Recreational Weed Would Pump $190 Million Into Florida’s Economy, Report Says

If approved in 2020, recreational marijuana could inject a whopping $190 million in sales tax and tourism dollars into Florida each year. That’s according to a recent financial analysis of an ongoing ballot initiative, which a state commission reviewed earlier this month.

The analysts say the overall economic effect would be “slightly positive” — more or less a ringing endorsement from a state that was once ground zero for the war on weed.

The commission looked at the possible impact of Regulate Florida, one of three petition drives hoping to legalize recreational marijuana through a ballot initiative next year. Michael Minardi, the Florida attorney managing the Regulate Florida campaign, says the $190 million figure is likely based on the state’s standard sales tax of 5 or 6 percent. He says the proceeds would increase many times over if legal marijuana were subject to an increased tax similar to those in states such as Colorado, where the tax is 15 percent.

Sales of recreational marijuana and accompanying increases in tourism would account for about $190 million in tax revenue after the official industry was up and running, the report says. That accounts for an increase of less than 0.1 percent to Florida’s budget as a whole. [Read more at Miami News Times]