Smoke it if you got it! Weed culture is sweeping the nation, and it's not just for Cheech, Chong, and Snoop anymore. Legalization is happening at the fastest pace ever! More people are tokin' on the green than smoking cigarettes. In fact, 16% of US citizens say they've hit the jazz cabbage compared to only 4% of Americans in 1969!
Aside from munchie-induced grocery shopping and an overall chill vibe, how does legal weed impact the economy? Read on to learn more and spark up...a conversation!
Medical and recreational marijuana legalization requires manpower. Dispensaries in legal states are popping up quicker than we can finish our edibles, and they've been staffing up a storm. In addition to retail stores, marijuana farms and growers hire a ton of workers as well.
Today, the cannabis industry currently employs nearly 250,000 full time workers. A recent study in Nevada shows that recreational marijuana will support over 41,000 jobs through 2024. In California, it'll support almost twice that many jobs, and increase total labor income to over $3 billion!
If you're a fan of the stock market, chances are you may have seen a few marijuana companies pop up here and there. There's nothing major yet, but if Uncle Sam gives legal weed a nationwide green light, it'll be much easier for companies to list their stocks on the major exchanges.
And what does this mean for investors? If the marijuana industry growth rates keep trending in the right direction, adding marijuana stocks to your retirement savings account or trading portfolio could give a major boost to your finances.
High crime rates mean higher taxes, but legalizing weed would cut illegal drug activity down significantly. Experts say roughly 30% of all Mexican drug cartel revenue comes from illegally sold marijuana, and legalization would dry that up pretty fast.
Additionally, changes to marijuana laws and related offenses are freeing up police efforts and the criminal justice system to focus on more pressing issues, like violent crimes. Revising weed laws also helps erase minor offenses from criminal records, helping to restore trust in law enforcement.
In states where weed's been legal for a while, the tax revenue has been blowing projections straight out of the bong water. For example, Washington state pulled in over $500M in marijuana tax revenue in 2021, which was $85M more than 2020.
If recreational marijuana is legalized across the US, experts say it'll generate an additional $105B federal tax revenue by 2025. Think of all the roads we could fix! We could call it...Pot for Potholes?!
Although the nation seems pretty jazzed about the cabbage, weed is under a bit of a microscope. Studies have shown links between regular weed use, mental instability, and antisocial behavior and it's not good for teens or young adults. If and when they legalize marijuana, always toke responsibly and make sure you're making an informed decision!
Guess what? The President can't do much on weed regulations in your area...but your local & state government reps can! Here’s three small things you can do that make a BIG impact:
