Cannabis Industry Delivers 100,000+ Jobs And Billions In Tax Revenue
Jobs are growing in the cannabis sector and the so are the businesses offering them.
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. That 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 Walsh said.
30 states plus DC allow medical or recreational cannabis that contains the psychoactive ingredient THC. Adding the states like Texas that have some sort of CBD-only medical marijuana laws, brings the number into the mid-40’s said Garrett Rudolph editor of industry business magazine Marijuana Venture.
The taxes being collected as the industry grows are significant. Tom Adams managing director for the industry intelligence group at BDS Analytics in Boulder CO., 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 according to Steve Schain senior attorney of the Hoban Law Group which works with cannabis companies.