The cannabis industry is both controversial and profitable. For years, lawmakers struggled with the legalization of cannabis for tax purposes, while dealing with the stigma of making what was once considered a harmful drug available to the public.
Slowly but surely, state by state cannabis would get legalized. First for medicinal purposes, than full legalization, and that’s when the money started rolling in.
Here are a few fun facts about the economic impact of marijuana legalization:
- In 2015, Colorado collected more than $135 million in taxes and fees on medical and recreational marijuana.
- Sales in the state totaled over $996 million.
- Sales in North America grew 30%, to $6.7 billion, in 2016, and is projected to increase to $20.1 billion by 2021, according to Arcview Market Research.
- A report from cannabis analytics company New Frontier suggests that federally legal pot could generate an additional $131.8 billion in aggregate federal tax revenue by 2025.
- California, which is much larger in size and population than Colorado, could exceed $15 billion in sales revenue and $3 billion in tax revenue, according to an April 2016 study by ICF International.
- The October 2018 survey showed that an all-time record 66% of respondents now favor legalizing marijuana in the United States.
- According to analysts at Jefferies, the potential for the global pot industry is $130 billion in sales in the future.
So if you’re “going green” today, be sure to purchase your products from an approached dispensary so that the public can reap the tax benefits.