Marijuana Industry Equals Big Money for States that Decide to Legalize:
As states in the U.S. decide what direction they want to go regarding medical and recreational marijuana legalization, they might want to consider the potential. The legalization of marijuana can be a significant money maker and the revenue being accounted for in the state of California is a primary example. In just one month, the marijuana industry there is responsible for bringing in about 100 million dollars. According to the Department of Revenue in California, the sale of recreational marijuana hit approximately 59.2 million last month and the sales revenue from medical marijuana pulled in approximately 41.4 million dollars. That is a total of about 100.6 million dollars from the sale of recreational and medical marijuana combined. This is very significant data. The type of data that will make other states open there eyes to the potential and power of recreational and medical marijuana sales combined. This is a great amount of revenue which the state of California can now utilize to build infrastructure and support programs such as education. As Dan Riffle, the director of federal policies for the Marijuana Policy Project, reported, tax paying businesses are helping to create jobs and support the state instead of millions going to drug cartels and dealers. Marijuana reform and legalization is moving forward in the state of California and so far, the benefits are tangible. Additionally, the revenue trend has been positive over the last year and this pattern is expected to continue. Revenues from the sale of recreational and medicinal marijuana is expected to rise further as 2015 comes to a close and 2016 gets rolling. It is a lot of money to contend with and this aspect can be a tricky one for states to manage. Since marijuana is still an illegal drug in the eyes of the federal government, the management of all of this money can be challenging.
Money made from Marijuana Sales Can be a Management Problem for States:
States that have legalized marijuana can have trouble finding a bank willing to do business. Since the federal government continues to view marijuana as a banned substance, many banks avoid accepting money from businesses that profit from its sale. Banks fear being shut down by the federal government for associating and doing business with an industry that is still federally prohibited. So, one can imagine the conundrum faced by many in the 23 states that have passed laws which permit the sale of medical marijuana. What do all of these states do with the millions of dollars being made on the sale of the marijuana? It is literally, a million dollar question. Until the federal government passes law stating that marijuana is no longer a banned substance, banks will continue to fear the consequences of doing business in the industry. This will cause numerous pitfalls for businesses that will be literally weighed down with cash.