New data released by Marijuana Business Daily shows that if trends in both marijuana legalization and business continue, by 2020 the U.S. industry will be bringing $44 billion into the country’s economy.
The report shows that the economic impact of the industry will increase from $14 billion to $17 billion in 2016 and then from $24 billion to $44 billion in the next four years. As Yahoo! Finance notes, these figures reflect more than just the sales of marijuana, but also any money brought into the economy as a direct result of sales.
“The estimates attempt to capture the industry’s overall contribution to the economy, encompassing everything from revenues generated by cannabis-related companies, licensing fees and taxes to marijuana tourism, employee spending, job creation and the impact on real estate prices in a community,” Marijuana Business Daily said in the report.
“We’re witnessing the emergence of a business that is about to become a massive economic force,” Chris Walsh, managing editor of MBD, explained.
“These figures, which we deem conservative, show not only how important the industry already is to the U.S economy at large, but also how much more important it is about to become.”