The disposal of marijuana waste is becoming a more and more viable business need for legalized marijuana manufacturers.
In 2016, the presidential election wasn’t the only thing that drew the attention of the world. One other notable political and economic issue that came up was the future of marijuana use. In the United States of America, four states (Maine, Massachusetts, Nevada, and California) decided to make recreational marijuana use legal, while another three states (Arkansas, North Dakota, and Florida) voted for the legalization of medical marijuana.
This initiative has been followed by more and more states, and its impact has already been astounding, bringing about the birth of many legal marijuana manufacturing companies. However, as is the case with any industry, augmented levels of production also mean greater amounts of waste, which is why marijuana waste management has simultaneously grown as a business. Still, the legalization of weed has also had some undeniable economic benefits, which we will explore below.
The impact of marijuana products on tax revenue
Interestingly enough, the past years of marijuana sales in Washington and Colorado have resulted in huge tax revenues: in 2015 alone, Colorado collected more than $135 million thanks to the rise of recreational and medical marijuana use. If marijuana were to become legal on a federal level, the resulting economic benefits could be staggering according to the analytics company New Frontier, by 2025, this could result in an additional $131.8 billion in revenue.
Greater labor income and more jobs thanks to marijuana manufacturing companies
For the states that voted for the legalization of medical marijuana, the first step will be setting up marijuana dispensaries and nurseries, in order to create new jobs and kick-start the activity of this new industry. In states like Nevada (where such an infrastructure is already in place),legalizing recreational marijuana alone could create over 41 000 jobs until 2024, and generate more than $1.7 billion in labor income, according to a recent study by RCG Economics and Marijuana Policy Group. On a nationwide level, it could bring about as much as 1.1 million jobs by 2025.
Investment opportunities in the marijuana business
Aside from the local and national benefits it could bring to the economy, legalizing marijuana could also help securing different investment portfolios in the long term. Admittedly, this will not be easy as long as marijuana isn’t legal on a federal level, but considering the early growth of the industry, it is certainly an option on the table.
Saved money thanks to legal cannabis products?
Basically, more legal marijuana means less time, money, and effort spent on enforcing the laws regarding illegal marijuana (which currently cost several billions of dollars per year).
Overall, thanks to some already impressive precedents, the economic benefits of legalizing marijuana seem to become more and more clear. Still, the issue of marijuana waste disposal will also grow alongside this new buzzing industry. Which is why any business that wants to profit from cannabis waste management and adhere to its regulations needs to find a solution that best fits their business. Just like Celitron’s ISS 500 CAN cannabis shredder.