The world of legalized cannabis has never looked more promising than it does today. Cannabis has been completely legalized in 16 states and Washington DC. An additional 36 states have also passed legalized medical marijuana. For the first time in our nation’s history, the vast majority of Americans have access to legal cannabis products to support their wellness efforts.
Recreational cannabis sales began in early 2021 for Arizona and residents within the state are already seeing promising returns. Let’s take a closer look at how recreational cannabis will continue to impact Arizona’s economy.
Cannabis Brings Local and Statewide Jobs
One of the leading reasons for the excitement surrounding the realm of legalized weed is the job prospects that the industry has to offer. A study by Forbes in 2020 revealed projected industry growth up top 33% in 2021. While the COVID-19 pandemic certainly stalled growth to some extent, cannabis still outperformed expectations in a year when every industry struggled.
Creating jobs for local businesses and individuals across the state is another huge benefit of legalized cannabis. From cultivation and manufacturing jobs to person-facing work as a Budtender or Delivery Driver, new job reports in Arizona will be fascinating to watch as the legalized industry settles in and extends its roots.
According to a jobs report published by Leafly in 2020, the state of Massachusetts saw more than 13,000 new full-time jobs since cannabis was legalized in 2018. Along with these long-term positions, the state also saw more than $700 million in earnings throughout 2020.
Balancing the Budget With Cannabis
According to research compiled by the Pew Research Center, nearly 91% of U.S. adults favor marijuana legalization for medical use. An additional 60% of responders supported complete marijuana legalization. We say that to say this, the cannabis industry is entirely accepted by the public and capable of bringing in new jobs while bolstering the economy.
In the first full year of legalized recreational cannabis, Illinois weed sales exceeded $1 Billion in earnings. In Arizona, an excise tax of 16% will be levied against all recreational marijuana sales. This additional tax funding was put in place by the Joint Legislative Budget Committee. A survey by Smart and Safe Arizona would reveal that estimated earnings through recreational cannabis could exceed $300 million each year. As Arizona stares down a budget deficit, this could be a major financial initiative to find solutions.
Among the income generated by recreational cannabis sales, residents of Arizona can expect nearly 33% to end up funding community colleges. Another 31% of anticipated recreational cannabis sales will see taxes diverted to both police and fire departments, boosting law enforcement efforts along the way.
About All Greens Dispensary
All Greens Dispensary is nestled on the corner of Bell Road and 99th Avenue in the Sun City’s Sun Shadow Square Plaza. The first drive-through dispensary in Arizona, All Greens specializes in concentrates, vapes, edibles, and flower products. Open daily from 7 am to 10 pm, All Greens also offers new patient discounts and daily specials.
More than just a dispensary for recreational cannabis and CBD products, All Greens Dispensary can help patients connect with the wellness products they need to live better. Contact All Greens Dispensary today for an affordable MMJ Certification & Patient Consultation.