A new report considered the possibility of a fully legalized cannabis market in the United States for the benefits of tax revenues and jobs in the country.

New Frontier Data, a cannabis focussed research firm, released a study on Tuesday (March 13) evaluating the potential benefits of what a fully legal cannabis market could do for federal tax revenue in the US.


“New Frontier Data projects increased domestic and international expansion of new legal cannabis markets and $106 billion in tax revenue over an eight-year period in the U.S.,” New Frontier Data CEO Giadha Aguirre De Carcer said in a statement.

The study projects a $105.6 billion in federal tax revenue benefit for the US by 2025 if marijuana were to be legalized nationwide.

US Election 2020 and Cannabis

 
Investing in cannabis? Read what experts have to say about cannabis and the US Election!
 

“Lower tax rates may provide cannabis business owners greater capacity to grow and create more jobs,” Aguirre De Carcer said, while the study shows if all states legalized cannabis, it could create close to one million jobs by 2025.

According to New Frontier Data’s assessments, there is a projected difference of 61.6 billion increase in federal tax revenues, compared to the reality in the market.

“Assuming a sales tax at the federal level was implemented at 15 [percent], the total tax revenues from 2017–2025 would theoretically be $46 billion,” a statement from New Frontier Data said. “This amount of revenue would be entirely new revenue to the U.S. Treasury, as there are currently no federal sales or excise taxes.”

Cannabis legalization in the US keeps growing

As it currently stands, the US cannabis industry faces uncertainty regarding the drug’s potential to become legal throughout the country. During the Obama administration, the Cole memorandum became the official defense of the industry. That memo was rescinded in January by Attorney General Jeff Sessions.

Sessions, who was accused of actively fighting the legitimacy of the cannabis industry, has not backed away from his stance against the drug. Famously, the Attorney General said during a Senate drug hearing in April 2016 “good people don’t smoke marijuana.”

Two of the biggest markets for the drug opened recently, with California and Nevada allowing the regulated sale of recreational cannabis in the states as legalization begins taking ahold of several states.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading U.S. provider of consumer products in cannabis, today announced the Company will have senior management participating in the following virtual financial community conferences and events during December 2020 .

  • Roth Deer Valley Consumer Conference – December 9 th to 11 th , 2020
  • Cantor Fitzgerald 2020 Virtual Cannabis MSO Summit – December 15 th to 16 th , 2020
  • MKM Partners – The Road Ahead, Preparation for 2021 Conference – December 15 th to 16 th , 2020

For more information regarding upcoming Curaleaf financial community conference and event participation please visit the investor relations section of the company website, under the events tab, at https://ir.curaleaf.com/events .

Keep reading... Show less

Revive Therapeutics Ltd. (“Revive”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce the appointment of Dr. Joel Moody, MD, MPH, DTM&H, as a medical and clinical advisor to the Company to assist in the expansion of clinical studies in Canada and the clinical data analysis on the ongoing U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild-moderate COVID-19.

“We would like to welcome Dr. Moody as a medical and clinical advisor to our team and we look forward to his contributions in our ongoing FDA Phase 3 clinical study as well as expanding our COVID-19 studies in Canada,” said Michael Frank, CEO of Revive. “Dr. Moody’s experience in clinical epidemiology, data analysis and research are key to our FDA Phase 3 study as we gather clinical data from patients enrolled.”

Keep reading... Show less

– FinCanna Capital Corp. (CSE:CALI) (OTCQB:FNNZF), based in Vancouver, BC today announced that Andriyko Herchak, CEO, will present live at VirtualInvestorConferences.com on December 3 rd .

Keep reading... Show less

First-of-its-kind trial in Canada will pave the way for expanded MDMA-assisted treatment to support patients with posttraumatic stress disorder

Keep reading... Show less

Multi-year partnership designates BioSteel as new official sports drink of Philadelphia 76ers team, Training Complex, and the presenting partner of 76ers Training Camp

BioSteel today announced a multi-year deal with the Philadelphia 76ers, making the sports hydration company the official sports drink of the team. BioSteel will also serve as a partner of the Philadelphia 76ers Training Complex, and the presenting partner for 76ers Training Camp, which begins next week.

Keep reading... Show less