JACKSONVILLE, Fla. — $400 million - That’s the topline estimate Florida economists project the legalization of recreational marijuana would generate in new tax revenue.
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The numbers come from state economists who are looking to nail down the fiscal impact of a proposed constitutional amendment that would legalize recreational marijuana.
State economists project the State of Florida and its local governments could stand to rake in between $200 and $400 million a year if Florida voters were to greenlight legalizing recreational marijuana.
They estimate a Florida recreational marijuana industry would have a market value of $1.7 billion and attract a customer base of 1.4 million people.
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“Really not surprising to me,” said Josephine Cannella-Krehl with the Florida Cannabis Action Network.
Cannella-Krehl hopes legal weed could be a big boost to the state’s economy.
“We’re gonna be seeing jobs created. We’re gonna be seeing cost savings in terms of law enforcement,” said Cannella-Krehl.
Across the country, 23 states and the District of Columbia have already legalized recreational marijuana.
Even if Florida were to enter the game late, state economists predict cannabis legalization would stand to attract new tourists to the Sunshine State.
The project those new visitors would contribute roughly $40 million a year in new revenues.
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“Florida is already a tourist state. If we make cannabis safe and legal access available to tourists, I think that we will be seeing an influx of folks coming to visit Florida,” said Cannella-Krehl.
The citizen initiative effort has already collected the necessary signatures required for ballot placement, but it’s still awaiting approval from the Florida Supreme Court.
If the court clears it, 60% of Florida voters would have to approve the measure in the 2024 election for the proposal to make it into the constitution.
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