Statewide benefits that marijuana taxes from Ft Myers FL
It would be naïve to think that Florida legalized marijuana for medicinal use out of the goodness of their hearts. Like it or not, most of these decisions come down to money. Sure, there are benefits to the state by allowing their residents to use marijuana for pain relief. However, if there wasn’t a financial benefit to the state, they probably would have taken a lot longer to approved medical marijuana. So, it’s interesting to see exactly how the revenue from medical marijuana benefits the State of Florida.
Many people argue that most states will eventually legalize marijuana for recreational use because of the tax revenue. States such as Washington and Colorado are shining examples of how the revenue from marijuana can make a huge difference. This year, Florida is going to be voting on the legalization of marijuana. We imagine that finances will have something to do with the decisions made in November. Here, we’ll look at how the revenue from medical marijuana taxes in cities like Fort Myers benefit the entire State.
Believe it or Not, there is No Tax on Medical Marijuana in Florida
Currently, the State of Florida makes very little on medical marijuana. They don’t receive any tax revenue on medical marijuana. The only money they make is in the form of licensing fees paid by patients, dispensaries and doctors. The prices in Fort Myers and other parts of Florida for a medical marijuana card are quite high:
- Initial doctor appointment – $250
- Annual card fee – $500
- Follow-Up Doctor’s Appointments Every 70 Days – $100
- Renewal fee every 30 weeks – $250
It can cost a couple of thousands of dollars a year for a medical marijuana patient. Out of this money, only a portion actually goes to the State. In fact, as of May 2018, the state had only made $17 million on medical marijuana. This is part of the reason why so many cities have chosen to decriminalize minor possession of marijuana. They make millions of dollars on citations paid. A portion of this money undoubtedly goes to the State. The reason many believe marijuana for recreational use will be legalized this year is for tax purposes.
What Happens if Florida Legalizes Recreational Marijuana Use?
One of the reasons a lot of states have legalized recreational marijuana use is for the tax revenue. In states like Colorado and Washington, the money made on recreational marijuana taxes is astronomical. Many hope that Florida will seize the opportunity and follow suit. If marijuana were to be legalized in Florida, they would charge a sales tax of at least 6%. Currently, there are only about 170,000 medical marijuana patients. If they were to legalize the drug, there would be a huge increase in the number of people who use the drug. And, they would all be paying sales tax on the drug.
The estimated annual revenue for Florida if they were to legalize marijuana for recreational use would be about $1.3 billion. This would make a huge difference in the State’s budget. While some departments have a surplus this year, the revenue could go a long way toward helping some of the deficient departments. Only time will tell. While more than 70% of Florida residents support the legalization of marijuana, we’ll have to wait until November to see what happens.