New Frontier Information, which claims to be “the authority in information analytics and organization intelligence on the worldwide cannabis industry”, today announced new financial information detailing the possible influence of federal cannabis legalization in the United States.
The federal legalization of health-related and adult-use cannabis would generate $86 billion in added U.S. tax income involving 2019 and 2025 and a $56 billion annual U.S. cannabis market place by 2025, states the report. The New Frontier Information State of the Cannabis Union 2019 is now out there for totally free download at the following hyperlink: https://newfrontierdata.com/SOTCU.
These findings, as effectively as comments by Congressman Earl Blumenauer (D-Ore.) and Congressman Lou Correa (D-Calif.) and insights from the world’s very first cannabis testing lab Steep Hill and Major 10 U.S. tax firm CohnReznick, have been presented for the duration of a briefing hosted by New Frontier Information in collaboration with The Liaison Group, a federal advocacy group operating with federal lawmakers towards a protected and thriving cannabis economy.
“Cannabis legalization and decriminalization has not only occurred in practically 60% of the United States it is now becoming explored or adopted in more than 60 nations about the globe. Our information shows complete federal legalization, especially in the U.S., will drive material gains across important financial sectors, like federal income generation, national job creation, and decreased government healthcare spending and crime prices,” stated Giadha Aguirre de Carcer, Founder and CEO of New Frontier Information. “Our ultimate purpose is to supply U.S. Congress objective and complete intelligence on the possible socio-financial influence of federal cannabis legalization as its members enter into this delicate debate.”
“A altering political tide for advancing cannabis policy is progressing by way of Congress. A lot more and additional Members in each chambers and on each sides of the aisle are recognizing and acknowledging the country’s will for a regulated cannabis marketplace – and that a majority of Americans clearly help respecting states and guarding individuals,” added Saphira Galoob, Principal and CEO of The Liaison Group.
New Frontier Information announced the following projections and updated findings:
- There are an estimated 272 million cannabis buyers globally, equivalent to four% of the world‘s population
- These buyers collectively invest roughly $356 billion each and every year on cannabis across legal and illicit markets
- In the United States, more than 24 million, or 9.9% of adults age 18+ consume cannabis routinely, and 115 million (48.two%) report consuming it in their lifetimes
- In states exactly where cannabis is at present legal, health-related and adult use sales are forecast to develop from $12.9 billion in 2019 to $26.three billion in 2025
- Federal legalization would generate $86 billion in U.S. tax income involving 2019 and 2025 on $253 billion in sales more than that period
- Government discomfort medication spending drops 11% in U.S. health-related cannabis markets vs. non-legal markets
- There have been two.four million U.S. health-related marijuana individuals in 2018, up 71% from 2014
- The U.S. hemp market place is projected to develop to $five.7 billion annually by 2020
- Legal cannabis supported 259,000 plant-touching jobs in 2018