As the 2024 elections draw near, the economic impact of cannabis legalization is set to become a prominent topic in political discourse. With billions in total sales and millions in tax revenue, the economic benefits of legal cannabis are clear. However, beyond the monetary gains, there is a crucial aspect that must not be overlooked: job creation.
The 2024 Cannabis Jobs Report by Vangst reveals that over 440,000 jobs have been generated in states with legal cannabis, marking a 5.4% increase in the past year alone. This growth not only signifies economic stability, but also highlights the industry's resilience in recovering from past job losses. As new markets like Missouri contribute to this job surge, the report underscores the varying dynamics of job creation across different states: newer markets are expanding while older ones face challenges. Despite these disparities, the forecast remains optimistic, with continued growth in sales and job opportunities anticipated in the coming years.
The economic benefits of legal cannabis
When discussing the economic benefits of fully legalizing cannabis, the subjects of total retail sales and related tax revenue are always immediately discussed, and rightfully so. Forbes estimates that the regulated U.S. cannabis industry will be worth $46 billion in 2028, and will surpass alcohol sales in some counties. Even in more remote and less populous states, cannabis has brought in millions in retail sales and tax revenue. In Maine for instance, cannabis sales reached $217 million in 2023. Missouri, despite a population of roughly six million, was the sixth largest market of all the states with legal cannabis in 2023. In all, Missouri topped $1 billion during its first year of recreational sales.
Job creation in the cannabis industry
As we approach the 2024 elections, cannabis will undoubtedly be an issue on the forefront of discussions. The rapidly increasing, multi-billion dollar figure of total cannabis sales and many millions more in tax revenue will be mentioned prominently. However, when discussing the numerous economic benefits of recreationally legalizing cannabis, politicians who run so heavily on platforms of American job creation, such as the reality TV star turned President, must also acknowledge the thousands of jobs that are created annually from states with legal cannabis.
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