Marijuana to Add Approximately $99 Billion to American Economy This Year
Despite being prohibited by federal law, cannabis has quickly become one of the most lucrative industries in the country. After only a few short years of legalization, the state-legal marijuana industry has generated billions of dollars in sales and filled state coffers with billions of dollars in cannabis sales taxes.
Furthermore, the industry has created more than 300,000 new job opportunities across the country. Cannabis was one of the few industries considered essential at the start of the coronavirus pandemic, and it managed to consistently break sales records while other sectors struggled to keep their doors open.
Additionally, cannabis production typically involves a variety of cross-sector activities such as agriculture, manufacturing, retail, and even hospitality and events. These are all sectors that tend to be high value and have a greater impact on the economy. Rather than just estimating the amount of tax dollars cannabis would pump into the economy, this analysis looked at how the industry would impact the broader economy.
With lawmakers considering federal legalization, cannabis may prove to be even more lucrative in the future. According to an analysis from the MJBiz Factbook, marijuana sales are poised to add a whopping $99 billion to the U.S. economy this year. By 2026, the impact of cannabis sales on the American economy will be greater than $155 billion.
Published by the MJBizDaily, the data shows that cannabis could have a significant positive impact on the economy, especially if federal limitations are removed. Researchers from MJBizDaily studied industries that have similarities to the marijuana sector, deliberated with economists, and multiplied projected medical and recreational cannabis retail sales by a standard multiplier of 2.8 to measure marijuana’s projected impact on the economy.
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Source: cannabisnewswire.com
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