Since the legalization of recreational cannabis in 11 different and legalization of medicinal Marijuana in 33 different states, the cannabis industry is seen to be booming. Just this year alone, legal cannabis has generated a revenue of $53 billion. While they have been an surge increase in job creation in the cannabis industry with a 76%. They are movements across the country to legalize Marijuana. So what is the implication of legalizing cannabis across the country?
In 2017, legal Marijuana ranked up revenue of almost $23 billion. By 2023, the figures are expected to reach $77. Which currently is higher than the GDP of several states. Taking into consideration that all states legalize the use of both recreational and medicinal cannabis the figure is expected to surpass $100 billion by 2023, which will have a positive impact on our country’s GDP.
In 2018, the cannabis industry in the US hired 250000 people. Which, if compared to the coal industry, surpass their total employment standing at 52300 people. It is expected by 2022. The cannabis industry will have created jobs for 330000 people. The figures are way higher than the jobs created by the coal industry, US steel, and mills which stands at 268,000 people.
- Increased Standard of Livelihood
Did you know that cannabis workers earn more than 10% of the median salary individuals? According to a report realized by Glassdoor, the median salary of US workers stands at $52,863 while for cannabis workers stand at $58,611 which is approximately 10.7 % more than the median US worker.
The cannabis industry is the most promising industry across North America. In 2018, $10 billion was poured into the cannabis industry in North America. In 2019, the figure is expected to reach $16 million. Investment in the cannabis industry is expected to continue growing in the coming years, with some experts predicting that the figures will reach $22 billion by 2021. If you want to know more about cannabis, visit www.cannabis-stories.com.
- America is losing out on a lot of revenue due to black market
According to a report released by Arcview, the US generated a revenue of $52 billion. Out of the $52 billion, 87% of the revenue generated went to the black market. Legal marijuana sale only accounted for $6.2 billion. While currently, they are only 11 states which have legalized recreational Marijuana and 33 states which have legalized medical cannabis, the country will continue losing out on a large cash pool.
- Legal Marijuana is more valuable than organic produce
In 2016, while the country generated a revenue of $ 52 billion, with only $6.2 billion of that going to legalize Marijuana. The figures were higher than organic produce, which accounted for $4.8 billion.