As medical marijuana (and recreational) is legalized in more and more states, state governments are beginning to see the effects that having legal pot can have on the local economy. In fact, one of the large drivers in so many states legalizing this year was the fact that since legalization, Colorado has generated 2.4 billion dollars from this new industry.
With economics like that, is it any wonder the tide is slowly turning?
While we mainly espouse the medical uses for pot on this site, it’s worth talking from time to time about the economic impact medical marijuana can have on a state. All of this money can be put into different social programs, spurring construction projects, or any number of ventures without forcing any additional taxes on the populace to pay for them.
Politically, it’s a goldmine, allowing you to create better programs without burdening your citizens any further. It’s also a business that’s expanding rapidly. There is speculation that legal marijuana could become a 44 billion dollar business by 2020 which is an absolutely astounding rate of growth.
Those numbers make marijuana legalization an easy choice politicly, even for politicians who don’t agree with it’s medical or recreational use. It’s hard to turn down millions of dollars of easy tax revenue, and voters can be quick to punish politicians who don’t see the easy value in it.
We’ll be talking more in-depth about the tax benefits of legalized marijuana over the coming weeks. Consider this article a taste of what’s to come.