Mar 31, 2021, 11.47 AM(IST)
The legal marijuana industry is adding an estimated $2 billion to the economy of the Washington state and generating total tax revenues of more than $883 million, according to a new report.
A report by Washington State University has said that with the innovations and planned nurturing the cannabis industry can grow even more.
Washington had become the first U.S. state to legalize recreational use of marijuana on December 6, 2012, second in recreational marijuana sales. The state had previously legalized medical marijuana in 1998. Under state law, cannabis is legal for medical purposes and any purpose by adults over 21.
The economic contributions of the cannabis sector are strong and growing. Among the findings of the report, marijuana excise taxes are the fastest-growing component of the Washington state’s general and selective sales tax revenue streams.
Here are the major study findings:
1. In 2020 the Washington cannabis sector contributed $1.85 billion to gross state product.
2. The sector, directly and indirectly, supported nearly 18,700 full-time equivalent jobs.
3. Retail cannabis sales grew 21% between 2019 and 2020 and grew 605% between 2015 and
4. Marijuana Excise taxes are the fastest-growing component of the state’s General & Selective Sales Taxes revenues.
The report is the first to detail the positive economic impacts associated with the state’s newest agriculture industry. It was compiled by Washington State University’s Impact Center for the Washington State Cannabis Alliance.