While many marijuana dispensaries claim to not be raking in much profit, the same cannot be said for their state. With medical marijuana becoming a growing business, the biggest advantage has been the kick back. How does marijuana legalization help to grow the US economy? It has little to do with the actually drug itself and more to do with the way they are taxed. This, however, is not the only way the economy is benefiting either. Here is everything you need to know.
Can Marijuana Grow the Economy?
The short answer is yes, marijuana legalization can absolutely grow the economy. In fact, it has already been proven to do so. In states where medical marijuana is legalized, there is an insane amount of state profit. In states where both medical and recreational marijuana is legal, the state profit is even higher. California is on track to make at least $7 billion in profits according to fortune.com/ That should be more than enough to inspire other states to follow suit.
With the states profit being so high you may be wondering; what about the local communities? Local communities are what are going to be benefiting the most from marijuana legalization. Some local areas of California are looking at collecting upwards of $1 Billion dollars. This money is going to be allocated into much needed programs. These programs can help to not only enrich the lives of the youth, but the elderly as well. This can begin an amazing cycle of growth for not only communities, but the economy as well.
Do dispensaries profit from marijuana legalization?
So, marijuana is good for the government but what about the little man? Owning a dispensary is a huge financial gamble. Some dispensaries in the more popular cities are claiming to be pulling in millions of profits in a year. While this isn’t always the norm, it helps to make the industry appear to be appealing to many cannabis newcomers. In cities, like Detroit, there are well over a dozen new dispensaries now. This means that no matter how hard the state kickback is, people still want to be in the business.
Can you blame them? The marijuana industry shows no signs of slowing down which is good for both patients and business professionals. The biggest problem right now is that most dispensaries feel like they are indebted to the state. Before marijuana was legalized, people claimed that they would be fine with any type of taxing. Now it seems that people are starting to change their tune.
Not only do dispensaries need to pay an extremely high tax, they also need to file for certification. This is no small cost either! According to kightoncannabis.com the fees alone can run you upwards of $20,000. It is clear that owning a dispensary is not the way to grow the US economy. This doesn’t mean, however, that it can’t become a Fortune 500 business further down the road.
Will the economy continue to grow?
Not only will the tax dollars help to grow the US economy, but there will be a chain reaction as well. When programs that benefit the youth start, they are sure to grow up to give back to their community. The chain reaction from marijuana legalization can ensure that communities can continue to profit for years to come.
The hope is that one day the US will be a country where every state has decriminalized marijuana. Countries, like Canada, who have legalized fully the use of medical marijuana, are setting the pace. Reports show that these counties are pulling in tens of billions of dollars a year. Imagine what a large nation like the US could do.
Marijuana is good for job growth
Marijuana legalization will also create more jobs which will grow the economy. Mainly, there will be jobs opening in dispensaries for marijuana sales. This isn’t the only career in marijuana that will open up either. There will be a need for growers and marijuana cultivators. This is not only an amazing skill, but a serious career opportunity. I wouldn’t be surprised if we see more programs aimed at growers popping up in community colleges.
Marijuana artisans are also in demand. These are the people who turn quality flower into amazing products. Products like edibles and lotions are on the rise. With so many new ways to consume cannabis, someone will need to make it. Having these types of careers can lead to apprenticeship programs that can keep people competitive. There is no reason why having a career in marijuana can’t compete with other high profit jobs.
Whether it’s the state’s taxes, or a new career path, marijuana legalization is an amazing thing. By growing the US economy, more communities can come together and grow. The best way to ensure that the industry continues to increase is to ease up on the government control. With lower taxes and fees the growers and sellers can start to rake in more profit. This could be enough to inspire people to start their own business. That is the definition of economic growth.
John Levy is a passionate writer, currently working for Pot Valet - an online weed dispensary in Santa Monica.