DeSantis Can't Get Past The Odor Of Weed To Smell The Flowers — Specifically, $430M Annually In Cannabis Revenue

Zinger Key Points
  • Florida economists estimate that legalizing marijuana could generate up to $431 million annually in sales tax revenue.
  • Despite the benefits, DeSantis opposes the weed initiative for a myriad of reasons, with the smell of marijuana on the top of his list.

A legal marijuana program could mean substantial revenue for Florida, according to Smart & Safe Florida, the group behind the ballot measure to legalize cannabis, otherwise known as Amendment 3, for adults.

At a roundtable this week in Tampa, the organization quoted economists who estimate that legalizing marijuana could generate between $195 million and $431 million annually in sales tax revenue, providing a significant boost to the state’s economy. Florida is not unique either. Other legal weed states are doing it to the tune of $20 billion in tax revenue.

Sean Shaw, a local attorney, pointed out that this revenue could address various critical needs.

"There’s infrastructure need, there’s education need, there’s behavioral studies need, there’s mental health funding, there’s juvenile justice issues," he said.

Young Republicans Say Yes, DeSantis Says No Way

Jake Hoffman, a business owner and executive director of Tampa Bay Young Republicans, is also on board with legalizing cannabis for adults in Florida.

"If this money is able to offset even just a little bit and put more money back directly into the average Floridian’s pockets, then I’m for that," he said.

Despite these benefits, Governor Ron DeSantis vehemently opposes the initiative, expressing concerns over the broad language of the amendment, its negative societal effects and the smell.

"If that marijuana passes, this will smell like marijuana. Like when you go outside, it will," he said at a Wednesday press conference.

The governor drew applause from one faction and derisive remarks from another when he said the following at the same news conference: "I think you’re going to see people — you’ll be able to bring what, 20 joints to an elementary school."

Read more: DeSantis Blasts Cannabis Legalization Amendment, Says People Will Be Able To Bring ’20 Joints To An Elementary School’

Anti-Legalization And Anti-Abortion PAC

The DeSantis team recently launched the so-called Florida Freedom Fund, the stated goals of which are to defeat marijuana legalization and access to abortion. This is despite a recent Fox News poll showing that 69% of Floridians support the abortion-access initiative and 66% favor legalizing adult-use cannabis.

On April 1, the Florida Supreme Court approved the marijuana legalization and abortion constitutional amendments, which voters will decide on in the November 2024 election.

Meanwhile, Smart & Safe Florida is moving ahead with a new round of ads promoting the “yes” vote. The advocacy group is partly funded by several cannabis companies, with Trulieve TCNNF leading the pack with a donation of up to at least $40 million.

Now Read: ‘Unscrupulous’ Practices Going On In New York, Say State Senators About $150M Loan For Beleaguered Cannabis Program

Photo: Benzinga edit with images by Gage Skidmore from Surprise, AZ, USA – Ron DeSantis via Wikimedia Commons and Jose Luis Sanchez Pereyra via Unsplash

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisGovernmentNewsRegulationsPoliticsLegalTop StoriesAmendment 3cannabis FloridaRon DeSantisSmart & Safe Florida
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis is evolving – don’t get left behind!

Curious about what’s next for the industry and how to leverage California’s unique market?

Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

Get your tickets now to secure your spot and avoid last-minute price hikes.