How Cannabis is Saving Local Economies

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With many states deciding to legalize marijuana for use recreationally or medicinally, the The economics of many local commerce have seen a boom due to this new legislation. Many municipalities within the states that have put marijuana legislation in place have begun to see a new era of cash flow due to the revamped political state of cannabis. A new report has come out showing that this industry has helped to create jobs, financial security and better infrastructure products because of the influx of cash.

In 2012, when Colorado decided to legalize marijuana for recreational use, many individuals were concerned that this new legislation would bring with it crime, black markets and other negative elements, but new reports are showing exactly the opposite. One example of this comes from the city of Pueblo, with a population of around 100,000. The city decided to welcome the new legislation with open arms, seeing how such an influx of cash and jobs could help out in many ways. Back in 2014, when the legal cannabis industry was introduced to the city, the major employers of the state were the prison system and local hospitals. The city also had one of the highest rates of unemployment in the whole country. All of these factors showed that Pueblo could really use some help. Researchers at the local University in Pueblo have concluded that the new legal weed industry has helped to provide as much as $58 million to the city. This amount did come at a price however, with the city investing around $23 million to lay down legal groundwork for the new legislation. The state was still able to take in some amount of nearly $35 million, which has helped a substantial amount. Some economists have stated that the market will be able to turn as much as $100 million annually over the course of the next few years in a city that many considered to be failing only a few years ago.

Many individuals who fought against the legalization of cannabis have stated that it would destroy jobs, add to the homeless problem and more, but the effect has been the complete opposite. The study in Pueblo showed that “we found no evidence that poverty has either increased or decreased in Pueblo as a result of cannabis legalization.” This is something that many individuals have decided to look the other way at, as it directly refutes the opposition to the legislation. The town of Pueblo is massively considered to be a success story for the legalization of marijuana and how it can effect towns on an individual level. Although many proponents of marijuana like to quote the effects on a larger scale, but many fail to see how large of an impact the market on cannabis has on the level of individual towns.

Many smaller cities throughout the country have faced a wide variety of struggles due to an unstable political system and the plight of outsourcing. The market on cannabis presents a major opportunity to these towns, showing how much of an effect weed can have. The cannabis industry brings with it a large amount of employment in everything from the physical growing level all the way to marketing and advertising. These effects are being felt around the country, with an uptick in the amount of jobs available and those who are filing them. A new study has shown that the legal marijuana industry will be able to employ as many as 1 million people by the year 2025. The hopes are high that the legal cannabis industry will continue to provide so many positives across the country for years to come. Only time will tell how much this industry can begin to change the U.S., but all signs seem to point to the positives.

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