It’s no secret that the cannabis industry is bringing in all kinds of money for the industry, but now, there are official numbers backing it up. Even without full legalization, legal cannabis is reportedly poised to bring in almost $100 billion to the US economy in 2021.
This is up 30 percent from last year, and the projected number for 2025 is $169 billion. According to the MJBizDaily analysis, this was done by looking at similar industries and using a standard multiplier of 3.5 on projections of sales, and it includes agriculture, manufacturing and retail activity.
When examined closely across the board, this shows what the future of cannabis will look like and how it will be able to continue to benefit the US economy as the years go on. In this particular instance, the analysts predicted that for every $1 spent by consumers and patients in the retail and medical markets, an additional $2.50 gets put back into the economy. This also has a major impact on local economies throughout the country.
This is the case because of the daily needs of workers in the industry, including spending on housing, transportation, food, and entertainment. By adding more jobs to the legal and regulated cannabis industry, cannabis keeps on giving back and helping to boost the local, state, and national economies.
Additionally, the taxes generated from selling recreational and medical cannabis also puts hundreds of millions of dollars into the economy via taxes, which in turn go back to fund local government and state activities. How those tax dollars are funneled back into the local area varies state to state, but some popular uses are funding schools, roads, and addiction treatment programs.
Now, because of the legal cannabis industry expanding and causing a boom in many states, there is other growth in real estate, retail,