Florida economists predict that legalizing recreational marijuana could result in approximately $400 million in additional tax revenue.
They are currently studying the potential financial effects of a proposed constitutional amendment aimed at legalizing marijuana for recreational use.
If Florida voters give their approval for legalization, the state and local governments could potentially generate annual earnings ranging from $200 to $400 million.
The economists also anticipate that the recreational marijuana industry in Florida would have a market value of $1.7 billion and attract around 1.4 million customers.
Josephine Cannella-Krehl, a representative from the Florida Cannabis Action Network, is not surprised by these projections and believes that legalizing marijuana could have significant economic benefits for the state. She expects the creation of new jobs and cost savings in terms of law enforcement.
Currently, 23 states and the District of Columbia have already legalized recreational marijuana, and if Florida follows suit, it could potentially attract new tourists.
According to state economists, these visitors would contribute approximately $40 million in new revenue each year. Cannella-Krehl believes that Florida, which is already a popular tourist destination, could experience an increase in visitors if legal and safe access to cannabis is made available to tourists.
The citizen initiative responsible for the proposed amendment has collected enough signatures for ballot placement but is still awaiting approval from the Florida Supreme Court.
If approved, the measure would require the support of 60 percent of Florida voters in the 2024 election to be added to the constitution.