The estimate by consulting firm Arcview includes direct purchases by consumers of $20.8 billion and indirect revenue for growers and various subcontractors as well as money spent with businesses not affiliated with the sector, such as supermarkets.
The projection would represent a rise of 150 percent on the $16 billion revenue recorded in 2017, according to the study, released the day after recreational use of marijuana became legal in California.
Arcview and its partner in the research, BDS Analytics, expect $4 billion in taxes to be generated within three years.
The new regime will lead to the creation of nearly 100,000 cannabis industry jobs in California by 2021, about a third of the nationwide figure and 146,000 jobs overall when indirect effects are considered.
Customers and operators in California have complained however about the punitive sales taxes to be applied to cannabis and its derivative products, which can hit 35 percent when state, county and municipal levies are taken into account.
Read more at: phys.org/news/2018-01-legal-cannabis-40bln-jobs.html#jCp
Mike Tyson breaks ground on California marijuana ranch
“California City Mayor Jennifer Wood thanks Tyson for his commitment to the community, saying the industry will provide medical marijuana to people in need, revenue, jobs and income for residents.”