The total U.S. economic impact from marijuana sales in 2021 is expected to reach $92 billion – up more than 30% from last year – and upwards of $160 billion in 2025, according to analysis from the newly published #MJBizFactbook.
For every $1 consumers and patients spend at retail locations, an additional $2.50 will be injected into the economy, much of it at the local level. That impact comes directly from the day-to-day needs of workers in the cannabis industry, including spending on life’s necessities such as housing, transportation, entertainment and more.
Marijuana businesses, consumers and patients also pay hundreds of millions of dollars in state and local taxes that are used to fund state and local government activities, including schools and roads.
In addition, real estate receives a boost from new retail, manufacturing and agricultural businesses moving into an area or established companies expanding, increasing broader demand for commercial properties. Cultivating and manufacturing marijuana can require large investments in equipment and technology that boost not only the local economy but also areas throughout the U.S.
The largest market in the U.S., California’s marijuana industry is expected to pump close to $20 billion into the state’s economy in 2021 and will contribute a little more than $500 of economic impact per person. The marijuana markets in Alaska, Colorado and Oregon also will pump almost $1,500 per person into their respective states.
From jobs to tax revenue to commercial real estate, the marijuana industry has a large – and growing – impact on the broader economy in the United States.
Marijuana industry expected to add $92 billion to US economy in 2021
U.S. Mid-Year Report: Legal Industry Projected to Top $6 Billion in Quarterly Sales for Q2-2021
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
Episode 749 of The Talking Hedge:
Your Cannabis Business Podcast.
Covering cannabis products, reviews, business news, interviews, investments, events, and more.
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