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Forbes: Pot Industry Flourishes With 100,000 Jobs, Billions in Tax Revenue

Forbes: Pot Industry Flourishes With 100,000 Jobs, Billions in Tax Revenue
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By    |   Wednesday, 23 May 2018 10:27 AM

The marijuana industry reportedly is delivering an unexpected eye-popping “high” for business: more than 100,000 jobs and billions in tax revenue.

At least 125,000-160,000 people work full-time in the legal marijuana industry according to Chris Walsh, industry analyst and Editorial Vice President of MJBizDaily. The estimate includes growers, processors, sellers and those that service and supply those companies.

There are more marijuana sector employees than librarians or kindergarten teachers in the United States, Forbes.com quoted Walsh as saying.

Marijuana has been fully legalized in eight states, and 24 states allow some form of marijuana use.

As more states legalize and roll out medical and recreational cannabis markets, the industry is projected to add as many as 340,000 full-time jobs by 2022, MJBizDaily reported.

Tom Adams managing director for the industry intelligence group at BDS Analytics, estimates that companies that grow, process, or sell cannabis reported $12.9 billion of revenue in 2017, and between $3.8 billion and $4.7 billion was collected in sales, excise and income taxes.

Cannabis tax rates vary from state to state but are generally higher than other industries, Steve Schain, senior attorney of the Hoban Law Group which works with cannabis companies, told Forbes.

“As the cannabis industry continues to grow, successful companies will focus on being well-positioned and prepared for capitalizing on new opportunities,” said Hadley Ford, CEO of iAnthus Capital Holdings. “We have a positive outlook on how the industry is progressing.”

For his part, President Donald Trump has promised to support legislation protecting the marijuana industry in states that have legalized the drug, a move that could lift a threat to the industry made by the U.S. attorney general just three months ago.

Republican Sen. Cory Gardner of Colorado said last month that Trump made the pledge to him in a recent conversation, the Associated Press reported.

It marked the latest flip by the president who pledged while he was campaigning to respect states that legalized marijuana but also criticized legalization and implied it should be stopped.

Gardner has been pushing to reverse a decision made by Attorney General Jeff Sessions in January that removed prohibitions that kept federal prosecutors from pursuing cases against people who were following pot laws in states such as Colorado that have legalized the drug.

"President Trump has assured me that he will support a federalism-based legislative solution to fix this states' rights issue once and for all," Gardner said in a statement.

White House spokeswoman Sarah Huckabee Sanders said Gardner's account was accurate and the president supported states' rights in the matter.

(Newsmax wire services contributed to this report).

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The marijuana industry reportedly is delivering an unexpected eye-popping “high” for business: more than 100,000 jobs and billions in tax revenue.
pot, cannabis, marijuana, jobs, tax, revenue
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2018-27-23
Wednesday, 23 May 2018 10:27 AM
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