New study: Cannabis could create $131.8 billion in revenue, 1.1 million new jobs by 2025
A study by an analytics firm called New Frontier Data says that cannabis could be big in the US -- bigger than you think. If cannabis was legalized in all 50 states, says the report, the instant industry could create 782k new jobs immediately, with that number growing to over 1.1 million by 2025. Additionally, $131.8 billion in tax revenue would be created, and while that number would be split across all states (and presumably the federal government, who aren't going to let cannabis be legal without taking their cut), it's still nothing at all to sniff at.
And lest you think those numbers are just some analysts' dream (which, let's be honest, they probably are closer to a guess than an actual trajectory at this point), behold the real numbers already. Colorado has already brought in $1 billion in eight months last year, and California's nascent market is set to be a $7 billion industry.
That's exciting. There's no question that cannabis is going to make a big splash -- in fact, it already has. Of course, the reality is that those jobs likely won't come from thin air -- a burgeoning cannabis industry would probably have a serious impact on other industries, including alcohol, prescription medications, and others, and all of that money has to come from somewhere (perhaps people will buy fewer CDs or DVDs, for example, and instead get high for a day). That's not to say that those changes are bad -- just that cannabis legalization is about change in general, not a one-stop fix for all of the country's problems. $131.8 billion goes a long way, however. Whenever Congress decides to make the law of the US line up with what the people have asked for, we'll see some major changes come through for sure.