Michael Candelario Explains Why the Cannabis Industry is Great for the American Economy
The cannabis industry is turning into a boon for the American economy and local communities alike, according to Michael Candelario of Arizona.
Marijuana sometimes gets a bad rap, but so far, many of the fears of legalized marijuana seem to have been disproven. Meanwhile, many of the benefits of legal weed and a strong legal cannabis industry are becoming obvious. Michael Candelario of Arizona explains why.
“Some estimates point to over 300,000 people already employed in the legal cannabis industry,” Michael Candelario says. “This is a tremendous number and will only grow as more states legalize marijuana.”
The legal cannabis industry allows many Americans to gain lawful income. More money in pockets means more money spent at businesses across the United States. The legal cannabis industry could help lift all boats at once.
“The job opportunities in legal cannabis are diverse, and properly structured markets can provide opportunities for entrepreneurs and small business owners,” Michael Candelario from Ariznoa says. “Small businesses are the lifeblood of the American economy, so supporting small businesses should always be a priority.”
Legal cannabis also makes it legal for people to invest in marijuana companies. Investors poured in more than $100 billion into cannabis in 2019. Right now, some investors feel traditional blue-chip stocks and tech companies no longer offer good investment opportunities. The legal marijuana industry allows investors to diversify their portfolios. This is just as true for small investors saving for retirement as it is for big hedge funds and the like.
Michael Candelario Talks About Tax Revenues
It’s also important to remember that Americans have been smoking marijuana for decades. Even where cannabis is illegal, it is generally easy to find. Yet income earned through illegal operations often isn’t taxed. By legalizing cannabis, we can ensure that activities and an industry already in existence is properly recognized and taxed.
“State governments are bringing in huge amounts of tax revenue,” Michael Candelario points out. “To be blunt, instead of money going into the coffers of drug dealers, we’re seeing money go towards funding schools and basic infrastructure.”
The amount of money collected via taxes is no small amount either. In 2020, California drummed up more than a billion dollars. Colorado took in nearly $400 million while Washington brought in more than $450 million. Keep in mind, the markets in these states are still growing.
Eventually, markets will mature and tax revenue should become quite predictable. The Tax Foundation estimates that tax revenues in Michigan, for example, will regularly come in at about $290 million and Arizona should be able to bring in about $183 million.
“A lot of people are worried about public debt and high college tuition prices, among other things,” Michael Candelario of Arizona notes. “Fact is, we have a lot of stuff as a society that we want to fund but we have only so much money. Tax revenues from the legal cannabis industry will help us pay for different things.”