The United States of America is often regarded as a land filled with tremendous opportunities and a rich cultural heritage.
It is a country made up of people from different tribes and region with so many attractions ranging from the multi-billion dollar casino industry, las vegas dispensaries (filled with cannabis), Cotton production, to the world’s top importer, huge financial industry (New york stock exchange), largest national economy (highest GDP) in the world—just to name a few.
But we are not going to be talking about all of that. Our major focus will be on the cannabis industry in America and some fun facts surrounding this trending issue of marijuana.
Potential for Growth
California was the first state in the US to make marijuana legal, and since then, several other states have followed suit in legalizing the use of cannabis.
The interesting thing or fact about the legalization of cannabis is that it is presently generating a huge amount of revenue for the US government, so much so that, the tax returns will soon be worth more than the GDP of nine states combined.
Now imagine what impact that is going to have! If the US economy has the highest national economy in the world in terms of GDP and with the rising earning potential of the cannabis industry, it won’t be an exaggeration to state that they are going to be the world power for a long time.
It is common knowledge that one of the natural resources in the US is coal, and that industry has been the source of livelihood for thousands of Americans.
But it will shock you to know that as of late, the marijuana industry employs five times more people than the coal mining industry does.
You have to bear in mind that not all the states in the US have legalized the use of marijuana, which seemingly means that if more states were to adopt that legislation, then the rate of unemployment is going to drop drastically—and standard of living will be way improved.
Speaking of the standard of living, it might interest you to know that the average income for people working within the cannabis industry so far, exceeds the united state’s median salary by approximately 10%.
This only goes to show you that, not only is the industry booming but it is improving the lives of people by increasing and—or alleviating the poverty level of the below-average income earners.
There is no denying the fact that over the years, the gap, difference, and margin between the rich and the poor has become so big in the US, to the point where it is becoming very alarming.
But with the advent of cannabis, things are beginning to take a new turn, and there might yet be a glimmer of hope for a better tomorrow.
As the marijuana industry continues to boom, so will the income potential continue to rise. One will be right to say that the amount one invest’s in the cannabis industry will be directly proportional to the return on investment.
That is why it doesn’t come as a surprise that in 2018—according to TechRadar—that some US investors invested the sum of $10 billion in the North American cannabis market.
Now ask yourself this, why will investors put in such amount of money into the marijuana industry if they haven’t done their homework and seen that there is a huge potential for profitability. Mind you! These guys are heavy financial players.
In summary, we have talked about the immense or abundant opportunities presented by the cannabis industry, but we are yet to explore the cost-effectiveness of actually legalizing cannabis.
I’m sure by now you are wondering what in the hell I’m talking about! I will explain it.
In the early 2000s, it was recorded that the federal government spent 3.6 billion of taxpayers money—yes billions not millions—in policing marijuana.
Even if you aren’t good at math, the magnitude of that number should resonate with some imaginable volume. So presently, with the legalization of weed, not only will more money be made by the federal government, but also a lot of money spent on policing marijuana will be saved and put to better use.