Officials from the Florida legislature and the office of Gov. Ron DeSantis (R) estimate that a marijuana legalization initiative that may appear on the 2024 ballot would generate between $195.6 million and $431.3 million in new sales tax revenue annually if voters enact it. And those figures could increase considerably if lawmakers opted to impose an additional excise tax on cannabis transactions that’s similar to the ones in place in other legalized states.
On Thursday, the state Financial Impact Estimating Conference (FIEC), which consists of economists representing the legislature, state agencies and the governor’s office, held the last of four meetings to go over its analysis of the cannabis measure, producing a financial impact statement that will be provided to voters if the initiative makes the ballot.
While other officials have already certified that the Smart & Safe Florida campaign collected enough signature to qualify for ballot placement, its language is currently being reviewed by the state Supreme Court, where the attorney general is pushing for its invalidation, claiming that it misleads voters as written.
In the meantime, FIEC moved ahead with finalizing its financial analysis, giving a significant range for the possible sales tax revenue and other economic impacts.
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