According to a new study, nationwide marijuana legalization could create over 1 million new jobs within the next 10 years. Information from New Frontier Data’s study indicates that the federal government would generate at least $131.8 billion in federal tax revenue in the first 8 years of national legalization. And, with federal legalization, at least 782,000 jobs could be created immediately. New Frontier Data also forecasts that the marijuana industry could employ as many as 1.1 million people by 2025, including growers and retailers.
Colorado’s legal recreational marijuana industry created 18,000 full-time jobs and generated $2.4 billion in economic stimulation just one year after they legalized it, according to Newsweek. New Frontier Data’s study suggests that this trend could be sustained on national levels.
Giadha Aguirre De Carcer of New Frontier Data said, “If cannabis businesses were legalized tomorrow and taxed as normal businesses with a standard 35 percent tax rate, cannabis businesses would infuse the U.S. economy with an additional $12.6 billion this year.”
Marijuana Policy Group says that increased demand would stimulate economic growth from the legal industry. The marijuana industry, for instance, supports other industries such as lighting, commercial real estate, agricultural supplies and various tech companies.
Photo: The Cannabist