The estimate by consulting firm Arcview includes direct purchases by consumers of $20.8 billion and indirect revenue for growers and various subcontractors as well as money spent with businesses not affiliated with the sector, such as supermarkets. The projection would represent a rise of 150 percent on the $16 billion revenue recorded in 2017, according to the study, released the day after recreational use of marijuana became legal in California. Arcview and its partner in the research, BDS Analytics, expect $4 billion in taxes to be generated within three years. The new regime will lead to the creation of nearly 100,000 cannabis industry jobs in California by 2021, about a third of the nationwide figure and 146,000 jobs overall when indirect effects are considered. "I'm stoked about this historic moment, not just for Berkeley, but for the state of California," Arreguin said, praising the state for "embracing this new economy."

Source: The Nation Bangkok January 03, 2018 02:48 UTC