According to the latest ‘Economic Impact of Marijuana Legalization in Colorado’ report from the Marijuana Policy Group (MPG); in 2015 Colorado generated a revenue of $2.39 billion from its direct and indirect Cannabis market and created 18,000 jobs. Fifty nine percent of sales revenue was a result of the adult-use/recreational industry, whereas the remaining 49 percent was a result of the medical market.
Of these jobs, a little over 12,000 were a direct result of the marijuana market whereas approximately 5,400 were a result of companies opening (consultant groups, construction companies, security services) in order to support the thriving weed industry. Marijuana sales went up from $699 million in 2014 to $996 million in 2015; sales numbers greater than the Gross Domestic Product (GDP) of countries such as Grenada, The Gambia and Samoa.
Tax revenue for marijuana passed casino and gaming tax revenues by 14 percent. Marijuana tax revenue is about three times the size of alcohol tax revenue. The report states the hike in sales is due to a “supply shift away from the black market suppliers towards licensed suppliers,” as opposed to an increase in demand. According to an MPG spokesperson; the researcher came to this conclusion based on a reduction in police complaints about black market marijuana.
According to MPG the dramatic growth of the cannabis industry will evently letup. The research group predicts the market will be saturated by 2020 and market growth to level off between 2 percent and 3 percent. These facts speak volumes as to what nationwide legalization could signify in terms of jobs and tax revenues. Election day will reveal whether or not American’s are ready for this Made-in-America product.
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