The Australian Sex Party is backing large-scale cannabis production to boost the Tasmanian economy.

The party's policy is to legalise and tax marijuana, using a similar model applied to alcohol.

It says Tasmania could commence large-scale cannabis crops to supply the nation with hemp and marijuana products.

The Sex Party says its plan is fully costed, and would inject at least $53 million into the state's economy each year.

The Australia-wide market for recreational marijuana is estimated to be $6 billion a year.