North Dakota and South Dakota also failed in their efforts to legalize cannabis for recreational use, while a medical measure passed in Nebraska.

Shares of cannabis companies fell Wednesday after a ballot measure that would have legalized recreational marijuana in Florida failed to pass.

U.S.-listed cannabis stocks dived in premarket trading on Wednesday after a costly campaign to legalize recreational marijuana in Florida failed late Tuesday.

After a string of referendum wins in states such as Ohio, the industry lost in Florida, where it fell short of the 60% required.

Shares of pot companies slid on Wednesday after a ballot measure to legalize the recreational use of marijuana in Florida failed to get the required majority to pass, even as the firms invested millions in a campaign to tap the lucrative market.

A ballot measure to legalize recreational marijuana failed in the state of Florida, driving a big blow to the cannabis industry.  Shares of Canopy Growth Corporation (CGC) are down 20%, while Tilray Brands (TLRY) drop by over 10% at the time of this video's posting.