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 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.

Following the most expensive ballot measure battle in the nation, Decision Desk HQ has called the race with Amendment 3 several percentage points short of the approval threshold with the vast majority of votes counted. Gov. Ron DeSantis also declared the amendment dead.