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.

The Sunshine State's long-awaited attempt to legalize personal-use cannabis falls short, but it's not all bad news.

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