After Legalizing Marijuana, Unemployment Plummets In Colorado

According to a report from the New Data Frontier, which focuses on cannabis industry data, there could be as many as 283,000 jobs in cannabis by 2020.
By |
Be Sociable, Share!
    • Google+

    Colorado —Three years after legalizing cannabis, Colorado has the lowest unemployment rate in the country. “While the national unemployment rate dropped to 4.3 percent in May, the lowest since 2001, Colorado’s jobless rate is the nation’s lowest at 2.3 percent,” CNBC reported Monday.

    According to Governor John Hickenlooper, multiple factors have contributed to Colorado’s job growth, including the state’s business-friendly policies. He touts the state’s very low business tax rate, noting Colorado has “one of the lowest business income tax levels at just a little over 4.6 percent.”

    This approach has helped create over 60,000 jobs in the clean energy sector, a fact that should please both business and environmental advocates. One of the main factors in Colorado’s successful economy, however, is undeniably the cannabis industry.



    Last year, cannabis generated $1.3 billion in profit, which yielded nearly $200 million in tax revenue that the state is using for various programs, including education, substance abuse, and cannabis awareness programs for youth, and even the Attorney General’s office.

    Further, with over a billion dollars in business, jobs undoubtedly follow.

    In 2015, alone, the state’s cannabis industry created 18,000 new full-time jobs. As the Washington Post reported:

    “These indirect impacts of marijuana legalization came from increased demand on local goods and services: growers rent warehouse space and purchase sophisticating lighting and irrigation equipment, for instance. Marijuana retailers similarly rely on other companies, like contractors, lawyers and book-keeping services, to conduct their own businesses.”

    That growth has continued. In July of last year, CBS reported that according to the Marijuana Business Daily, “Colorado now has 27,000 occupational licensees, up from about 16,000 at the end of 2014, according to the Colorado Department of Revenue.”

    Though clean energy jobs currently outnumber on-the-record cannabis jobs by roughly 35,000, the speed of job creation appears far quicker with weed. According to the Denver Business Journal, for example, the clean energy sector created 1,583 new jobs in 2014. By comparison, the Marijuana Business Daily reported in May of 2014 that less than six months after legalization, the cannabis industry had already generated between 1,000 and 2,000 new jobs — roughly the same number of jobs as clean energy created in the course of the whole year.

    Further, according to a 2016 Clean Jobs Colorado report by the organization Environmental Entrepreneurs, Colorado already had 62,000 clean energy jobs in 2015 — roughly where it rests now — making that industry’s growth apparently slower than the 18,000 new cannabis-related jobs the Post reported for the same year (it’s important to note, however, that some of these jobs already existed but were part of the black market and were counted as “new” when the industry was legalized).

    This is promising news not just for Colorado, but the broader market. “Cannabis-related companies now employ an estimated 100,000 to 150,000 full and part-time workers, according to a new report by Marijuana Business Daily,” CBS noted last year.

    As Business Insider pointed out in March, “California, home to the world’s sixth largest economy, fully legalized marijuana last November. Its state capital region alone could see 20,000 jobs created if it becomes a hub for the industry.”

    According to a report from the New Data Frontier, which focuses on cannabis industry data, there could be as many as 283,000 jobs in cannabis by 2020. Business Insider points out that this figure will outpace the manufacturing industry, which is expected to lose 814,000 jobs by 2024.

    In Colorado, where Governor Hickenlooper initially opposed legalization but changed his mind when he saw the positive results, there are yet to be serious negative consequences. Though Hickenlooper told CNBC it’s still “too soon to know” what the downsides may be, he remained optimistic. “We don’t see more people doing more marijuana in Colorado after legalization. It’s through a regulated process now,” he said.

    “But we haven’t seen a big spike in teenage consumption, we haven’t seen a big spike in any consumption.”

    It appears the only spike so far has been in jobs, coupled with other forward-thinking developments like the growth of the clean energy sector and the freedom for businesses to thrive.


    This work by --- is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.This work by The Anti-Media licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 International License.

     

    Be Sociable, Share!

    Stories published in our Hot Topics section are chosen based on the interest of our readers. They are republished from a number of sources, and are not produced by MintPress News. The views expressed in these articles are the author’s own and do not necessarily reflect Mint Press News editorial policy.

     

    Print This Story Print This Story
    You Might Also Like  
    ___________________________________________
    This entry was posted in Daily Digest, National and tagged , , , , , , . Bookmark the permalink.
    • Pingback: Der Junge von Aleppo : ein Jahr danach – Syrien …()

    • Pingback: After Legalizing Marijuana, Unemployment Plummets In Colorado - Cannabis Today News()

    • TeeJae

      Great news! Hopefully CO will be a bellwether state for both industries.

    • Pingback: After Legalizing Marijuana, Unemployment Plummets In Colorado – Bits and Pieces()

    • Andrew Nathan-Nahu

      Is it true Bob hope makes for an excellent building board, among’st other applications in the building industry ,some plumbers still use hemp rope, fantastic to hear is creating work for many folks, well done folks!!….

    • Pingback: After Legalizing Marijuana, Unemployment Plummets In Colorado - Mintpress News (blog) - The Denver Daze()

    • A Freedom Fighter

      Cannabis is now COMPLETELY LEGAL in California, Massachusetts, Maine, Nevada, Colorado, Washington, Oregon, Alaska and Washington DC!

      29 states have legalized cannabis for “medical use”. Uruguay and Jamaica are now completely legal, Canada will go fully legal in 2018 and Mexico is moving forward toward full legalization.

      According to figures from the FBI over 100 BILLION is spent on illegal recreational cannabis annually in the USA and all that money currently goes to criminals.

      30 BILLION is lost in potential tax revenue.

      Another 15 BILLION is spent enforcing draconian cannabis laws that make no sense and destroy people’s lives daily.

      Data from the Center for Disease Control shows that cannabis is much safer than booze or tobacco!!

      Legalize, regulate and TAX!

      • Roderick01

        What if state does not want it?

        • God is dead

          Then they will have a black market and not take advantage of taxation andregulation. You can’t stop people from doing what they want. You can’t fix stupid and some states will be stupid for a little while.

      • Russ W.

        Not to mention all of the extra $$ spent on Doritos, Twinkies, Funyons, soda, etc. 😉

        Personally, I could care less what people do as long as it doesn’t infringe on the rights of another person.

        That being said, I would much rather be celebrating the rise in employment levels and tax revenue as a result of BUILDING things that help create a better standard of living for us…

      • FF is a brain damaged obsessed pothead troll who has spammed his demented slime every day for the last 5 years. He has burned through 3 accounts as he abuses Disqus. Ban this troll who daily scans the web to make dozens of posts with the false illogical comparison of other drugs or highway safety relative to pot. Pot will be legalized on its own merits if at all. He lies about pot overdose deaths, there have been 8 in the last two years. Google it.