Bill > SR162

This Resolution formally requests the Department of Business, Economic Development, and Tourism (DBEDT) to conduct a comprehensive study examining the potential revenue the State of Hawaii could generate from legalizing recreational marijuana. The study will specifically analyze the projected income if recreational marijuana were taxed at the same rate as the state's existing general excise tax, which is a broad tax applied to most business transactions. The DBEDT is also asked to provide a five-year projection of this potential revenue, consult with relevant public and private entities to gather information, and submit a report of its findings and any legislative recommendations to the Hawaii Legislature by a specific deadline before the 2024 legislative session. This initiative follows the trend of other states that have legalized marijuana and subsequently seen significant tax revenue.