The legal cannabis industry in the United States is expected to create over 500,000 new jobs by 2022, according to a new report from New Frontier Data. The report, titled “Cannabis in the U.S. Economy: Jobs, Growth & Tax Revenue,” highlights the economic impact of legal cannabis on job creation, tax revenue, and economic growth.
The report finds that the legal cannabis industry currently employs over 240,000 people in the U.S., with that number expected to grow to over 500,000 by 2022. This job growth is expected to be driven by new markets opening up in states that have legalized cannabis for medical or adult-use purposes.
In addition to job creation, legal cannabis is also expected to generate significant tax revenue for states and local governments. The report estimates that the legal cannabis industry could generate over $130 billion in federal tax revenue over the next decade, as well as over $25 billion in state and local tax revenue.
The economic impact of legal cannabis is not limited to job creation and tax revenue, however. The report also highlights the potential for cannabis to drive economic growth through ancillary industries, such as technology, marketing, and tourism.
Despite the significant economic impact of legal cannabis, the industry still faces significant challenges, including federal prohibition and ongoing regulatory hurdles at the state level. However, advocates for legal cannabis remain optimistic about the industry’s future, pointing to the growing support for legalization across the country.