The evolving cannabis industry in the US is helping other markets improve, as well
Increased tax revenues, creation of new jobs and an increase in the real estate market are just a few of the benefits that cannabis legalization has generated over the past few years. New data reveals that giving the green light to this plant has brought nothing but good news for different sectors of the country, a trend that will surely continue to increase as more states adopt a similar measure.
The Federal Reserve Bank recently released a new report that sheds light on the impact that the legalization of marijuana has had on the economy in recent years. States have changed their marijuana policy, resulting in increased demand for commercial real estate, as well as the creation of more jobs and an incredible increase in tax revenues.
After compiling data from several states under their jurisdiction, an analysis by the Central Bank of Kansas City’s arm revealed that the marijuana industry has become one of the leading economic sectors with the potential to continue to grow as time goes on. For many experts, the industry still has much to offer, especially if a best-case scenario for federal reform were to occur.
“Overall, the marijuana industry has had a significant effect on the economies of Tenth District states in the initial years after legalization,” the report said. “The emergence of the industry has led to higher employment and stronger demand for commercial real estate.”
Additionally, the new study showed that tax revenues have increased considerably as marijuana sales continue to grow in states where it has already been legalized. According to the report, businesses in the industry continue to struggle with various obstacles due to its federal status. Still, with recent White House decisions to study how it is classified on the Controlled Substances List, a light may be at the end of the tunnel.