The U.S. has led the majority of the world (besides Canada) in terms of legalizing marijuana on a state-wide basis. With more than half of the country having some sort of legal cannabis laws, now is a better time than ever for the world of weed.
As we sit here today, there are still 17 states that have the substance criminalized. This, however, seems like more of an opportunity than anything else. With so much of the public voicing, a positive opinion toward legalization, the potential for more states to do so is quite high.
An Example of Successful Cannabis Legislation
One of the most popular examples for states to look at is that of Colorado. In the few years that they have had marijuana legalized, they have reported over $1 billion in revenue. This revenue has come solely from taxing cannabis and the various licenses necessary to grow and sell the substance within the state. In terms of the overall market, Colorado has reported over $6.5 billion in revenue which is quite substantial.
Since reaching this large milestone, the state has been able to spend as much as 90% of the money on the building and restructuring of public schools within Colorado. Additionally, the state has also reported a massive amount of growth in terms of local and overall economies which can be attributed to the influx of cash, and the employment given to those in the industry.
Where Legal Marijuana Could Go Next
So far, many states have been able to set an example for what a successful marijuana industry can look like. With eleven states having recreational adult-use marijuana legal, more states look like they could be on the way.
The largest state in the country for marijuana has continuously been California. The state as a whole cashed in as much as $1 billion last year alone from taxes and other various revenue sources. Other states such as Massachusetts are still working on getting their legal markets up and running, but things do look to be going up.
What Needs to Change for More States to Legalize
The industry right now is dependent on the various statewide laws that govern legal cannabis. One of the main impediments to overall growth in the market has been the lack of laws made by the federal government. Many lawmakers have tried to get legislation through but to no avail.
The hopes are that in the near future, the national government can begin to recognize the voices of the people. The potential for cannabis to have a host of benefits to the nation such as taxes, healthcare, and recreational, remains quite high. One of the things to keep in mind is that legislation does take time.
The legal cannabis market in its current standing has only been around for a few short years. With this, we are still working to see what needs to change in order for the various statewide markets to run smoothly. In the coming months to years, there’s no telling what could happen.