State-level marijuana legalization has had a “significant” economic impact—generating jobs, tax revenue and impacting real estate—according to a new report from a Federal Reserve Bank district.
The Kansas City arm of the central bank, which covers five full states and parts of two other states, published the analysis last week, finding that the legal cannabis industry represents key sectors of the economy that are expected to grow as more states enact tax-and-regulate models.
It also acknowledged that federal prohibition has created unique “challenges,” particularly as it concerns the current lack of access to traditional banking systems.
NEW RESEARCH → 4 states in the Tenth District now have some form of legal #marijuana. A new #EconomicBulletin examines how the industry has influenced jobs, real estate, and tax revenues in these states.
Read more: https://t.co/uCVhGYZqJb#Economy #EconTwitter pic.twitter.com/81GG7D7MLf
— Kansas City Fed (@KansasCityFed) October 6, 2022
“Overall, the marijuana industry has had a significant effect on the economies of Tenth District states in the initial years after legalization,” it said. “The emergence of the industry has led to higher employment and stronger demand for commercial real estate.”
“In addition, tax revenues have increased as marijuana sales have grown,” it continued. “However, marijuana
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