Study: Cannabis Can Help Struggling Economies
There’s a new study out supporting the hypothesis that legal marijuana means greater economic prosperity for cities and counties.
This one comes from the Institute of Cannabis Research (ICR) at Colorado State University, Pueblo.
The researchers tracked socioeconomic progress in Pueblo, Colorado. Once decimated by the collapse of the steel industry, the town opened its doors to the marijuana industry after Coloradans legalized pot in 2012.
It paid off.
Researchers at Colorado State University-Pueblo say the cannabis industry has been a salvation’s wing for Pueblo County. Their study, which was a collaborative effort alongside the Colorado Department of Public Health and Environment, the Colorado Department of Agriculture, and the Industrial Hemp Research Foundation, shows that legal weed struck an economic chord to the tune of around $58 million in 2016.
This success, however, did not come for free. The city invested $23 million during that time to lay the groundwork for legal cannabis sales. But at the end of the day, Pueblo still reaped the benefit of roughly $35 million of economic impact.
What’s more is the situation is still improving. The economic impression from legal marijuana will spawn approximately $100 million annually within the next three years, the report finds. Not too bad for a city destined for ruins just a few short years ago.