House Bill 7029, introduced in the Florida State Legislature on April 25, 2025, is making waves with its focus on the taxation of consumable hemp THC products. This legislation aims to establish a clear framework for the taxation process, addressing a growing market that has seen significant expansion in recent years.

At the heart of HB 7029 is a detailed tax computation method that mandates dealers to calculate taxes on hemp THC sales to the third decimal place, rounding up to the nearest cent when necessary. This precision is designed to ensure fairness and consistency in tax collection, a move that has sparked discussions among stakeholders in the hemp industry. The bill also clarifies that purchasers are ultimately responsible for the tax until it is paid, although proof of payment to a registered dealer will relieve them of further liability.

The introduction of this bill comes amid a backdrop of increasing scrutiny over the hemp market, with lawmakers seeking to regulate and tax this burgeoning sector effectively. Proponents argue that a structured tax system will not only generate revenue for the state but also promote responsible business practices within the industry. However, some industry advocates express concerns that the new tax regulations could burden small businesses, potentially stifling growth in a market that is still finding its footing.

As the bill progresses through the legislative process, it is expected to face debates over its implications for both consumers and businesses. Experts suggest that if passed, HB 7029 could set a precedent for how other states approach hemp taxation, influencing broader economic trends in the cannabis sector.

With the potential to reshape the landscape of hemp THC sales in Florida, House Bill 7029 is poised to be a significant legislative development, reflecting the state's evolving stance on cannabis-related products. Stakeholders are closely watching as discussions unfold, anticipating the bill's impact on the market and its long-term implications for Florida's economy.