A ballot measure to legalize the recreational sale and use of marijuana in Florida failed to pass late Tuesday, sending shares of pot companies into freefall and dealing a blow to cannabis firms that had invested millions in the legalization campaign.

The Sunshine State's long-awaited attempt to legalize personal-use cannabis falls short, but it's not all bad news.

A measure to legalize the use of recreational marijuana in Florida failed on Tuesday, a stinging defeat for cannabis industry players who poured more than $100 million into the campaign to make the drug legal amid vocal opposition from Gov. Ron DeSantis.