Marijuana has been notoriously successful monetarily and socially in the states that have decided to put in place some sort of legislation for legal cannabis. Tax revenues in those states has gone up in the tens of millions, and new jobs have been created in mass. It seems like all of these positives might come into play when looking at the national state of cannabis, and the facts all say the same. New data has shown that the potential with national legalization of cannabis could be huge for both the tax revenues of the U.S. and job creation.
Looking at new data from New Frontier Data, a firm that focuses mostly on the cannabis industry, their estimates show that the federal government would be able to make a minimum of $131 billion in federal tax revenue in the course of eight years if cannabis were to be legalized across the country. This number is something that could potentially change the way that our country runs, helping to benefit a myriad of programs across the country that desperately need funding.
The estimates from the data company also show that the marijuana industry would create hundreds of thousands of jobs. Looking just at the industry in Colorado, where cannabis has been booming, they managed to create as much as 18,000 full-time jobs only a year after they decided to legalize cannabis. On a nationwide level, this number would likely jump to as much as 782,000 jobs in the first year, that would go into effect almost immediately. This number is estimated to go up to as high as 1.1 million by 2025. Many people think that the marijuana industry only consists of those who grow it and those who sell it, but it has continued to show that it is so much more. The industry on pot creates jobs across the board in manu different sectors. Jobs in cannabis can come from pharmaceuticals, PR, pesticides, those who make products for growing cannabis, tech companies and much more. It is clear that the job creation would be massive and life changing for the government and the state of the U.S.
Not only would the industry create a massive amount of jobs, but it would also help to bring in a large amount of tourism to the country. Many individuals have been flocking to the likes of California and Colorado, along with other states, with the hopes of testing the new recreational industry. On a nationwide level, this would be much larger and hopefully bring in a large amount of new business.
Colorado has managed to create as much as $2.4 million in tax revenue from the recreational industry thus far. This amount has led to an influx of quite a large amount of money. Colorado has notoriously used this revenue to help keep drugs off the streets, and individuals from getting in to harder drugs. The state has helped to create new programs to deal with addiction and those who have been incarcerated due to marijuana related offenses. The state has also used this money to help grow the education system in the state.
The CEO of New Frontier stated recently that “if cannabis businesses were legalized tomorrow and taxed as normal businesses with a standard 35 percent tax rate, cannabis businesses would infuse the U.S. economy with an additional $12.6 billion this year.” The economic growth from the industry would help to also be reinvested in the industry for further growth in the marijuana sector.
One of the main issues in the way of legislation coming to fruition is the work by Attorney General Jeff Sessions. Sessions has promised to continue to the war on drugs, which has led to increased crime and drug rates and has almost failed in every regard. It is clear there is still work that needs to be done, but it looks as though a nationwide legislation effort for recreational or medical marijuana (or both) is underway.