BOSTON – Massachusetts already has one of the highest-performing economies in America according to recent surveys, along with the best unemployment rate in 16 years. So how can things get better? The emergence of a new industry – devoted to legalization of marijuana.
The decision by Massachusetts voters to legalize the use of recreational marijuana has created an industry that brings with it additional tax revenue, job creation, marijuana and accessory sales, and even a new form of tourism. Recreational marijuana is expected to become a $1.17 billion industry by 2020.
“With the new recreational marijuana legislation, there is potential for larger revenue than (generated by) cigarettes and alcohol,” said Randall Ellis, an economics professor at Boston University and former president of the American Society of Health Economists.
Ellis, a supporter of legalization, said the eventual shape of that industry will emerge from work of a new legislative committee working to clarify the law slated to go into effect in July 2018.
Ellis explained an important aspect of this legislation is the opportunity for “canna-tourism” to emerge, where people travel to a region or state to take advantage of legalized marijuana. [Read more at Worcester Telegraph]
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