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.

More than half of Florida voters approved of Amendment 3, but it did not reach the required 60 percent threshold to pass.

Now that the amendment has failed, here’s what to know about Amendment 3 and marijuana in Florida. Amendment 3 would have allowed adults 21 and older to buy and use up to three ounces of marijuana.