It’s undeniable that cannabis has substantial benefits to offer our economy. From additional tax revenue to the creation of new jobs the legalization of cannabis has a lot to offer states that choose to implement medical or adult retail cannabis markets. A recent study by a leading statistical company in the cannabis sector, New Frontier Data, showed some astounding predictions. The industry analytics firm sought out to obtain an estimate surrounding the total economic impact that legalization across all 50 states could offer.
This study showed that if cannabis were to be legalized in all 50 states immediately that by the year 2025 it could create over a million new jobs in the U.S. labor market. If every state in the U.S. were to legalize some form of cannabis with sales starting immediately, the U.S. could stand to see almost 132 billion dollars’ worth of tax revenue between now and 2025. These totals were estimated based on a 35% business tax, a 15% retail tax, and standard payroll tax deductions.
According to the Bureau of Labor Statistics, the United States labor force is expected to increase by 10.5 million people over the next ten years. If cannabis were legalized, it could produce a million of these jobs itself. So just how possible is it that this could happen? The odds, as they say, are in our favor. According to a recent public Quinnipiac poll, over 58% of voters believe cannabis should be legal, and almost three-quarters of voters oppose the federal government interfering in states that have made cannabis legal.
The benefits that cannabis legalization has to offer are obvious. In my opinion, it’s only a matter of time before cannabis prohibition will see its demise!