The bill establishes new regulations and excise taxes for hemp consumable THC products in Florida by creating sections 581.223 and 581.224 of the Florida Statutes. It defines key terms such as "manufacturer," "retailer," "wholesaler," and "hemp consumable THC product," all of which align with existing definitions in section 581.217(3). The bill imposes a 60% tax on the wholesale price of hemp consumable THC products, excluding beverages, which will be taxed at $2.25 per gallon in bulk or 29 cents per pint for smaller containers. Manufacturers, wholesalers, and retailers are required to remit these taxes monthly and maintain accurate records of their transactions.

Additionally, the bill mandates that manufacturers and wholesalers submit detailed reports to the Department of Agriculture and Consumer Services, including information on sales and distribution both within and outside the state. Retailers are also required to keep records of their purchases for three years. The first $6 million collected from these taxes will be allocated to the department's General Inspection Trust Fund for enforcement and testing purposes, while any excess will go to the General Revenue Fund. The bill includes penalties for non-compliance, with first-time violations classified as misdemeanors and subsequent violations as felonies. The act will take effect contingent upon the passage of related legislation.