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

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.

A costly campaign to legalize marijuana has failed in Florida, falling short of the supermajority needed for passage.