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Economists are adding up the additional sales tax revenue the state will reap and how much it will spend to collect that money if voters were to approve a constitutional amendment legalizing the recreational use of marijuana.
If legal today marijuana sales would generate between $195.6 and $431.3 million annually in local and state sales tax revenue, according to preliminary figures compiled by the Florida Financial Impact Estimating Conference.
The conference, made up of economists from the Florida House, Senate, Governor’s Office, and the Office of Economic & Demographic Research will meet Thursday to finalize their calculations.
Here’s What to Know
The Adult Personal Use of Marijuana proposed constitutional amendment would allow those 21 and older to possess up to two and a half ounces of marijuana. Medical Marijuana Treatment Centers would be allowed to sell marijuana to customers who do not have a Florida Medical Marijuana Use Registry card.
While heavily dependent on how the Legislature would decide to tax marijuana products and accessories, the FIEC expects once fully operational a legal marijuana retail market would quickly produce hundreds of millions of dollars in additional revenue for the state.
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