investors, the U.S. is also contemplating stricter AI chip export restrictions to China, potentially affecting tech giants Nvidia and AMD. This potential policy change could significantly shift their business strategies. If you want to read more about this checkout the article at wealthyvc.com!