The New Frontier Data research firm has released the State of the Cannabis Union 2019, a report highlighting the potential impact of federal cannabis regulation on key industry sectors in the United States.
According to the company’s research, legalizing medical and adult-use cannabis at the federal level would result in an additional $86 billion in tax revenue and a $56 billion cannabis market in the U.S. by 2025.
“Cannabis legalization and decriminalization has not only occurred in nearly 60% of the United States; it is now being explored or adopted in over 60 nations around the world,” said New Frontier Data founder and CEO Giadha Aguirre de Carcer in a news release. “Our data shows full federal legalization, specifically in the U.S., will drive material gains across key economic sectors, including federal revenue generation, national job creation, and reduced government healthcare spending and crime rates.”
“Our ultimate goal is to provide U.S. Congress objective and comprehensive intelligence on the potential socio-economic impact of federal cannabis legalization as its members enter into this delicate debate,” she said.
New Frontier reports that there are an estimated 272 million cannabis consumers around the world who spend around $356 billion annually on cannabis products in both legal and illicit markets. More than 24 million Americans over the age of eighteen consume cannabis regularly and 115 million report having used it at some point in their lifetime.
