Post by lakers on Nov 1, 2016 18:26:29 GMT -5
With pot on the ballot in nine states, the big winner in next Tuesday's election could be America's legal cannabis industry. By 2020, legal market sales are expected to surpass $22 billion. And for states struggling with budget shortfalls, that extra revenue would be clearly welcome.
Voters in five states — Arizona, California, Maine, Massachusetts and Nevada — will decide whether to legalize recreational marijuana for adults. Medical marijuana is on the ballot in Arkansas, Florida, Montana, and North Dakota.
Supporters believe the marijuana measures will pass in California and Florida, and possibly several other states, because America's attitude about pot has changed significantly in the last few years.
"Legalization of cannabis is one of the greatest business opportunities of our time."
"It's well established that the majority of Americans now believe that the responsible use of marijuana by adults should not be a criminal offense," said Paul Armentano, deputy director of NORML, the National Organization for the Reform of Marijuana Laws.
Two national surveys released in mid-October confirm that, with the Pew Research Center revealing that 57 percent of U.S. adults say the use of marijuana should be made legal — while 60 percent were opposed a decade ago.
The latest Gallup Poll showed that support for legalizing marijuana is at 60 percent, the highest ever recorded in this survey. After Colorado and Oregon became the first states to allow the recreational use of pot, in 2013, support for legalization reached a majority for the first time.
www.nbcnews.com/storyline/2016-election-day/big-winner-november-8-could-be-marijuana-n676316
Nationally, legal pot sales grew like a weed last year to $5.7 billion, up from $4.6 billion in 2014, according to a recent report from the ArcView Market Research and New Frontier. Recreational sales grew from $374 million in 2014 to $1.2 billion by the end of 2015.
The report projects strong sales growth this year, with retail sales hitting $7.1 billion, up about 26 percent from 2015. By 2020, the report says, legal market sales are expected to surpass $22 billion.
Tax revenues collected in Colorado, Washington, and Oregon have all exceeded initial estimates.
Colorado's legal pot sales of $996 million generated $121 million in combined sales tax and excise tax revenue last year and created 18,000 new jobs, according to the Marijuana Policy Group (MPG).
Marijuana tax revenue in Colorado was three times larger than alcohol and 14 percent larger than casino revenue, the report noted.
MPG projects that marijuana tax revenue in Colorado will eclipse cigarette tax dollars by 2020.
Washington's recreational marijuana industry brought in $427 million in sales and excise tax revenue on sales of $1.1 billion since 2014, according to 502data.com.
Oregon's Department of Revenue reported sales of more than $160 million so far this year, which generated more than $40 million in sales taxes.
But the extra income is just one drop in a very large bucket, according to Joe Henchman, vice president for legal and state projects at the Tax Foundation.
Based on the latest polling, Prop 64 is expected to pass.
Cannabis advocates believe a win in California on November 8 could open the floodgates for other states and Congress to legalize the purchase and recreational use of marijuana by adults.
Gallup noted, "If recreational marijuana use becomes legal in California this year, many other states will likely follow, because the Golden State often sets political trends for the rest of the U.S."
Taylor West, deputy director of the National Cannabis Industry Association, believes this election will be "a tipping point" that makes it impossible for Congress to keep ignoring the issue. "If all nine initiatives were to pass, we'd have approximately 62 percent of the US population living in a state where medical or adult-use cannabis access is legal. That's huge," she said.
RLS' GO TO MARKET STRATEGY
Establish production in Washington, California, Canada and globally.
Capture significant portion of medical and recreational users looking for a faster, safer and more predictable dose.
Lead research and new drug development by providing the world’s first standardized cannabis dose.
PODS
Discrete, immediate, non-toxic,
precise drug delivery
Pharmaceutical grade delivery;
consistent and accurate
Vast potential as regulated
pharmaceutical drug
Protected by a portfolio of over 1,500 worldwide patents and over $2.5 billion invested [by Mnkd]
Voters in five states — Arizona, California, Maine, Massachusetts and Nevada — will decide whether to legalize recreational marijuana for adults. Medical marijuana is on the ballot in Arkansas, Florida, Montana, and North Dakota.
Supporters believe the marijuana measures will pass in California and Florida, and possibly several other states, because America's attitude about pot has changed significantly in the last few years.
"Legalization of cannabis is one of the greatest business opportunities of our time."
"It's well established that the majority of Americans now believe that the responsible use of marijuana by adults should not be a criminal offense," said Paul Armentano, deputy director of NORML, the National Organization for the Reform of Marijuana Laws.
Two national surveys released in mid-October confirm that, with the Pew Research Center revealing that 57 percent of U.S. adults say the use of marijuana should be made legal — while 60 percent were opposed a decade ago.
The latest Gallup Poll showed that support for legalizing marijuana is at 60 percent, the highest ever recorded in this survey. After Colorado and Oregon became the first states to allow the recreational use of pot, in 2013, support for legalization reached a majority for the first time.
www.nbcnews.com/storyline/2016-election-day/big-winner-november-8-could-be-marijuana-n676316
Nationally, legal pot sales grew like a weed last year to $5.7 billion, up from $4.6 billion in 2014, according to a recent report from the ArcView Market Research and New Frontier. Recreational sales grew from $374 million in 2014 to $1.2 billion by the end of 2015.
The report projects strong sales growth this year, with retail sales hitting $7.1 billion, up about 26 percent from 2015. By 2020, the report says, legal market sales are expected to surpass $22 billion.
Tax revenues collected in Colorado, Washington, and Oregon have all exceeded initial estimates.
Colorado's legal pot sales of $996 million generated $121 million in combined sales tax and excise tax revenue last year and created 18,000 new jobs, according to the Marijuana Policy Group (MPG).
Marijuana tax revenue in Colorado was three times larger than alcohol and 14 percent larger than casino revenue, the report noted.
MPG projects that marijuana tax revenue in Colorado will eclipse cigarette tax dollars by 2020.
Washington's recreational marijuana industry brought in $427 million in sales and excise tax revenue on sales of $1.1 billion since 2014, according to 502data.com.
Oregon's Department of Revenue reported sales of more than $160 million so far this year, which generated more than $40 million in sales taxes.
But the extra income is just one drop in a very large bucket, according to Joe Henchman, vice president for legal and state projects at the Tax Foundation.
Based on the latest polling, Prop 64 is expected to pass.
Cannabis advocates believe a win in California on November 8 could open the floodgates for other states and Congress to legalize the purchase and recreational use of marijuana by adults.
Gallup noted, "If recreational marijuana use becomes legal in California this year, many other states will likely follow, because the Golden State often sets political trends for the rest of the U.S."
Taylor West, deputy director of the National Cannabis Industry Association, believes this election will be "a tipping point" that makes it impossible for Congress to keep ignoring the issue. "If all nine initiatives were to pass, we'd have approximately 62 percent of the US population living in a state where medical or adult-use cannabis access is legal. That's huge," she said.
RLS' GO TO MARKET STRATEGY
Establish production in Washington, California, Canada and globally.
Capture significant portion of medical and recreational users looking for a faster, safer and more predictable dose.
Lead research and new drug development by providing the world’s first standardized cannabis dose.
PODS
Discrete, immediate, non-toxic,
precise drug delivery
Pharmaceutical grade delivery;
consistent and accurate
Vast potential as regulated
pharmaceutical drug
Protected by a portfolio of over 1,500 worldwide patents and over $2.5 billion invested [by Mnkd]