Marijuana

^{The Weekly Habit}

^{Last week only 26.2% of our audience (1,400+) selected the right answer in last weeks trivia question. It further validates our hypothesis that most high earners are unaware they’re in the top percentile of US earners.}

^{Marijuana Economics}

Am I the only one who feels like they blinked and all of a sudden there was a cannabis dispensary or CBD shop in every town?

A Quick Update

California legalized medical marijuana in 1996, but Colorado and Washington were the first to allow recreational usage in 2012.

• 54% of Americans live in a state where recreational use of marijuana is legal.

• 74% of Americans live in a state where recreational or medical use of marijuana is legal.

• 79% of Americans live in a county with at least one cannabis dispensary.

• 9 in 10 Americans say marijuana should be legal for medical or recreational use.

Trivia Answer: Oklahoma has the most dispensaries per capita of any state. They average 36 dispensaries for every 100,000 residents.

Marijuana > Chocolate

As of today, cannabis is legal in 38 of 50 states for medical use and 24 states for recreational use.

It’s popularity is so strong that Statista expects Marijuana sales to surpass $57 billion dollars by 2028.

To give a perspective how quickly this industry is growing, Americans spent more on marijuana than chocolate in 2022.

Tax Revenue & Economic Benefits

The obvious benefits stem from additional tax revenue and new job opportunities. However, some states consider marijuana legalization as a means to attract younger families and individuals.

• States collected nearly $3 billion in marijuana revenues in 2022.

• It’s estimated that nationwide legalization could generate $8.5 billion annually for all states.

Moreover, most experts cite the importance to consider budget savings as a core economic benefit.

• Federal marijuana enforcement costs billions.

• Fewer need for court hearings and judicial resources.

• Lower cost for local law enforcement.

If you want to dive deeper, see more here.

My Key Takeaway

Over 130 million American adults admit to marijuana usage in their lifetime. Whether or not you support it’s legalization, it’s hard to ignore the booming industry and potential tax revenue benefits.

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Thanks for reading, Habits fam. See you back here next week for more.

-JB

Got feedback? Hit reply and tell me what you think…I’m always looking to level up.