Effects of Marijuana on the Economy

Marijuana Effect on economy

November 2016 was a memorable year, and not just for the Presidential election. It was a groundbreaking year for marijuana reform countrywide. Although pot remains illegal under federal law, several important states decided on their own whether to legalize. California, Maine, Massachusetts, and Nevada legalized adult use. North Dakota, Florida, and Arkansas approved weed.

Arizona was the only state to defeat a marijuana bill at the polls last year. Countrywide, support is growing and legalization continues to gain momentum. Economically, the simple act of legalizing and regulating marijuana could drive crucial industry and generate massive amounts of wealth for both state and federal coffers, which, if used wisely, could fund the cornerstone of the economy – education.

Influence of Marijuana on Tax Generation

Over the last year, both Washington and Colorado exceeded sales expectations. Their tax revenues are incomprehensible to most. Colorado generated over $135 million by taxing all marijuana sales, including medical pot. Sales in Colorado equaled $996 million. North America enjoyed a sales growth of 30 percent, and as ArcView Market Research predicts, will grow from $6.7 billion in 2016 to $20.1 billion in 2021. This is the incentive for states. For consumers, it is becoming easy to find a good marijuana buy online.

Just the ability to buy marijuana online generates an economy of its own to drive opportunity to all who allow it. ICF International published a study in April last year. It concluded by predicting a sales revenue of $15 billion for California, with a healthy $3 billion in tax for the state. In Massachusetts, a special senate committee predicted that marijuana sales alone would generate taxes in the region of $60 million, especially if people are free to buy good marijuana online.

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Impact of Marijuana on Business

Legalizing marijuana opens doors for financiers to invest in business. It empowers civil society to start their own companies to generate income for the state, their employees, and themselves. The freer business is to operate unhindered, the more it thrives and attracts untold profits. The simple ability to create your own income is a driving force of any economy, particularly for one as popular as cannabis.

Effect of Marijuana on Employment

States that legalize cannabis have the tremendous task of implementing it. Setting up and licensing cultivation operations and dispensaries should be the very first step. Not only will that guarantee immediate results by creating employment for jobless people, it would also stimulate activity in the smaller economies of these industry sectors, thus encouraging massive employment opportunities.

Some states, such as Nevada and California, already had the infrastructure set up. marijuana has been legal in California for over two decades, and it is one of the best places to buy marijuana online in the United States today. As the sector ages and eventually matures, it becomes easier to quantify the full economic impact of the marijuana industry. For now, we know with certainty that it will create jobs.

A study analyzing Nevada by RCG Economics and Marijuana Policy Group claims that the simple act of making adult use legal in the state could generate as many as 41,000 new jobs until the year 2024. Labor income just in the marijuana market would have a value $3.5 billion, at the very least. Even if Jeff Sessions succeeds in dampening these projections, the opportunity is too huge for investors to ignore.

READ  Complete Guide to Marijuana Legalization in California

Best Place to Buy Marijuana Online

Of course, the economic success or failure of any marijuana program depends heavily on the ability of consumers buy good marijuana online, freely and without fear of legal persecution. Consumer demand has always been the driver of supply, which ultimately feeds the entire economy and keeps many industries alive. If your state is legalizing, then get ready to buy marijuana online.

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Comments (1)

  1. Jessica December 9, 2017 / 9:50 am / Reply

    Success or failure of any marijuana program depends on the ability of consumers buy good marijuana online. Legalized state’s people should buy Marijuana from Online.

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