Report: Federally Legal U.S. Cannabis Industry Could Create 1.1M Jobs by 2025
By TG Branfalt
According to a New Frontier Data report, if the U.S. government were to legalize recreational cannabis, the industry could infuse the national economy to a tune of $18.9 billion by 2025, based on a 15 percent tax rate. The report estimates that sales taxes, if implemented federally at 15 percent, could reach $51.7 billion. The revenues would be entirely new revenue for the U.S. Treasury as there are currently no federal sales or excise taxes.
The analysts estimate that federal legalization could create 782,000 jobs almost immediately and 1.1 million by 2025, which would represent $4 billion in payroll taxes in the early days of the industry, and as much as $5.9 billion by 2025.