Researchers at Colorado State University-Pueblo found that the marijuana industry provides a net positive financial benefit to Pueblo and significantly boosts the local economy.
Since Colorado legalized recreational marijuana several years ago we have seen the profound effects that this legislative move has had so far.
New research studies are being undertaken every month as the benefits and disadvantages of the legalization are still not yet completely confirmed or denied to this day.
However, the latest research conducted by scientists at the CSU-Pueblo has confirmed without a doubt that once cannabis gets legalized, the local economy is set to soar.
In Pueblo’s case, researchers found that a taxed and regulated cannabis industry contributed more than $58 million to the local economy.
Once we deduce the $23 million in added costs to legalization, Pueblo is still left with more than $35 million which are going back in the budget.
In fact, this very research was paid for by “cannabis money” as the taxes collected from cannabis sales are going back towards research, schools and infrastructure as it was planned in the first place.
“When compared to other similar communities in states where cannabis is not legal in any form, Pueblo appears to be doing better on a number of measures,” researchers said in the report.
The researchers also found no concrete evidence that legalizing cannabis contributes to increased homelessness or increased youth use of marijuana.
As mentioned before, CSU-Pueblo has made it in the news for its scholarships that are funded by the local marijuana excise tax.
Last year alone the county dedicated over $400,000 to scholarships for more than 200 students. This year, the number of scholarships is set to triple.
Another myth that was busted by researchers is that the value of housing near marijuana retail outlets is dropping. In Colorado municipalities, the value of housing went up by 6%.
Even though there are 30 states that legalized medical marijuana and 8 states with recreational cannabis, the federal view towards any type of marijuana is a no-go.
Hopefully we will see a shift towards more cannabis-friendly policies in the next following years, especially following Donald Trumps saying that “medical should happen”.
Seeing how there is unprecedented support on both sides of the parliament floor, between both Republicans and Democrats, some type of federal legislation should happen before the end of his term.