In 2016 the cannabis market in the United States was estimated to be worth over 7.6 billion dollars. Based on current trends from the US Bureau of Labor, this industry is expected to add over 300,000 jobs to the United States by the year 2025. This is especially important in this day and age–where automation is replacing workers at an alarming rate.
The legalization of cannabis is expected to create a wide variety of new economic opportunities. This industry is one of the fastest growing in the United States and it is predicted to employ more people in 2020 than the entire manufacturing industry. Some of the jobs will be for positions that are directly related to the industry–such as growers, harvesters, technicians, quality control managers, and chemists but there will also be job growth in related industries that are impacted by the industry. This includes jobs such as truck drivers, cashiers, marketers, accountants, human resource professionals, accountants, general managers, and web developers.
Due to this increased demand, there has been a recent surge in training programs that are tailed to finding a job in the cannabis industry. Many states now offer a marijuana worker license for professionals who want to work in the industry. Because of the wide variety of jobs that are related to this industry, it will be easier for someone to find a position that is well suited to his or her unique skill set. This can help to benefit new job seekers who are looking to get established in a growing field.
Besides the creation of new jobs, the legalization of cannabis for recreational usage in more states is also expected to impact the economy in several other ways. With less resistance against legalization, there is expected to a bigger push to have cannabis legalized nationwide. This is expected to create a significant increase in investment opportunities as more companies are allowed to be registered on the public stock exchange. Investment in weed stocks is predicted to grow faster than average due to how new this sector is compared to other sectors in the market. When they first became public, many Canadian weed stocks had a trading volume that was higher than average when compared to other industries during their opening week. It is likely that there would be high interest in US cannabis companies if they were ever able to follow suit.
Along with creating more investment opportunities–another significant contribution to the economy from the cannabis industry would come through the tax revenue that is generated from sales. One reason why this would be such a big deal is because people would now be able to buy cannabis from a legal source instead of purchasing it off the black market. California alone collected over 3 billion dollars from sales taxes during 2017. If marijuana was legalized nationwide the taxes from sales are estimated to amount to over 138 billion dollars.
A lot of money would also be saved from the costs that are associated with the criminalization of using cannabis. Several billion dollars could be saved every year from the costs and fees of imprisoning people who are issued drug charges for using cannabis. Several countries, such as Canada, have changed the law to make illegal possession or usage of marijuana to be a civil crime rather than a criminal charge. This helps to generate money in fees and it eases the burden on the criminal justice system because it decreases the amount of people who are jailed for minor offenses. This also helps many people to avoid having a charge on their criminal record–which can make it more difficult for people to find jobs years after they are charged with the offense.
There have been statements from many police officers who support the legalization of marijuana because they feel like there is too much time and effort that is wasted on nonviolent crimes. Some officers have said that this wastes taxpayer money and that it can hinder them by preventing them from focusing on more serious crimes.
As of late, cannabis has been legalized in over 25 states. This includes the use of medical marijuana in 33 states and the recreational usage in 10 states. It is expected to become legalized in more states as the push to decriminalize weed has grown among the younger generation. At least 7 more states are projected to legalize at least partial use of the drug and more are expected to allow more casual usage of the drug.
Legalization of cannabis has become a more popular topic recently after Canada became the second G2 nation after Denmark to legalize marijuana. But despite how well-known Denmark is as a tourist spot for cannabis users, the first nation to legalize the use of cannabis was actually Uruguay.
Under the initial law that was passed in Uruguay, pharmacies were allow to sell marijuana to citizens who were of legal age for purchase. Citizens were also allow to register to a cannabis club and were allowed under certain restrictions to grow their own marijuana. There have been issues with demand for the drug outpacing the supply. This has pushed the prices of cannabis in Uruguay up to about $2.50 per gram. Part of the problem is that the distribution methods were limited to pharmacies rather allowing cannabis to be sold in more general stores.
In Canada the sale of cannabis is limited to specific stores and the legal age to buy the drug is dependent on the territory where it is bought. Lawmakers hope that legalization will help to curb the use of the drug among minors by making it more normalized and less like a forbidden fruit. Another major reason for the legalization of cannabis for casual use is that it will make help regulate the production of the drug in order to make sure that the quality of the drug is up to standards. This would help reduce the risk that comes with buying the drug off the streets because it would now come from a known source.
In 2014, Colorado became the first state in the US where cannabis was legalized for recreational use. Purchase of marijuana within the state is restricted to adults who are 21 or over and is limited to 28 grams within a single transaction. The store hours for which cannabis is allowed to be sold are dependent upon which county the store operates in. Any store that is planning on selling marijuana must be licensed to do so. There are currently many restrictions on how cannabis can be advertised. In most states ads for cannabis are limited to specific forms of media and are not allowed to be shown on public television or radio stations. This is done in order to prevent companies from trying to target minors.
Along with the sale of marijuana, there are laws that restrict the concentration of THC that can be found in your blood when driving. Because of this, it is best to be remain aware of when you lasted smoked or injected a substance whenever you plan on operating a vehicle. It is illegal to transport cannabis across state borders in the United States so be aware of each states laws on weed. In Colorado, minors who are caught in possession of cannibals are given a civil charge instead of a criminal charge.
But Colorado is not the only state that is known for this industry. Recreational usage of weed is currently legal in 9 other states. These include Washington, Oregon, Nevada, California, Massachusetts, Maine, Vermont, Michigan, and Alaska. One big push for the legalization of cannabis occurred in December of 2018, when the bipartisan farm bill was passed. This allowed for the production and usage of marijuana that did not contain THC.
Along with creating more economic opportunities–the legalization of marijuana has created the demand for entertainment facilities that are catered to cannabis usage such as coffee bars, lounges, and nightclubs. This has helped to create new local businesses, each with their own rules for what is permitted. Some of them only allow smoking indoors while others have an outdoor space that is set aside for cannabis users. These hangout spots have helped to provide jobs and many of them cater to tourists that come to the city. A relatively high amount of cannabis purchases in cities like Denver still come from people who are from out of state.
There has recently been more debate about whether or not cannabis delivery services should be permitted in cities where the recreational usage of marijuana is legal. The largest barriers to this are uncertainties over how delivery companies would be regulated and concerns over the verification process of sales that are made from door to door. Proponents think that this would make it easier for people who have a difficult time leaving the house to have easier access to cannabis products. This could help people who rely on marijuana for pain relief such as older consumers or people who have a chronic illness that restricts their mobility. It would also help to create new jobs for delivery drivers. Jobs like this would be great for people who need flexible part-time work.
