The federal legalization of cannabis sales and use could help reduce America’s staggering debt while also creating millions of jobs, according to a new report by cannabis data analysis firm New Frontier Data.
In their new report, Cannabis in the US Economy: Jobs, Growth and Tax Revenue, 2019 Edition, New Frontier’s analysts predict that a flat 15 percent federal sales tax on all legal weed sales could bring in $73.7 billion by 2025. This would be an entirely new source of revenue for the US Treasury, which is currently prohibited from collecting taxes on illegal drugs.
Federal legalization would also allow cannabis companies to break ground in the 39 states that currently prohibit adult-use, kickstarting an employment boom that would create millions of new jobs. The report notes that the cannabis industry generated around 82,000 jobs this year, and predicts that if full legalization occurred in every state, over 1.46 million new jobs would be created. By 2025, analysts predict that number could grow to 1.63 million jobs as the industry matures.
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