New Frontier Data, which claims to be “the authority in data analytics and business intelligence on the global cannabis industry”, today announced new economic data detailing the potential impact of federal cannabis legalization in the United States.
The federal legalization of medical and adult-use cannabis would create $86 billion in additional U.S. tax revenue between 2019 and 2025 and a $56 billion annual U.S. cannabis market by 2025, states the report. The New Frontier Data State of the Cannabis Union 2019 is now available for free download at the following link: https://newfrontierdata.com/SOTCU.
These findings, as well as comments by Congressman Earl Blumenauer (D-Ore.) and Congressman Lou Correa (D-Calif.) and insights from the world’s first cannabis testing lab Steep Hill and Top 10 U.S. tax firm CohnReznick, were presented during a briefing hosted by New Frontier Data in collaboration with The Liaison Group, a federal advocacy group working with federal lawmakers towards a safe and thriving cannabis economy.
Currently, 33 U.S. states have enacted legal state cannabis programs. Another 14 have approved CBD use, while support among other U.S. states continues to grow.
“Cannabis legalization and decriminalization has not only occurred in nearly 60% of the United States; it is now