(Reuters) -Shares of pot companies slid on Wednesday after a ballot measure to legalize the recreational use of marijuana in Florida failed to get the required majority to pass, even as the firms invested millions in a campaign to tap the lucrative market.

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

Florida voters Tuesday rejected an amendment to the State Constitution that would have allowed adults 21 and older to use and possess marijuana for non-medical purposes, according to NewsNation/Decision Desk HQ.