Industry
How Has The Cannabis Industry Grown In 2020?
Dec
2020 has finally come to a close. We can all agree that this past year was a memorable one, for good and bad reasons. Although the global pandemic stole headlines, there has been some good news going on behind the scenes as well. This is especially true when it comes to cannabis. The cannabis industry has reached some amazing new highs (no pun intended) and we’d like to brief you on what’s happened these past 365 days. Grab a joint and a lighter, and let’s take a look at how 2020 has shaped the cannabis industry.
Cannabis was legalized in five more US states
Although the presidential election was the main topic of conversation during election season, cannabis legalization trailed closely behind. US citizens voted and cannabis was fully legalized in five more states. Residents of Arizona, Montana, Missouri, New Jersey, and South Dakota all voted to legalize it, making 1/3 of the American population now living in a state where cannabis is legal.
Cannabis sales are at an all time high
The legal cannabis industry has reached an all time sales high. Sales reached almost $20 billion in 2020, and are expected to reach $40 billion annually within the upcoming four years.
The cannabis industry created more jobs for Americans
To keep up with the demand that comes from sales, cannabis employers are hiring more new employees. The legal cannabis market employs 243,700 full-time workers. This number is expected to multiply by 250% by 2028, making the cannabis industry America’s fastest growing new job source.
States and communities are benefiting from cannabis tax revenue
One of the great benefits of cannabis legalization is that states can put the tax dollars they collect to good use. California has seen an 80% increase in quarter 3 cannabis tax revenue compared to 2019. During 2020 Q3, they’ve pulled in $306.7 million, as compared to $105.6 million in 2019.
Where are California’s cannabis tax dollars going?
- $140.8 million for 11,000 low income children in child care
- $37.5 million to helping thousands of at-risk youth
- $21.8 to improve roads
- $15 million to cannabis science and research
- $100 million to parks and city areas
- $44.8 million to fire department and police
Since legalizing cannabis, Arizona has said there 16% cannabis sales tax will go toward police, fire department, public health programs, and community colleges. In every state where cannabis is legal, the government is using the tax dollars to improve communities and benefit residents.
2020 was an amazing year for cannabis. We can’t wait to see what 2021 has in store. From the look of things, cannabis is climbing in popularity, legalization, and acceptance. We’re so excited to live in a time when the country is waking up to a new era of a cannabis-friendly culture.
If you’re interested in learning more about cannabis and CBD, check out our daily blog! There, you’ll find other articles like:
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