Marijuana Industry Growth: Poised for Jobs, Tax Revenue and Health and Safety Benefits
Did you know that marijuana is the fastest-growing industry in the United States?
The topic of marijuana aka cannabis has evolved from more than just a side conversation to a full-blown dialogue in the United States. The potential growth has caused this industry to be projected to be more valuable than the organic food industry very soon. Yes, the organic food industry — The one that has completely entranced an entire nation and has changed the way that people look at food. This is but one illustration of the potential for Marijuana Industry Growth.
If this were to happen, the marijuana industry could mirror the popularity and then some. It’s important to note – that will only take place if marijuana is legalized in all 50 states. Until then, people are taking it seriously and are pushing for its legalization in the nation for many reasons.
From its positive economic impact to its medical benefits, people from all corners of the country are calling upon their local legislators to once and for all decriminalize and legalize marijuana use in their respective states.
The numbers don’t lie. They are a clear indicator that the popularity and the growth of cannabis usage continues to increase and the lobbying in support is showing no signs of slowing down anytime soon, either. In an April 2017 Gallup poll, 94% of Americans favored lawful use of medical marijuana and 64% favored outright legalization.
In fact, the industry is only going to expand and in this post, we’re going to take a deeper dive into the contributing factors to the cannabis boom in the United States.
According to a U.S. report, it’s projected that by 2019, “all of the state-legal markets combined will make for a potential overall market worth of almost $11 billion annually.” This buttresses the idea of Marijuana Industry Growth.
To date, eight states and the District of Columbia have legalized recreational marijuana. While it may be legal in these eight states, there is still red tape that surrounds the amount of cannabis you can purchase and carry, for instance.
As a whole, the marijuana industry is expected to grow exponentially. This is due in part to the fact that as the demand for high-quality and low-priced cannabis continues to increase, so too does the operations and production which in turn calls for a need for scaling the industry to accommodate the demand.
When it comes to cannabis, there are definite economic benefits to its overall legalization. Just like in any industry, when it experiences a boom, it results in job creation and economic opportunities.
When it comes to cannabis, there are definite economic benefits to its overall legalization
In the case of cannabis, it could mean putting money back into the wallets of many citizens by way of job creation. For example, it is estimated that there are currently 7,500 – 10,000 jobs in Colorado alone just from this developing industry.
To build off of the factual background of the economic benefits of cannabis nad so-called cannabusiness, did you know that the industry as a whole is projected to create more jobs than manufacturing by 2020? Indeed it is. In fact, a study by New Frontier Data projected that it could create more than a quarter million jobs!
But beyond the actual jobs that this industry could help with safety as well. While it might seem that you’re reading this wrong, it is doubtless true cannabis could actually benefit the public’s safety. First, it eliminates a black and unsafe market. Dispensaries use security and that aids a safe transaction for all. Marijuana is out of the alleys and shadows and into the light of day.
Marijuana is out of the alleys and shadows and into the light of day.
Even so, many people, especially government officials and especially, especially, especially!!! Law enforcement ;) are under the illusion that cannabis is unsafe and could lead to additional crime, injury, and accidents. And such as it is, the drug war rages on. Attorney General Jeff Sessions is now marijuana enemy #1. The DOJ has just announced a crackdown on recreational marijuana.
On the contrary, the legalization and decriminalization of cannabis could help shift law enforcement’s attention from nabbing people for nominal amounts of marijuana on their person, arresting them, booking them, and ultimately going to court, and instead, focusing more on patrolling the areas and taking care of the criminal issues and serious problems facing local communities and tearing at the fabric of society.
Not only would this add, for lack of a better term, “more boots on the ground,” legalizing cannabis would also cut down on corrections and court costs which ultimately puts money back in the pockets of the government – a win-win.
Why is the market growing? It’s growing because people are realizing not only its economic impact but its medical benefits as well.
The various strains of cannabis have their own unique characteristics. Whether it’s calming the feelings of anxiety or depression or easing the symptoms associated with cancer or AIDS, as more and more research is done, the list of the health benefits of cannabis continues to grow at a rapid rate.
At the end of the day, the marijuana industry continues to grow and expand by leaps and bounds. The information that we covered in this post is just the tip of the iceberg as more and more states from all over the country are fighting to legalize and decriminalize cannabis, a drug that can help many people manage their conditions and symptoms.
Accordingly, while currently only eight states have legalized recreational marijuana, if the pace of this trend continues on its current trajectory, the overhaul of sweeping legalization throughout the United States could come sooner than we think.
This is a guest post by Kathy Cooley. Kathy has more than 2 years of experience as a freelancer and write on many topics including foods, medical cannabis, recipes, lifestyle, chocolates, health, fitness and many more. This post has been edited for syntax and grammar. The Law offices of Jay Leiderman is not responsible for the accuracy of the content herein.