According to Florida economists, the legalization of recreational marijuana could generate an estimated $400 million in new tax revenue.
The economists are analyzing the potential fiscal impact of a proposed constitutional amendment that seeks to legalize recreational marijuana.
If Florida voters approve the legalization, the state and local governments could potentially earn between $200 and $400 million annually.
The economists also predict that the recreational marijuana industry in Florida would have a market value of $1.7 billion and attract approximately 1.4 million customers.
Josephine Cannella-Krehl from the Florida Cannabis Action Network expressed her lack of surprise at these projections and believes that legalizing marijuana could significantly benefit the state’s economy.
She anticipates job creation and cost savings in terms of law enforcement. Currently, 23 states and the District of Columbia have already legalized recreational marijuana, and Florida could potentially attract new tourists if it joins the ranks.
State economists estimate that these visitors would contribute around $40 million in new revenue each year.
Cannella-Krehl believes that Florida, already a popular tourist destination, could see an increase in visitors if safe and legal access to cannabis is made available to tourists.
The citizen initiative responsible for the proposed amendment has collected the necessary signatures for ballot placement but is awaiting approval from the Florida Supreme Court.
If approved, the measure would require 60 percent of Florida voters’ support in the 2024 election to be added to the constitution.
