The marijuana industry is booming, and it doesn't show any signs of slowing down in the near future. Legal marijuana is the fastest-growing industry in the United States, according to a new report from researchers at The ArcView Group, a cannabis industry investment and research firm based in Oakland, California. In the next two years, a flurry of states are expected to consider the legalization of recreational marijuana. A majority of Americans continue to support full legalization, nationally, and by 2016, it's entirely possible that marijuana could be a wedge issue in the presidential election. These are exciting times, and new millionaires and maybe a couple billionaires are about to be made. Can you say, Bigger than Amazon!" Colorado's Cannabis industry is still in its budding phase, which is considered by many of the top cannabis and financial advisors in the country. With Colorado's Cannabis Industry now successfully raking in $100 million dollars plus each month, many dispensaries and supporting canna- businesses have shifted their focus are looking at ways to streamline business operations to maximize profits and to begin researching for a innovative and practical answer to multiple cannabis taxations that stretch clear from patient to grower and dispensary to distributor. The publicly available marijuana tax data from The Colorado Department of Revenue will show record that a little over half a billion dollars has been collected from taxation towards dispensaries, growers and distributors. As a cash only business it allows the government to collect on the gross income form sales. By not accepting alternatives to dispensaries in the financial banking area, it leaves the door open for each cannabis establishments to be labeled as high risk, which of course there is a tax for that also. Pot sales are expected to bring in 24 Billion dollars combined nationally by 2025. With growth like that many individuals are looking to find a career in the cannabis industry, which will blossom to 255,000 jobs by 2020 a gain of a little over 50k. Hard to see how Cannabis holds the title of still being the most controversial issue in our country. New Frontier Data specializes in measuring growth in the cannabis industry, and their new report claims that legalized marijuana will create an estimated 300,000 new jobs over the next three years. The data is based on the 28 states that have some form of legalized marijuana. The number of jobs is likely to grow, if additional states implement the legalization of medicinal or recreational marijuana in coming years. According to the Bureau of Labor Statistics, manufacturing jobs have been in a steady decline, and are expected to lose some 814,000 jobs by 2024. Projections for the cannabis industry do not only outpace manufacturing however, but are also expected to surpass job creation in the utility industry, the service sector, agriculture, and the federal government. “These numbers confirm that cannabis is a major economic driver and job creation engine for the US economy,” said Giadha Aguirre De Carcer, founder and CEO of New Frontier Data. “While we see a potential drop in total number of US jobs created in 2017, as reported by Kiplinger, as well as an overall expected drop in GDP growth, the cannabis industry continues to be a positive contributing factor to growth at a time of potential decline. We expect the cannabis industry’s growth to be slowed down to some degree in the next 3 to 5 years, however with a projected total market sales to exceed $24 billion by 2025, and the possibility of almost 300,000 jobs by 2020, it remains a positive economic force in the US. So despite the taxes and the dogma of cannabis use. Cannabis is still surging forward faster than anyone expected, driving industry and people into new areas and markets, and that one day Cannabis will come out from under the shadow of a 60's mentality. Special story credit to Sputnik International & New Frontier Data ~ Nigel Perrymond, Author Archives |
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