Cannabis stocks were slumping Wednesday after proposals to legalize recreational marijuana use in Florida, North Dakota and South Dakota failed to get enough votes, according to multiple media outlets.

In Florida, a proposed amendment that would have allowed recreational marijuana use for people aged at least 21 will not be added to the state's constitution as the 60% approval threshold was not met, reports said.

Shares of Canopy Growth (CGC) retreated 24%, Tilray Brands (TLRY) slid 14% and Cronos Group (CRON) fell 9% in recent Wednesday trading.

Price: 4.27, Change: -1.32, Percent Change: -23.61