Marijuana-fueled cash flow sparks ‘weed flower’ boom
A marijuana cash flow that could spur a new “weed flower” boom in the District could generate $10 billion to $20 billion a year, and could boost the District’s economy by at least $5 billion to as much as $8 billion, according to new research.
The research by the University of Maryland’s Center for Cannabis Research found that pot’s potential to create more jobs and stimulate economic growth was “a clear and present danger” to the District and the nation, especially since lawmakers recently repealed a pot tax that had been one of the city’s most popular revenue sources.
“Wealthier and more prosperous people are more likely to consume marijuana, which has a direct negative impact on the economy,” said study co-author Richard Katz, director of the cannabis program at the Center for Addiction and Mental Health.
“We can’t have a city that’s going to lose money on marijuana.
It’s just not sustainable.”
The city, which started selling marijuana for recreational use in 1999, has been trying to lure businesses back into the cannabis industry by offering tax breaks, but the money still isn’t flowing back to the city.
“Marijuana is not a cash crop, but it is a very significant part of the economy and the financial impacts on the city are very substantial,” Katz said.
The study examined data from the city of Denver and the Colorado Bureau of Revenue, which collected data for two years from businesses, dispensaries and banks that are permitted to operate in the state.
It looked at how much pot is being generated in Denver, Colorado and how much it is being used in Washington, D.C., for retail sales, but did not analyze how much money has actually been used.
“The District is the largest city in the nation with the second-largest marijuana economy in the world, and this is the most direct and visible example of the potential benefits that marijuana could provide,” Katz told The Washington Times.
“This is an economy that’s producing a lot of wealth and that’s the kind of place we want to be.”
D.C. lawmakers have said they plan to revisit the pot tax repeal bill that passed in 2017, but Katz said he thinks lawmakers could do away with it altogether.
“I think the majority of D.
Cs. people have already gotten their minds around the concept of a tax on marijuana and it’s one that’s been well-understood in the public policy community for a long time,” Katz, who is also a professor at the University and the George Washington University, said.”
Cs., and to a lesser extent Maryland, are going to have to figure out a way to regulate marijuana like alcohol, so that it’s not a tax at all.
It has to be taxed at the retail level.”
A handful of states have already legalized recreational use of marijuana for adults, but not in the D.S.C.: Alaska, Hawaii, Montana, Oregon, Washington, Alaska and Washington, District of Columbia.
Colorado and Washington have also legalized the recreational use and possession of small amounts of marijuana, but they have yet to do so in the U.S., a decision that has led some states to try to regulate the industry as a business.
In a letter sent to D.N.C.’s General Assembly last week, the mayors of both Maryland and Delaware urged lawmakers to repeal the pot repeal bill, which they said “is likely to have a devastating impact on D.s. business, public safety and our city’s image as a welcoming place for the LGBT community and our growing population of people of color.”
“We respectfully request that the General Assembly rescind the marijuana repeal legislation,” the mayors wrote.
“The D.n.c. people deserve a government that treats all of us fairly and fairly in the political system.”
The marijuana study, which was released Monday, was the result of an earlier study by the Drexel University Center for Health Systems and Policy, which looked at marijuana’s effects on Colorado and Washington.
The Drexels researchers, led by David R. Tipton, an associate professor in the department of economics, looked at the effects of marijuana on the economies of the two states and compared the impact of marijuana legalization with those of alcohol and tobacco control laws in those states.
They found that legalization has a negative effect on the state’s economy, but a positive effect on Washington, which saw an average reduction in the unemployment rate from 1.4 percent in 1996 to 0.8 percent in 2020.
“As states legalize and regulate marijuana, they also have the potential to increase the availability of alcohol, which is one of our most important public health concerns,” Katz wrote.
“At the same time, marijuana legalization can have a negative impact not only on the marijuana economy, it also has a significant negative impact in terms of the health of the community as a whole.”
The study said it’s likely that the city could receive about $7 billion a month in tax revenue from a