On April 25, 2025, the Florida State Legislature introduced House Bill 7029, a significant piece of legislation aimed at regulating the sale of hemp consumable THC products. The bill seeks to establish a framework for taxation and registration of businesses involved in the retail sale of these products, which have gained popularity in recent years.

The primary provisions of House Bill 7029 include the introduction of a 15 percent excise tax on the retail sale of hemp consumable THC products. This tax is intended to generate revenue for the state while also regulating the burgeoning market. Additionally, the bill mandates that all retailers must obtain a certificate of registration from the state before engaging in sales, with penalties for non-compliance classified as a first-degree misdemeanor.

The introduction of this bill has sparked notable debates among lawmakers and stakeholders. Proponents argue that the regulation and taxation of hemp consumable THC products are necessary to ensure consumer safety and to create a legitimate market that can be monitored by state authorities. They believe that the revenue generated from the excise tax could be beneficial for public services.

Opponents, however, express concerns about the potential burden this tax may place on small businesses and the implications for consumers, who may face higher prices as a result. Some critics also argue that the bill could stifle the growth of the hemp industry in Florida, which has been expanding rapidly.

The economic implications of House Bill 7029 are significant, as the hemp industry is projected to continue growing. By implementing a tax structure, the state aims to capitalize on this growth while ensuring that businesses operate within a regulated framework. Socially, the bill reflects a broader trend toward the acceptance and regulation of cannabis-related products, aligning Florida with other states that have enacted similar measures.

As the bill moves through the legislative process, its future remains uncertain. Stakeholders are closely monitoring discussions, and amendments may be proposed to address concerns raised during debates. The outcome of House Bill 7029 could set a precedent for how Florida manages the sale and regulation of hemp consumable THC products moving forward.