New Report: Cannabis Industry Boosting Oregon’s Economy by $1.2B
Recent Economist reports from Oregon are coming in with some fascinating findings. In their studies of the burgeoning cannabis industry, it’s been found that the marijuana market within the state has generated over 1 billion dollars for the economy. The legal marijuana available in Oregon is boosting the livelihood of the economy, proving the theories of many pro-marijuana advocates from the past. The lofty findings are backed up by several reliable sources, including Whitney Economics’ Beau Whitney.
The report posted by Whitney included the following:
There are nearly 1,000 businesses with the Oregon Liquor Control Commission license that allows them to sell cannabis. There are well over the same number of existing applications for even more businesses to come, pushing the potential future total to nearly 2,200. Oregon’s cannabis industry has already been able to generate around 12,500 new jobs. These have been able to pay an average wage of around $12 an hour, accounting for overall annual earnings of nearly $315 million for associated workers. The report ended by estimating that the overall impact of all of the jobs, wages, and sales ultimately translated into an impressive $1.2 billion of economic growth.
Published tax revenue data shows that Oregon also generated over $60 million of tax revenue from over $240 million in cannabis sales throughout 2016. All original estimates have been blown out of the water. Oregon has had legal marijuana since 2014, and their retail sales began near the end of 2015. As of now, it is only one of eight states legalized recreational marijuana legislation in place. With these promising results, more are sure to follow.
Whitney has pointed out that the current cannabis market is equal to that of the wine market in the United States. Both are fully capable of generating billions, and cannabis is only on the rise. The fact that all of this has been accomplished with only around 1,000 businesses thus far is an economic marvel.
Whitney’s findings for Oregon also only dealt with the earnings of jobs that catered to cannabis sales directly. There are many auxiliary positions in place as well. Examples include jobs about regulation, security, consultation, accounting, and even real estate.
Oregon Governor Kate Brown confirmed the reports to The Associated Press. On the state level, Oregon recognizes the importance of the cannabis industry. They are proud to have a new means of offering more good paying jobs to people that need them, despite all of the controversies. The diversity of business is also nothing but a positive in the long run.
Recreational & Medical Cannabis
The national cannabis market is growing even faster than the explosive dot-com expansion back in 2000. Recent reports from ArcView Market Research are estimating that the industry will have created almost 300,000 new jobs in the United States by 2020. Even Whitney’s job estimations are staggering.
Whitney has found that there are already between 300,000 and 400,000 jobs related to cannabis within the United States. That number is likely to grow to incredible heights, even totaling over 1 million in time. As more states develop legislation for legal sales, it’s going to be proven time and time again that cannabis is a market full of economic potential.
The report from Whitney has admittedly been generated with very conservative figures and estimations. An even more in-depth report will be posted by the end of 2017. The entirety of the current report can be found on Marijuana Business Daily under the name “Cannabis Employment Estimates – House Committee On Economic Development & Trade.