Legal cannabis could earn $1b tax revenue and create 250,000 jobs

CLIENT: THE GREEN FUND
OUTLET: 9 NEWS

It’s 2019 and marijuana is now recreationally legal in Canada and across 10 states in the US.  And it appears allowing adults to legally purchase and consume cannabis is big business.  According to  The State of Legal Marijuana Markets  report, Canadians spent $A2.28 billion on legal weed in 2018, with the Colorado Department of Revenue saying the state’s regulated pot industry has generated more than $A8.5 billion in sales since legal recreational marijuana sales began in 2014.  Investment strategist Mark Bernberg said Australia was losing billions of dollars of potential tax revenue from legal marijuana, questioning why it’s not being addressed on the election campaign.  “It’s a product very much like alcohol and gambling that’s recession proof because it’s a product of recreational consumption for adults,” he told nine.com.au.

It’s 2019 and marijuana is now recreationally legal in Canada and across 10 states in the US.

And it appears allowing adults to legally purchase and consume cannabis is big business.

According to The State of Legal Marijuana Markets report, Canadians spent $A2.28 billion on legal weed in 2018, with the Colorado Department of Revenue saying the state’s regulated pot industry has generated more than $A8.5 billion in sales since legal recreational marijuana sales began in 2014.

Investment strategist Mark Bernberg said Australia was losing billions of dollars of potential tax revenue from legal marijuana, questioning why it’s not being addressed on the election campaign.

“It’s a product very much like alcohol and gambling that’s recession proof because it’s a product of recreational consumption for adults,” he told nine.com.au.