(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.

Florida voters rejected recreational marijuana legalization Tuesday night, dealing a huge blow to the industry and those that had bet heavily on opening up what could have been the nation’s third-largest market.

Florida on Tuesday will decide whether to legalize recreational marijuana. On the ballot is a constitutional amendment that, if passed, could make the Sunshine State the third-largest market for legal cannabis in the country with sales of $4.

Florida voters failed to secure enough support to legalize recreational marijuana use for adults 21 years and older.

The recreational marijuana amendment to make weed legal for adults failed after falling short of the 60% threshold required for approval. As of 8:40 p.m. Tuesday, the unofficial result, with 90% of the returns in,

Many supporters of legalized recreational marijuana believe revenue from pot sales will help fund vital programming in Florida.