Economic Benefits of Recreational Cannabis

economic impact of recreational and medical cannabis use

There are numerous recreational cannabis benefits that range from mildly helpful to downright healthy. These benefits are the reason that many people around the country enjoy using cannabis. But, aside from the personal benefits that come from using cannabis-based products, what is the economic impact of recreational and medicinal cannabis use? 

Personal Economic Benefits

Forget the old trope of the lonely stoner hanging out on the raggedy couch in his mom’s basement while perusing minimum wage job advertisements that he’ll never take. No. That is not the look of today’s “stoners.” Cannabis users around the country are hard-working and motivated professionals breaking barriers and fighting against stigmas of the past. The cannabis industry is booming, and it’s being driven by career-minded people who also understand the importance of legalized weed. These people are not only pushing the positive personal benefits of cannabis use but also the obvious economic benefits. Cannabis is used as an alternative for costly medications as well as a recreation that is safer and often times less expensive than alcohol and its side effects — and who doesn’t love the benefit of no hangovers?! 

Far-Reaching Economic Impact of Medical and Recreational Cannabis

While personal economic benefits are important, that doesn’t seem to be the motivation for state and federal lawmakers. Instead, it is important to recognize the further-reaching benefits that medical and recreational cannabis can have on the economy. As cannabis is able to reach more people, it will bring positive impacts to these areas. 

A new industry is often a good thing especially in situations where there are many other markets, but they’re saturated. Cannabis is a brand new industry for many states and is an opportunity for a crop of new people and businesses to enjoy the many offshoots that it provides. Not only does cannabis legalization provide the typical retail market that most are familiar with, it also provides adjacent businesses like cultivators, processors, packaging, distribution and all the other businesses that go into an entire market (even cannabis storage — sorry, we couldn’t resist!). 

Many cannabis-centric businesses are small and local businesses, so it’s an opportunity for even micro-economies to become revitalized. The revenue from these businesses has an opportunity to flow right back into the pockets of locals instead of large corporations.

Cannabis Jobs and the Economy

With any new industry also comes the need for jobs within that industry. What’s great about the cannabis industry? Unlike other industries where cannabis users are barred from employment because of archaic practices like drug tests looking for marijuana, the industry is open to employees who use cannabis and some companies may even request it, like budtenders, product developers, etc. This opens up a new applicant pool, which can further benefit the economy.

Tax Revenue

How could we talk about legalized weed and not talk about tax revenue? In fact, it’s one of the first things that people talked about when states like Colorado and Washington legalized recreational weed, but it’s something that (while saturated) shouldn’t be overlooked. As more states legalize cannabis, they begin to see the booming economic benefits for the state as a whole. Thanks to the often high taxes that states can require for cannabis sales, it is an opportunity to bring much-needed revenue in tax dollars. 

Saving Money

If we’re looking at tax revenue, we also have to look at the savings legalized cannabis can bring to taxpayers. With cannabis being legal, it will lead to fewer people who are incarcerated on charges related to its use and purchase. This means less taxpayer money going to incarcerated individuals. Punishing criminals costs an almost-obscene amount of money and the reduction in cannabis-related crimes combined with the revenue from cannabis can drive tax costs down. 

Aside from research that continues to promote the healthful benefits of both recreational and medicinal cannabis, the positive economic impact is undeniable. As more states continue to legalize, we will continue seeing the medical and recreational cannabis benefits. The economic impact of recreational and medical cannabis use is just one more positive point for legalizing it across the states and at a federal level. As a company in the cannabis industry, FreshStor pays close attention to it. Not only do we provide you with the world’s smartest curing and storage container in the CVault, but we can also help you stay up to date on important information regarding cannabis! 

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