Colorado continues to prove that marijuana legalization can get states out of their economic binds
With a few more states voting to legalize marijuana last November, the opportunities to create new industries from the ground floor are becoming open to thousands of new entrepreneurs. ¬†And judging by the benchmark set in the state of Colorado over the past three years when they became the first state to legalize pot, the potential economic returns from the burgeoning industry could be enough to bring many states back from the brink of insolvency.
However tax revenues for the state, and profits for entrepreneurs aren’t the only favorable factors coming from the legalization of pot. ¬†And in a new report out from Colorado on June 5, the state now has the lowest unemployment rate in the country, and by a wide margin.
Three years after legalizing cannabis, Colorado has the lowest unemployment rate in the country. ‚ÄúWhile the national unemployment rate dropped to 4.3 percent in May, the lowest since 2001, Colorado‚Äôs jobless rate is the nation‚Äôs lowest at 2.3 percent,‚ÄĚ¬†CNBC¬†reported¬†Monday.
According to Governor John Hickenlooper, multiple factors have contributed to Colorado‚Äôs job growth, including the state‚Äôs business-friendly policies. He touts the state‚Äôs very low business tax rate, noting Colorado has ‚Äúone of the lowest business income tax levels at just a little over 4.6 percent.‚ÄĚ
This approach has helped create over 60,000 jobs in the clean energy sector, a fact that should please both business and environmental advocates. One of the main factors in Colorado‚Äôs successful economy, however, is undeniably the cannabis industry.
Last year, cannabis generated $1.3 billion in profit, which yielded nearly $200 million in tax revenue that the state is using for various programs,¬†including¬†education, substance abuse and cannabis awareness programs for youth, and even the Attorney General‚Äôs office. ‚Äď Anti Media
Interestingly as well, the potential boom for growth and revenues could also skyrocket should the Federal government ever choose to move away from its long-standing farce known as the ‘War on Drugs’, which has simply been a way to appease Big Pharma lobbyists and protect the drug trade run worldwide by the CIA. ¬†That is because the advent of marijuana legalization on a national level would spur the pharmaceutical industry to create boatloads of new drugs and remedies using the natural substance, which has already been proven in a number of studies to aid in pain relief and in many other benign to moderate ailments without the need for artificial drugs.
Since the U.S. government has chosen to eliminate the majority of our industries through failed trade agreements such as NAFTA and GATT, there are very few productive means in which the country can generate economic growth and move away from near total reliance on consumer spending. ¬†But with Colorado showing the bona fide results that legalizing pot can induce economic growth and create multitudes of jobs, only idiots or corrupt politicians in Washington (but I repeat myself) would discount the merits of marijuana legalization and the benefits they are creating in just a short amount of time.
Kenneth Schortgen Jr¬†is¬†a writer for The Daily Economist, Secretsofthefed.com,¬†Roguemoney.net, and Viral Liberty, and hosts¬†the popular youtube podcast on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.