Growth of Legal Cannabis Markets and Tax Revenues
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Posted On: 03/14/2017 9:49:47 AM
Growth of Legal Cannabis Markets and Tax Revenues
The U.S. could see significant economic benefits from the expanding legal cannabis markets. According to the Cannabis Industry Annual Report published by New Frontier Data, the legal cannabis market is projected to reach $24.1 billion by 2025 and could generate $2.3 billion in state tax revenue from retail sales by the year 2020. The estimate is based on the assumption that the number of legal states remains the same and all states continue their projected growth. As the pace of cannabis legalization in the United States accelerated in recent years, the legal cannabis market could become a major driver for the economy. Endexx Corporation (OTC: EDXC), Cannabis Science Inc. (OTC: CBIS), Hemp Inc. (OTC: HEMP), Surna Inc. (OTC: SRNA), Mountain High Acquisitions Corp. (OTC: MYHI)
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The U.S. could see significant economic benefits from the expanding legal cannabis markets. According to the Cannabis Industry Annual Report published by New Frontier Data, the legal cannabis market is projected to reach $24.1 billion by 2025 and could generate $2.3 billion in state tax revenue from retail sales by the year 2020. The estimate is based on the assumption that the number of legal states remains the same and all states continue their projected growth. As the pace of cannabis legalization in the United States accelerated in recent years, the legal cannabis market could become a major driver for the economy. Endexx Corporation (OTC: EDXC), Cannabis Science Inc. (OTC: CBIS), Hemp Inc. (OTC: HEMP), Surna Inc. (OTC: SRNA), Mountain High Acquisitions Corp. (OTC: MYHI)
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Hemp Inc. (OTC: HEMP) is focused on industrial hemp industry. The Company is also focused on various green sustainable products that industrial hemp offers to the world. The Company, through its subsidiary, Industrial Hemp Manufacturing, LLC, produces Lost Circulation Material (LCM) and spill absorbents for the oil and gas industries. Industrial Hemp Manufacturing, LLC focuses on DrillWall and Spill-Be-Gone. DrillWall is a non-toxic, biodegradable drilling fluid additive used in oilfield drilling applications. Spill-Be-Gone is made from the inner core particles (hurd) of kenaf and hemp plants. Spill-Be-Gone can be used for emergency oil spill cleanup. It can also be used in automotive repair shops to keep garage floors free of oil, or manufacturing plants to keep oil spills from machinery posing a danger to workers on the job. Its SpillSuck is designed for use in applications, such as auto repair garages, the decks on oil drilling platforms and manufacturing plants.
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