In December 2018, Congressional Democrats released a report on “The National Cannabis Economy.”
Cannabis, or marijuana, is the most commonly used illicit drug in the United States. Though illegal at the federal level, states are taking action to legalize cannabis—from recreational use in states like Colorado and Maine to medical use in New Mexico and Florida. A record 66 percent of Americans now support legalizing cannabis, a dramatic increase from just 12 percent in 1969.
The legalization of cannabis has significant implications for state economies, as well as the national economy. The industry totaled more than $8 billion in sales in 2017, with sales estimated to reach $11 billion this year and $23 billion by 2022.2 There were more than 9,000 active licenses for cannabis businesses in the U.S. in 2017, with the industry employing more than 120,000 people.3
As more states move to legalize cannabis, these numbers will only continue to rise, potentially providing a new stream of revenue and jobs to local economies. But to realize these benefits, policymakers must address conflicts between state and federal regulations that impede the growth of the cannabis economy.
— Joint Economic Committee Democrats (@JECDems) December 19, 2018
Get full report here.