LOS ANGELES: The legal cannabis sector is expected to generate US$40 billion and more than 400,000 jobs by 2021 in the United States, according to a study released Tuesday (Jan 2).
The estimate by consulting firm Arcview includes direct purchases by consumers of US$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 per cent on the US$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 US$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