Florida could be making $183,408,640 in marijuana tax

country marijuana legalization florida hbtv hemp beach tvAs you already know, an amendment to legalize medical marijuana is on the ballot in Florida on Nov. 4. If the amendment passes, it could open up a whole slew of pot-based businesses. And with new business comes new taxes. But did you ever stop to think about just how much tax the legalization of marijuana could bring to Florida? Our pals over at Nerd Wallet, a financial advisory company, did the math for us.

In Florida, Nerd Wallet estimates, the legalization of marijuana could bring in $183,408,640 per year in taxes. Earlier this year, the Florida Office of Economic and Demographic Research estimated that the State of Florida could pull in between $8.3 million and $338 million, putting Nerd Wallet’s number right in the middle.

In fact, if legalization happened nationwide, Nerd Wallet predicts:

The U.S. stands to gain, according to our calculations, $3,098,866,907 in state and local taxes per year — that’s more than twice the entire budget of the Small Business Administration in 2013.

To come up with these figures, Nerd Wallet took into consideration the size of the marijuana market in each state and the state’s sales tax revenue. You can take a look at how much tax money all the rest of the states could bring in on Nerd Wallet’s website.

SOURCE: Nerd Wallet

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