Florida's House Bill 7029, introduced on April 25, 2025, aims to regulate the taxation of hemp consumable THC products, marking a significant shift in the state's approach to cannabis-related goods. The bill proposes the establishment of an excise tax framework specifically for these products, which has sparked considerable discussion among lawmakers and stakeholders.

At its core, HB 7029 revises the definition of "sales price" and introduces several new sections to the Florida Statutes, including provisions for the registration of dealers, tax collection, and penalties for non-compliance. The bill mandates that dealers of hemp consumable THC products must apply for a certificate of registration with the Department of Agriculture and Consumer Services, thereby formalizing the market and ensuring accountability.

Key provisions include the creation of a structured excise tax on hemp consumable THC products, which aims to generate revenue for the state while regulating the burgeoning market. The bill outlines the allocation of tax proceeds, emphasizing transparency and responsible management of funds. Additionally, it requires electronic payment and filing of tax returns, streamlining the process for businesses and the state.

Debate surrounding HB 7029 has centered on its potential economic implications. Proponents argue that the bill could enhance state revenue and provide a framework for safe consumption, while opponents express concerns about the regulatory burden it may impose on small businesses. Some critics also worry that the excise tax could lead to higher prices for consumers, potentially stifling market growth.

Experts suggest that the bill's passage could set a precedent for how Florida manages cannabis-related taxation in the future, especially as public interest in hemp and THC products continues to rise. The implications of HB 7029 extend beyond taxation; they touch on public health, consumer safety, and the overall economic landscape of the state.

As the legislative process unfolds, stakeholders will be closely monitoring the bill's progress and its potential impact on Florida's hemp industry. The outcome of HB 7029 could reshape the regulatory environment for hemp consumable THC products, influencing both market dynamics and consumer access in the state.