Legalizing marijuana would enhance Florida’s financial system by $ 190 million

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A new state-commissioned report found that marijuana legalization is “slightly positive” for Florida

Author of the article:

Brendan Bures • • The fresh toast

Release date:

29th November 2019 • • January 16, 2020 • • Read for 2 minutes If voters agreed in the 2020 election, legal marijuana would pump $ 190 million from taxes and tourism into the state's economy. If voters agreed in the 2020 election, legal marijuana would pump $ 190 million from taxes and tourism into the state’s economy. Photo from iStock / Getty Images Plus

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Thanks to its white beaches and theme parks, Florida is already a popular travel destination for most Americans. But if the state wants to pull more money into its economy, it should legalize marijuana. If voters agreed in the 2020 election, legal marijuana would pump $ 190 million from taxes and tourism into the state’s economy.

That view is based on a recent financial analysis of the Florida adult cannabis legalization campaign, reports the Miami New Times. The state-commissioned report found that the introduction of legal marijuana in Florida would be “slightly positive” for the economy. It’s worth noting how much this is advocated by the state, given that Florida was once a major battlefield for the war on drugs.

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Perhaps more surprising is that $ 190 million is considered a conservative estimate, says Michael Minardi, the Florida attorney behind Regulate Florida, one of three electoral initiatives to end the ban in the state. Minardi told the New Times that he believed the commission used the state’s standard tax of 5% to 6% on all sales. For comparison, Colorado taxes marijuana at 15%. If the state followed the rules of other states, the revenues that are brought into the economy could increase significantly.

The report was slightly declining on how that would affect Florida’s budget. Analysts estimate that putting regulation in place for the marijuana industry will cost around $ 1.5 million, plus $ 9.1 million a year to keep regulation going. While the state would offset these costs through royalties and taxes, this would only increase the budget by 0.1%.

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However, the Floridians have shown that they are ready for legal weeds in the state. After a bureaucratic battle, medical marijuana patients were granted access to smokable cannabis flowers in March this year. According to a report by the State Board of Medicine and the Board of Osteopathic Medicine, 128,040 patients order over 1.82 million ounces of cannabis flower over a six-month period. Translated, The Miami Herald reports that it is 113,922 pounds or 57 tons of flowers.

TheFreshToast.com, a US lifestyle website that provides lifestyle content and medical marijuana information for The GrowthOp through its partnership with 600,000 doctors through Skipta.

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