Study: U.S. Marijuana Legalization Would Create a Million New Jobs, $132 Billion in Tax Revenue in First 8 Years
According to a new study if marijuana is legalized across the United States a million new jobs would be created and the government would receive at least $132 billion in new tax revenue in the first eight years.
The study was conducted by New Frontier Data, a data analytics firm that’s primary focus is analyzing the legal marijuana industry. They found that if marijuana was made legal across the country, and taxed at 15%, it would generate at least $131.8 billion in tax revenue between 2017 and 2025.
The study also concluded that legal marijuana 782,000 new jobs almost immediately; this would rise to 1.1 million by 2025.
“When there are budget deficits and the like, everybody wants to know where is there an additional revenue stream, and one of the most logical places is to go after cannabis and cannabis taxes,” says Beau Whitney, an economist at New Frontier Data.
According to a Pew Research Center poll released earlier this month, 61% of voters in the United States support legalizing marijuana for those 21 and older.
