Cannabis reports suggest legalization could create up to a million new jobs in the U.S.

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

A recently published report from New Frontier Data a pioneer in analytics, business intelligence and data for the worldwide cannabis industry has pinned the value of a federally legal cannabis market in the U.S. at almost $130 billion. 

Aside from the moneymaking potential of federal cannabis legalization, the report, titled, “Cannabis In the U.S. Economy: Jobs, Growth and Tax Revenue, 2019 Edition,” suggests that more than one million nationwide jobs could be created. As a result of this, tax revenue and economic growth could experience a substantial boost.

“With so much speculation about economic slowdown, the potential for federally legal cannabis to create up to a million new jobs and close to $130 billion in tax revenue is likely going to be of interest to regulators and presidential candidates in 2020,” said Founder and CEO of New Frontier Data, Giadha Aguirre de Carcer. “Cannabis is already being considered as an investment option for forward-looking portfolio and fund managers as a possible hedge against economic downturn impacting more traditional investments.”

An overview of New Frontier Data’s cannabis report findings

One of the most interesting facets of the recently published report is that 2018-2019 Year-Over-Year (YOY) job growth in the cannabis industry resulted in the creation of almost 82,000 jobs. Using this information, New Frontier Data’s analysts were able to predict that as many as 1.46 million cannabis industry jobs would be available today if legalization was enacted nationwide; leading to the creation of 1.63 million jobs by the year 2025.

Aside from the fact that cannabis legalization in the U.S. could help to boost the economy and reduce unemployment rates, analysts also predict that full legalization would attract $8.4 billion in payroll taxes; triggered by an increased interest in the legal market from consumers, legal businesses and employees.

Based on the assumption that federal cannabis legalization in the U.S. would impose a 15 percent sales tax on legal products, revenues could soar to $73.7 billion between the years 2018 and 2025. 

Moreover, if full legalization is enacted, combined taxes could yield $175.8 billion between the years 2018 and 2025; a combination of business tax revenues, a 15 percent retail sales tax and payroll withholdings based on estimated employment figures.

Who is New Frontier Data?

A wealth of cannabis industry-related analytics are provided by this independent company, which is renowned for dishing out actionable business intelligence, data and risk management solutions to enlighten researchers, investors, operators and policymakers. 

At the current time, New Frontier Data’s in-depth reports have been commended in more than 80 global countries. The company, which was established back in the year 2014, boasts offices in Washington, D.C. where it is headquartered as well as Denver, CO, and London, UK.

You can download “Cannabis In the U.S. Economy: Jobs, Growth and Tax Revenue, 2019 Edition” for free at: https://newfrontierdata.com/jobs2019.